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IT Service Management Tools Market to Expand with Significant CAGR During 2025
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Global IT Service Management Tools Market: Growth Influencing Aspects
Transition from traditional helpdesk to IT service management tools, transformation of IT service catalogue to enterprise service catalogue, increasing prominence of cloud services and several benefits associated with IT service management tools such as prediction and prevention of issues before their impact on end users, improvement in delivery of services, enhanced business processes and asset utilization, rise in delivery velocity as well as quality of new business services, enhanced integration and faster resolving of problems to increase quality of service and reduce costs are supporting the growth of the global IT service management tools market. Factors like lack of in-house expertise, longer turnaround times and security associated with cloud deployment are pulling the growth of the IT service management tools market.
Global IT Service Management Tools Market: Forecast Analysis
As per the research report on the market for IT service management tools, the global market is estimated to reach a value of more than US$ 5 Bn by the end of the assessment year from a value of about US$ 2.6 Bn in 2017 and is projected to grow at a high CAGR of 9.3% during the period of forecast, 2017-2025.
Global IT Service Management Tools Market: Segmental Highlights
The global IT service management market is segmented by type, by deployment, by industry and by region.
By type, the configuration management segment is expected to showcase high potential in the years to follow. This segment is expected to lead the global market with respect to market value. It is estimated at more than US$ 700 Mn in 2017 and is expected to reach a valuation of more than US$ 1.4 Bn by the end of the period of assessment with a robust CAGR
In the deployment category, the cloud segment is expected to witness higher adoption in the future. This segment gained quick popularity owing to various benefits it offers. The cloud deployment segment is expected to grow at a high CAGR of 10.1% throughout the period of assessment. On the contrary, the on-premise segment is anticipated to lead the market with a high estimation as it is poised to reach about US$ 3 Bn by the end of 2025
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By region, North America is expected to show higher attractiveness in the years to come. The IT service management tools market in North America is expected to soar at a robust rate to reach a high market value of about US$ 2 Bn by 2025 end. Asia Pacific region also shows high potential and the market in this region is projected to grow at a higher pace to register a CAGR of 10.0% throughout the period of forecast
Global IT Service Management Tools Market: Competitive Landscape
The research report on global IT service management tools market includes an in-depth analysis on key companies participating in the market. Key companies such as ServiceNow, Inc., Atlassian, IBM, CA Technologies, BMC Software, Inc., Ivanti Software, ASG Software, Axios Systems, SAP and Cherwell Software are profiled in this research report.
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