Cloud information technology (IT) service management (ITSM) refers to implementing and managing IT service delivery using cloud-based solutions and tools. ITSM encompasses all activities involved in designing, creating, delivering, supporting, and managing the lifecycle of IT services. These provide on-demand self-service, resource pooling, and measured service.
Sizing and Forecast
The cloud IT service management (ITSM) market size has grown rapidly in recent years. It will grow from $7.89 billion in 2023 to $9.21 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to increased demand for scalable and cost-effective it service management solutions, rise in demand for it service management (ITSM) solutions in government and education, increased demand for it service management (ITSM) solutions in travel and hospitality, increased demand for it service management (ITSM) solutions in healthcare, rise in need for it service management (ITSM) solutions in it and telecommunication.
The cloud IT service management (ITSM) market size is expected to see rapid growth in the next few years. It will grow to $17.16 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to an increasing shift towards remote work, rising demand for cloud services in the it industry, rising demand for automation services in business processes, rising concept of bring-your-own-device (BYOD), growing need for efficient execution of IT operations. Major trends in the forecast period include the adoption of cloud technologies across industries, the development of IT infrastructure, investments by various operators, the adoption of artificial intelligence (AI) in ITSM solutions, and demand for cloud IT service management software solutions.
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Segmentation & Regional Insights
The cloud IT service management (ITSM) market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application : Configuration Management , Performance Management , Network Management , Database Management System, Other Applications
5) By End-User Industry: Banking, Financial Services, And Insurance, Information Technology And Telecommunication, Retail, Healthcare, Other End-User Industries
North America was the largest region in the cloud IT service management market in 2023. 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.
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Major Driver Impacting Market Growth
The increasing shift towards remote work is expected to propel the growth of the cloud IT service management (ITSM) market going forward. Remote work refers to a work environment where employees perform their duties remotely, using technology such as laptops, smartphones, and video conferencing tools. Remote workers are increasing due to advancements in technology, changing attitudes towards work-life balance, and the global pandemic accelerating the adoption of flexible work arrangements. Cloud IT service management offers tools and technologies that ensure seamless operation, enhanced security, and an improved user experience for remote employees. For instance, in September 2022, according to a news article published by the Census Bureau, a US-based government statistical agency, in 2021, the number of people primarily working from home tripled from 5.7% to approximately 27.6 million people, comprising 17.9% of the workforce. Therefore, the increasing shift towards remote work is driving the growth of the cloud IT service management (ITSM) market.
Key Industry Players
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 Corpoation 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.
The cloud it service management (itsm) market report table of contents includes:
1. Executive Summary
- Cloud IT Service Management (ITSM) Market Characteristics
- Cloud IT Service Management (ITSM) Market Trends And Strategies
- Cloud IT Service Management (ITSM) Market – Macro Economic Scenario
- Global Cloud IT Service Management (ITSM) Market Size and Growth
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32. Global Cloud IT Service Management (ITSM) Market Competitive Benchmarking
- Global Cloud IT Service Management (ITSM) Market Competitive Dashboard
- Key Mergers And Acquisitions In The Cloud IT Service Management (ITSM) Market
- Cloud IT Service Management (ITSM) Market Future Outlook and Potential Analysis
- Appendix
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