Press release
Cloud IT Service Management (ITSM) Market on Track for Strong Growth, Estimated to Grow at 16.5% CAGR Through 2029
Cloud IT Service Management (ITSM)
_x000D_
What Will the Cloud IT Service Management (ITSM) Industry Market Size Be by 2025?_x000D_
In recent years, the cloud IT Service Management (ITSM) market has experienced a significant expansion. The market valuation is projected to escalate from $9.21 billion in 2024 to $10.73 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 16.6%. The impressive growth over the historical period is attributed to several factors - proliferating need for scalable and economically viable IT services management solutions, an upsurge in demand for ITSM solutions across government and educational sectors. Furthermore, the growth in the sectors of travel, hospitality, healthcare, and IT & telecommunications has led to an elevated requirement for IT Service Management (ITSM) solutions._x000D_
_x000D_
What's the Long-Term Growth Forecast for the Cloud IT Service Management (ITSM) Market Size Through 2029?_x000D_
In the coming years, the cloud IT service management (ITSM) market is projected to experience a swift expansion. The market value is predicted to reach $19.76 billion by 2029 at a compound annual growth rate (CAGR) of 16.5%. Factors contributing to this growth during the prediction period include a transitioning towards remote operations, escalating requirement for cloud services and automation services in business operations within the IT sector, a growing preference for a bring-your-own-device (BYOD) policy, and an increasing need for effective execution of IT functions. Some significant trends expected during the forecast period are the widespread incorporation of cloud technologies across various sectors, advancements in IT infrastructure, investments by numerous operators, the integration of artificial intelligence (AI) into ITSM solutions, and the demand for cloud-based IT service management software solutions._x000D_
_x000D_
View the full report here: _x000D_
https://www.thebusinessresearchcompany.com/report/cloud-it-service-management-itsm-global-market-report_x000D_
_x000D_
What Are the Key Growth Drivers Fueling the Cloud IT Service Management (ITSM) Market Expansion?_x000D_
The growth of the cloud IT service management (ITSM) market is anticipated to be driven by the expanding shift towards remote work. Remote work environments enable employees to perform their tasks remotely through technology like laptops, smartphones, and video conferencing tools. The number of remote workers is on the rise due to advancements in technology, evolving perspectives on work-life balance, and the rapid adoption of flexible work arrangements induced by the global pandemic. Cloud IT service management provides tools and technologies that ensure uninterrupted operation, heightened security, and an improved user experience for remote workforces. For example, The Office for National Statistics, a non-ministerial department in the UK, reported in February 2023 that between September 2022 and January 2023, 16% of people reported working solely from home in Great Britain, while 28% reported a hybrid work model, splitting their time between home and their workplace. Consequently, this escalating shift towards remote work is propelling the expansion of the cloud IT service management (ITSM) market._x000D_
_x000D_
Get your free sample here:_x000D_
https://www.thebusinessresearchcompany.com/sample.aspx?id=16018&type=smp_x000D_
_x000D_
What Are the Key Trends Driving Cloud IT Service Management (ITSM) Market Growth?_x000D_
Prominent businesses in the cloud IT service management (ITSM) market are building AI-driven data platforms with a key goal of improving resource allocation and delivering top-tier customer service. These AI-centric data platforms for cloud IT service management (ITSM) incorporate artificial intelligence and machine learning to boost the efficiency, precision, and effectiveness of IT service management procedures. For instance, in May 2023, IBM, a software company hailing from the US, introduced Watsonx, a new cloud-based platform which is their upcoming AI and data platform. The intention of this platform is to offer companies a comprehensive, adaptable solution for enhancing and accelerating the influence of AI throughout their organization via proficiency in AI development, data management, and governance._x000D_
_x000D_
How Is the Cloud IT Service Management (ITSM) Market Segmented?_x000D_
The cloud it service management (itsm)market covered in this report is segmented - _x000D_
_x000D_
1) By Component: Solution, Services_x000D_
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud_x000D_
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises_x000D_
4) By Application: Configuration Management, Performance Management, Network Management, Database Management System, Other Applications_x000D_
5) By End-User Industry: Banking, Financial Services, And Insurance, Information Technology And Telecommunication, Retail, Healthcare, Other End-User Industries_x000D_
_x000D_
Subsegments:_x000D_
1) By Solution: Cloud-Based ITSM Software, IT Asset Management (ITAM) Solutions, Incident Management Solutions, Problem Management Solutions, Change Management Solutions, Service Request Management Solutions, Service Desk Solutions, Configuration Management Database (CMDB) Solutions, Self-Service Or Portal Solutions, Automation And Orchestration Solutions _x000D_
2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Managed Services, Training And Education Services_x000D_
_x000D_
Tailor your insights and customize the full report here:_x000D_
https://www.thebusinessresearchcompany.com/customise?id=16018&type=smp_x000D_
_x000D_
Which Companies Are Leading the Charge in Cloud IT Service Management (ITSM) Market Innovation?_x000D_
Major companies operating in the cloud IT service management (ITSM) market are Amazon.com Inc., International Business Machines Corporation, Broadcom Inc., Hewlett Packard Enterprise Company, Salesforce Inc., ServiceNow Inc., OpenText Corp., Splunk Inc., Citrix Systems Inc., Atlassian, Micro Focus International PLC, BMC Software Inc., Zendesk Inc., Ivanti Inc., ManageEngine, Zoho Corporation Pvt. Ltd., Cherwell Software LLC, Freshworks Inc., Icertis Inc., EasyVista Inc., Axios Systems PLC, SysAid Technologies Ltd., InvGate Inc., CA Technologies Inc., Sunrise Software Ltd._x000D_
