The global cloud-based ITSM market size was valued at $5.24 billion in 2022, and is projected to reach $14.98 billion by 2030, registering a CAGR of 16.2% during the forecast period (2023-2030). Personal devices are progressively being accepted as technology tools among enterprise IT environments. In addition, a lot of organizations have started supporting work from home with their employees’ own devices. Hence, it is anticipated to create major challenges for IT managers and CIOs. Thus, such factors are anticipated to be opportunistic for the market in near future. Operational efficiencies, cost savings, and performance improvement are some of the major factors that drive the adoption of bring your own device (BYOD) among numerous organizations, which is in turn anticipated to be opportunistic for the cloud ITSM market growth in the upcoming years. Moreover, BYOD has the potential to change the way companies organize infrastructure & IT services and eventually the operation & management of IT. Thus, such factors are projected to create opportunities for the market in near future.
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The increasing adoption of artificial intelligence (AI) is propelling the demand for automation services in business processes. The surging autonomy is assisting several IT enterprises to increase productivity and reduce the time required for task execution. This is driving the demand for advanced cloud ITSM software solutions globally. Additionally, the rising concept of BYOD is anticipated to favor the global cloud ITSM market growth in the forthcoming years.
The cloud-based software services enable efficient planning, designing, operating, delivering, and controlling of several IT aspects to cater to customer demand. The global cloud IT service management (ITSM) market is fragmented by the presence of major companies that are focusing on acquiring other small companies to expand their cloud IT service management (ITSM) services portfolio and further boost their sales revenue. Additionally, other key players are adopting strategies such as the introduction of new products, expansion of the facility, and collaboration that will bode well for the market growth during the forecast period. For instance, in January 2020, ServiceNow, Inc. completed the acquisition of Loom Systems. ServiceNow’s IT Service Management (ITSM) and IT Operations Management (ITOM) solutions are combined with Loom Systems Technology. This acquisition is expected to aid the company in strengthening its product portfolio to cater to the growing demand across industries.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Component
o By Organization Size
o By Industry Vertical
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- ServiceNow, Inc., IBM Corporation, Hewlett Packard Enterprise Company, Citrix Systems, CA Technologies, and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Cloud-Based ITSM Market Report Segment
By Component
By Organization Size
By Industry Vertical
Global Cloud-Based ITSM Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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