Press release
IT Service Management (ITSM) Market Expansion Continues, with Forecast Valuation of $24.96 Billion by 2029
IT Service Management (ITSM) Market
What Is the Expected CAGR for the IT Service Management (ITSM) Market Through 2025?
The market size for IT Service Management (ITSM) has expanded swiftly in the past few years. It's projected to expand from $12.43 billion in 2024 to $14.36 billion in 2025, showing a Compound Annual Growth Rate (CAGR) of 15.5%. Factors contributing to this growth during the historical period include improvements in service quality, enhanced operational efficiency, increasing intricacy in IT infrastructure, growing emphasis on compliance and security in IT functioning, and augmented spending on cloud ITSM solutions.
What's the Projected Size of the Global IT Service Management (ITSM) Market by 2029?
Expectations are high for the IT Service Management (ITSM) market size to experience significant expansion in the coming years. It is projected to reach a value of $24.96 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 14.8%. This projected growth during the forecast period can be linked to several factors including, an increased uptake of modern IT infrastructure across various industries, a rise in digital business transformations, growing demand for a unified platform, an enhanced requirement for improved IT service delivery, and an increasing dependence of contemporary enterprises on IT. Key trends anticipated throughout the forecast period include the integration of AI and automation technology, corporations embracing digital business strategies, technology adoption, migration from on-premises solutions to cloud-based services, and the increased use of ITSM software.
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Top Growth Drivers in the IT Service Management (ITSM) Industry: What's Accelerating the Market?
The surge in the use of cloud-based platforms is anticipated to fuel the expansion of the IT service management market in the future. These platforms, commonly known as cloud platforms or cloud computing platforms, are digital spaces that offer a variety of computing services via the internet. Factors such as digital transformation, cost-effectiveness, security and compliance, integration and interoperability, and disaster recovery are driving the adoption of these platforms. ITSM principles and techniques play a pivotal role in adequately managing these platforms by aligning IT services with business objectives, ensuring service quality and availability, promoting continual improvement, and fulfilling security and compliance requirements. For example, data from the European Union reveals that in December 2023, the number of EU businesses using cloud computing services grew by 4.2 percentage points compared to 2021, as reported by a Netherlands-based international organization. Thus, the surging adoption of cloud-based platforms is stimulating the expansion of the IT service management market.
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What Trends Will Shape the IT Service Management (ITSM) Market Through 2029 and Beyond?
Leading corporations in the IT service management (ITSM) industry are investing their resources in creating advanced solutions like AI-powered ITSM that aim to improve operational efficiency and enrich the overall user experience. The introduction of AI in ITSM transforms conventional methods, empowering businesses to offer quicker, more preventative, and custom-made IT services, which in turn can lead to improved operational effectiveness and cost reduction. For instance, in August 2023, Spark, an American high-tech solution provider, introduced ServiceFlex, a fresh IT service management solution. Utilizing cutting-edge technology, automation, and artificial intelligence, this solution helps corporations, enterprises, and government organizations accomplish their business objectives. It also streamlines IT operations by intelligently automating potential sources of business disruptions such as renewals of digital certificates.
What Are the Main Segments in the IT Service Management (ITSM) Market?
The it service management (itsm)market covered in this report is segmented -
1) By Component: Solution, Services
2) By Technology: Performance Management, Configuration Management, Network Management, Database Management System, Other Technologies
3) By Deployment: Cloud, On-Premise
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
5) By End-User: Banking, Financial Services, And Insurance (BFSI), Manufacturing, Government And Education, Information Technology And Telecommunication, Retail, Travel And Hospitality, Healthcare, Other End-Users
Subsegments:
By Solution: ITSM Software, ITSM Platforms, ITSM Tools
By Services: Consulting, Implementation, Training And Support, Managed Services
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Which Top Companies are Driving Growth in the IT Service Management (ITSM) Market?
Major companies operating in the IT service management (ITSM) market are Microsoft Corporation, IBM Corporation, Broadcom Inc., Hewlett Packard Enterprise Co., ServiceNow Inc., Open Text Corporation, Atlassian Corporation Plc, Micro Focus International Plc, BMC Software Inc., Epicor Software Corporation, ManageEngine, SolarWinds Worldwide LLC, Ivanti Inc., Freshworks Inc., ASG Technologies Group Inc., TOPdesk Nederland B.V., EasyVista Inc., Matrix42 AG, Spiceworks Ziff Davis Inc., Axios Systems Plc, SysAid Technologies Ltd., SunView Software Inc., InvGate Inc., Cherwell Software LLC, CA Technologies Inc.
Which Regions Will Dominate the IT Service Management (ITSM) Market Through 2029?
North America was the largest region in the it service management (ITSM) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IT service management (ITSM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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