IT Service Management (ITSM) Global Market 2024 – By Size, Share, Trends, Demand, Forecast To 2033 | Microsoft Corporation, IBM Corporation, Broadcom Inc

The IT service management (ITSM) market size is expected to see rapid growth in the next few years. It will grow to $22.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.  The growth in the forecast period can be attributed to rising adoption of updated IT infrastructure across the end-user industries, increasing digital business transformation, increasing demand for unified platform, increasing demand for improved IT service delivery, growing reliance of modern enterprises on IT. Major trends in the forecast period include integration of AI and automation technology, adoption of digital business strategies by enterprises, technology adoption, transition from on-premises to cloud-based solutions and services, adoption of ITSM software.

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Scope Of IT Service Management (ITSM) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

IT Service Management (ITSM) Market Overview

Market Drivers –
The IT service management (ITSM) market size has grown rapidly in recent years. It will grow from $10.77 billion in 2023 to $12.43 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%.  The growth in the historic period can be attributed to increased overall service quality, increased operational effectiveness, increased complexity of it infrastructure, rise in priority for compliance and security in IT operations, increased expenditure to support cloud ITSM solutions.

The IT service management (ITSM) market size is expected to see rapid growth in the next few years. It will grow to $22.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.  The growth in the forecast period can be attributed to rising adoption of updated IT infrastructure across the end-user industries, increasing digital business transformation, increasing demand for unified platform, increasing demand for improved IT service delivery, growing reliance of modern enterprises on IT. Major trends in the forecast period include integration of AI and automation technology, adoption of digital business strategies by enterprises, technology adoption, transition from on-premises to cloud-based solutions and services, adoption of ITSM software.

Market Trends –
Major companies operating in the IT service management (ITSM) market are focused on developing advanced solutions, such as AI-based IT service management, to improve efficiency and enhance the overall user experience. AI-based IT service management transforms traditional practices, enabling organizations to deliver faster, more proactive, and personalized IT services while driving operational excellence and cost savings. For instance, in August 2023, Spark, a US-based high-tech solution, launched ServiceFlex, a new IT service management solution. It leverages smart technology, automation, and artificial intelligence to help corporations, enterprises, and government organizations achieve their business goals. This solution streamlines IT operations through intelligent automation to prevent business disruption, such as automating digital certificate renewals.

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

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Regional Insights –
North America was the largest region in the it service management (ITSM) market in 2023. 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.

Key Companies –
Major companies operating in the IT service management (ITSM) market are focused on developing advanced solutions, such as AI-based IT service management, to improve efficiency and enhance the overall user experience. AI-based IT service management transforms traditional practices, enabling organizations to deliver faster, more proactive, and personalized IT services while driving operational excellence and cost savings. For instance, in August 2023, Spark, a US-based high-tech solution, launched ServiceFlex, a new IT service management solution. It leverages smart technology, automation, and artificial intelligence to help corporations, enterprises, and government organizations achieve their business goals. This solution streamlines IT operations through intelligent automation to prevent business disruption, such as automating digital certificate renewals.

Table of Contents
1. Executive Summary
2. IT Service Management (ITSM) Market Report Structure
3. IT Service Management (ITSM) Market Trends And Strategies
4. IT Service Management (ITSM) Market – Macro Economic Scenario
5. IT Service Management (ITSM) Market Size And Growth
…..
27. IT Service Management (ITSM) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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