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What Is The Growth Forecast For The Cloud-Based ITSM Market?
The cloud-based ITSM market size has grown rapidly in recent years. It increased from $8.98 billion in 2024 to $10.07 billion in 2025, marking a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to an increased focus on user experience, digital transformation initiatives, cost efficiency and opex models, remote work environments, and multi-cloud strategies.
The cloud-based ITSM market size is predicted to see rapid growth in the next few years, growing to $18.89 billion in 2029 at a CAGR of 17.0%. This growth in the forecast period can be attributed to evolving industry-specific requirements, a focus on customer satisfaction and experience, global regulatory and governance considerations, continuous improvement and analytics focus, and alignment with DevOps practices. The major trends forecasted for this period include digital transformation initiatives, remote work, hybrid work models, automation and AI integration, cost efficiency, and opex models.
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What Is Driving The Growth Of The Cloud-Based ITSM Market?
The primary driver for the growth of the cloud-based ITSM market is the increased adoption of cloud-based applications. Organizations adopt cloud computing to store, manage, and process essential data on remote computers hosted on the Internet. This is part of a business strategy aimed at improving their internet-based database capabilities’ scalability while lowering costs and risks. For instance, a report from Flexera in 2023 highlighted that 93% of organizations are utilizing cloud services, with 87% adopting multi-cloud strategies, primarily driven by the need for flexibility and agility in response to market demands.
What Are The Major Segments Within The Cloud-Based ITSM Market?
• By Component: Solutions, Services
• By Size: Small and Medium-Sized Enterprises (SMEs), Large Enterprises
• By End User: Telecom and IT, BFSI, Manufacturing, Retail, Healthcare, Education
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Who Are The Major Players In The Cloud-Based ITSM Market?
Major companies operating in the cloud-based ITSM market include ServiceNow Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation (IBM), BMC Software Inc., Broadcom Inc., Ivanti Inc., Hornbill Systems Limited, Microsoft Corporation, and many more.
What Are The Emerging Trends In The Cloud-Based ITSM Market?
Technological innovation is a key trend gaining popularity in the cloud-based ITSM market. Major companies operating in the market are focused on providing technologically advanced solutions and platforms, such as virtualization, grid computing, service-oriented architecture, artificial intelligence, mining, cloud computing, automated cloud orchestration, and others.
Which Region Is Driving Growth In The Cloud-Based ITSM Market?
In terms of regions, North America was the largest region in the cloud-based ITSM market in 2024. That said, the Asia-Pacific region is expected to see the fastest growth in the forecast period.
What Does The 2025 Cloud-Based ITSM Market Report Offer?
The cloud-based ITSM refers to a cloud hosting system that provides access to a remote working environment. This cloud hosting allows for quick and easy visualization of process workflows and gives firms more visibility on the web. The purpose of the ITSM platform is to ensure that the IT department lowers its operational cost and increases work flexibility in their businesses. The Cloud-Based ITSM Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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