Cloud IT Service Management (Cloud ITSM) Market Regional Analysis

Global Cloud IT Service Management (Cloud ITSM) Market size was valued at USD 9.7 billion in 2023 and is poised to grow from USD 11.04 billion in 2024 to USD 31.05 billion by 2032, growing at a CAGR of 13.8% during the forecast period (2025-2032).

Competition in the global Cloud IT Service Management (Cloud ITSM) market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of services compatible with Cloud IT Service Management (Cloud ITSM) will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years. 'ServiceNow (United States) ', 'Atlassian Corporation (Australia) ', 'Broadcom Inc. (United States) ', 'International Business Machines Corporation (IBM) (United States) ', 'Microsoft Corporation (United States) ', 'Oracle Corporation (United States) ', 'SAP SE (Germany) ', 'Salesforce, Inc. (United States) ', 'Freshworks Inc. (United States) ', 'Zoho Corporation (India) ', 'Ivanti (United States) ', 'SolarWinds Corporation (United States) ', 'ManageEngine (India) ', 'Micro Focus International plc (United Kingdom) ', 'CA Technologies (United States) ', 'Cherwell Software (United States) ', 'BMC Software (United States) ', 'Hewlett Packard Enterprise (HPE) (United States) ', 'Splunk Inc. (United States) ', 'Serviceaide, Inc. (United States)'

There has been growth in the opportunities of cloud based ITSM vendors due to the rising adoption of cloud based technologies.Currently, cloud based version solutions are easily available for SMEs compared to traditional ITSM solutions that were considered to be complex and costly on premise. As cloud technologies gain traction, more enterprises are shifting their work loads to the cloud. Large enterprises are opting for cloud based ITSM solutions to manage their IT resources better and align their IT service with the real world business needs.These adoption and popularity of cloud surveys is helping the market to grow.

The rise in demand for cloud based ITSM solutions among SMEs and startups is because it reduces the CapEx and OpEx of enterprises.As on premise, ITSM solution requires huge CapEx as well as increased opex to set up IT infrastructure and deploy the solution. The small scale startups are reluctant to our top and they drastically shift towards the cloud based ITSM solution.

Globally, North America is estimated to hold the highest global Cloud IT Service Management (Cloud ITSM) market share. Main factors during this growth period is the presence of top market players such as Service now, IBM Corporation, Hewlett Packard Enterprise Company And others.