_x000D_
Which Regions Are Leading the Global Cloud IT Service Management (ITSM) Market in Revenue?_x000D_
North America was the largest region in the cloud IT service management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud IT service management (ITSM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
_x000D_
Purchase the full report today:_x000D_
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=16018_x000D_
_x000D_
This Report Supports:_x000D_
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions._x000D_
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning._x000D_
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
_x000D_
Learn More About The Business Research Company_x000D_
With over 17500+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead. _x000D_
Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making._x000D_
_x000D_
Reach out to us:_x000D_
The Business Research Company: https://www.thebusinessresearchcompany.com/_x000D_
Americas +1 310-496-7795_x000D_
Europe +44 7882 955267_x000D_
Asia & Others +44 7882 955267 & +91 8897263534_x000D_
Email us at info@tbrc.info_x000D_
_x000D_
Follow Us On:_x000D_
LinkedIn: https://in.linkedin.com/company/the-business-research-company _x000D_
Twitter: https://twitter.com/tbrc_info _x000D_
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Cloud IT Service Management (ITSM) Market on Track for Strong Growth, Estimated to Grow at 16.5% CAGR Through 2029 here
News-ID: 4241657 • Views: …
More Releases from The Business Research Company
Soaring Demand Set to Propel Debt Collection Software Market to $6.46 Billion by …
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Debt Collection Software Market Size By 2025?
The market size of debt collection software has seen a significant increase over the past few years. It is projected to expand from a volume of $4.11 billion in 2024 to $4.49 billion in 2025, with a compound…
Data Roaming Market Poised to Hit $118.97 Billion by 2029 with Accelerating Grow …
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts._x000D_
_x000D_
What Is the Expected CAGR for the Data Roaming Market Through 2025?_x000D_
Over the past few years, the marketplace for data roaming has seen substantial growth. The market, at $89.43 billion in 2024, is forecasted to reach $94.84 billion in 2025, representing a compound annual growth rate (CAGR) of…
Data Center Uninterruptable Power Supply (UPS) Market Expansion Continues, with …
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Data Center Uninterruptable Power Supply (UPS) Industry Market Size Be by 2025?
The marketplace for uninterruptible power supply (ups) in data centers has seen significant expansion in the past few years. The market is expected to increase from $6.79 billion in 2024 to $7.32 billion in…
Global Data Center Containment Industry Outlook 2025-2029: Market Set to Cross $ …
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts._x000D_
_x000D_
Data Center Containment Market Size Valuation Forecast: What Will the Market Be Worth by 2025?_x000D_
Recently, the data center containment market has experienced brisk growth, with its size set to increase from $2.02 billion in 2024 to $2.23 billion in 2025, reflecting a compound annual growth rate (CAGR) of…
More Releases for Management
Gym Management Software Market By Functions - Scheduling Appointments, Waitlist …
MarketResearchReports.Biz announces addition of new report "Gym Management Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025" to its database.
Gym management software is a software solution which allows the users to manage the different processes associated with running a gym in an efficient and effective manner. These software solutions are generally multifunctional and can manage all the diverse processes associated with managing a gym…
Water Network Management, Water Network Management trends, Water Network Managem …
MarketStudyReport.com adds a new 2018-2023 Global Water Network Management Market Report focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.
This report presents a comprehensive overview, market shares, and growth opportunities of by Water Network Management product type, application, key manufacturers and key regions. Over the next five years, Water Network Management will…
Cloud Project Portfolio Management Market Report 2018: Segmentation by Applicati …
Global Cloud Project Portfolio Management market research report provides company profile for CA Technologies (New York, U.S.), HPE (California, U.S.), Changepoint Corporation (Richmond Hill, Ontario), Clarizen, Inc. (California, U.S.), Microsoft Corporation (Washington, U.S.) and Others.
This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and…
Prescriptive analytics Market Outlook 2025 focus On: Risk Management, Operation …
A detailed market study on "Global Prescriptive analytics Market" examines the performance of the Prescriptive analytics Market. It encloses an in-depth Research of the Prescriptive analytics Market state and the competitive landscape globally. This report analyzes the potential of Prescriptive analytics Market in the present and the future prospects from various prospective in detail.
Get Free Sample Report@ https://databridgemarketresearch.com/request-a-sample/?dbmr=global-prescriptive-analytics-market
Prescriptive analytics market accounted for USD 1.20 billion growing at a CAGR of…
Facility Management Market Solutions & Services (Real Estate & Lease Management, …
ReportsWeb.com added “Global Facility Management Market to 2025” to its vast collection of research Database. The report classifies the global Facility Management Market in a precise manner to offer detailed insights into the aspects responsible for augmenting as well as restraining market growth.
Facility Management is an essential part which handles all functions related to enterprise and helps in streaming all the operations with reducing cost. Managing life cycle management of…
Telecom Expense Management Market Analysis For Financial Management, Order Manag …
The telecom expense management (TEM) market report provides analysis for the period 2014–2024, wherein the period from 2016 to 2024 is the forecast period and 2015 is the base year. The report covers all the major trends and technologies playing a key role in telecom expense management market growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence the market’s growth during the said…
