The Business Research Company’s report on the Cloud-Based ITSM Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the cloud-based itsm market in recent years?
The increase in adoption of cloud-based applications will propel the growth of the cloud-based ITSM market in the forecasted period. Cloud adoption is a business strategy aiming to improve internet-based database capabilities’ scalability while lowering costs and risks. Organizations use cloud computing, or remote computers hosted on the Internet, to store, manage, and process essential data. For instance, in April 2023, A report from Flexera in 2023 highlighted that 93% of organizations are utilizing cloud services, with 87% adopting multi-cloud strategies. This increase is largely driven by the need for flexibility and agility in response to market demands Therefore, the adoption of cloud-based applications will drive the cloud-based ITSM market growth.
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What is the projected market size of the cloud-based itsm industry, and how is it expected to grow?
The cloud-based itsm market size has grown rapidly in recent years. It will grow from $8.98 billion in 2024 to $10.07 billion in 2025 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to increased focus on user experience, digital transformation initiatives, cost efficiency and opex models, remote work environments, multi-cloud strategies.
The cloud-based itsm market size is expected to see rapid growth in the next few years. It will grow to $18.89 billion in 2029 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to evolving industry-specific requirements, focus on customer satisfaction and experience, global regulatory and governance considerations, continuous improvement and analytics focus, alignment with devops practices. Major trends in the forecast period include digital transformation initiatives, remote work and hybrid work models, automation and ai integration, scalability and flexibility, cost efficiency and opex models.
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Who are the key players driving competition 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, EasyVista Inc., Micro Focus International plc, Atlassian Corporation Plc, Alemba Limited, SysAid Technologies Ltd., Freshworks Inc., SolarWinds Corporation, Zendesk Inc., Agiloft Inc., TOPdesk International B. V., HappyFox Inc., Zoho Corporation Pvt. Ltd., InvGate Inc., Google Cloud IT Service Management (ITSM), Salesforce Service Cloud, SAP IT Service Management (ITSM), Atlassian Jira Service Desk, Ivanti Service Manager, HCL Remedy OnDemand
What key trends are expected to drive the cloud-based erp market during the forecast period?
Technological innovation is a key trend gaining popularity in the cloud-based ITSM market. Major companies operating in the cloud based ITSM market are focused on providing technologically advanced solutions and platforms to strengthen their market position. These companies are implementing next-generation cloud-based ITSM technologies into their services and platform, such as virtualization, grid computing, service-oriented architecture, artificial intelligence, mining, cloud computing, automated cloud orchestration, and others. For instance, In October 2023, Sherweb, a Canadian-based cloud solutions provider and technology company, launched an all-in-one IT service management (ITSM) solution, C2 MSP. This customizable solution is designed to help streamline and automate cloud business operations, simplifying the delivery of managed IT services and improving partners’ end-client experience. C2 MSP offers a tailored, fully integrated ticketing solution and a self-service portal to centralize all customer requests, designed to stop manual management and help partners automate their business workflows, improving overall operational efficiency.
Which key geographies are driving the growth of the cloud-based itsm market?
North America was the largest region in the cloud-based ISTM market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud-based itsm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the key segments driving growth in the cloud-based itsm market?
The cloud-based itsm market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By End User: Telecom And IT, BFSI, Manufacturing, Retail, Healthcare, Education
Subsegments:
1) By Solutions: Incident Management Software, Change Management Tools, Problem Management Solutions, Service Request Management, Knowledge Management Systems,
2) By Services: Implementation Services, Training And Support Services, Consulting Services, Maintenance And Upgrades
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How is the cloud-based itsm market defined, and what are its core characteristics?
The cloud-based ITSM refer to a cloud hosting system that provides access to a remote working environment. This cloud hosting allows quick and easy visualization of process workflows and gives firms more freedom and visibility on the web. The purpose of the ITSM platform is to ensure that the IT department lowers its operational cost and increases profit and work flexibility in their businesses.
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