USD 5.24 billion
Global Cloud ITSM Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Industry vertical(IT & Telecommunication, BFSI) - Industry Forecast 2024-2031
Report ID:
SQMIG45C2051 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
66 |
Figures:
85
Global Cloud ITSM Market Insights
Global Cloud ITSM Market size was valued at USD 5.24 billion in 2022 and is poised to grow from USD 6.09 billion in 2023 to USD 20.24 billion by 2031, growing at a CAGR of 16.2% in the forecast period (2024-2031).
The global cloud ITSM market cloud IT service management (ITSM) market is experiencing rapid growth as organizations worldwide recognize the advantages of adopting cloud-based solutions for managing their IT services. Cloud ITSM offers flexibility, scalability, and cost-effectiveness, enabling businesses to streamline their IT operations and improve service delivery. This market expansion is driven by factors such as increasing digital transformation initiatives, the need for remote work support, and the desire to enhance overall IT efficiency. Cloud ITSM solutions encompass a range of services including incident management, problem management, change management, asset management, and more. These solutions enable organizations to automate processes, improve collaboration between IT teams, and provide a better user experience for both employees and customers.
Key market players are continually innovating to provide advanced features and integrations, such as artificial intelligence (AI) and machine learning (ML) capabilities, to enhance ITSM workflows and decision-making. The market also sees a rise in hybrid ITSM solutions that combine on-premises and cloud-based components to cater to diverse organizational needs.
US Cloud ITSM Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Solutions
Fastest Growth
Solutions
Growth Rate
16.2% CAGR
Global Cloud ITSM Market ($ Bn)
Country Share for North America Region (%)
Global Cloud ITSM Market By Component ($ Bn)
Global Cloud ITSM Market By Component (%)
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Global Cloud ITSM Market Segmental Analysis
The global cloud ITSM market is segmented on the basis of component, industry vertical, organization, and region. By Component, the market is segmented into Solutions, Services. By Industry Vertical, the market is segmented into IT & Telecommunication, BFSI, Healthcare, Manufacturing, Retail, Education, Others. By Organization, the market is segmented into Large Enterprises, Small & Medium Enterprises. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Cloud ITSM Market Analysis By Component
In the global cloud ITSM (Information Technology Service Management) market, solutions and services are the two main components driving its growth. Among these, Solutions is the dominant segment, capturing a significant portion of the market. Cloud ITSM solutions encompass various software tools and platforms that enable organizations to efficiently manage their IT services, incidents, problems, change requests, and more, in a cloud-based environment. The Solutions segment's dominance is a result of the increasing adoption of cloud-based ITSM platforms by enterprises looking to streamline their IT operations and enhance service delivery.
On the other hand, the fastest-growing segment within the global cloud ITSM market is services. As organizations increasingly adopt cloud ITSM solutions, the need for consulting, implementation, customization, training, and support services has surged. These services assist businesses in successfully transitioning to cloud ITSM solutions and optimizing their usage. The rapid growth of the Services segment underscores the importance of expert guidance and assistance throughout the deployment and utilization phases, contributing to the overall success of cloud ITSM initiatives.
Cloud ITSM Market Analysis By Industry vertical
In the global cloud IT service management (ITSM) market, the IT & telecommunication industry vertical stands out as the dominant segment. With the rapid digitization of businesses and increasing reliance on IT infrastructure, the IT & Telecommunication sector has a strong demand for efficient ITSM solutions to manage their complex operations and deliver seamless services.
On the other hand, the healthcare industry is emerging as the fastest-growing segment in the Cloud ITSM market. The healthcare sector is undergoing a digital transformation to enhance patient care, streamline operations, and manage medical data effectively. Cloud-based ITSM solutions provide healthcare organizations with the flexibility and scalability needed to adapt to evolving technological requirements while ensuring data security and compliance with regulations.
Global Cloud ITSM Market By Component, 2023 (%)
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Global Cloud ITSM Market Regional Insights
The global cloud ITSM market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The global cloud it service management (ITSM) market is witnessing significant growth and transformation across various regions. One dominant region in this market is North America. With its well-established technological infrastructure, strong adoption of cloud solutions, and a high concentration of IT-intensive industries, North America leads in the adoption of Cloud ITSM services. The region's advanced IT landscape and early recognition of the benefits of cloud-based ITSM solutions have contributed to its dominance.
On the other hand, one of the fastest-growing regions in the global cloud ITSM market is the Asia-Pacific (APAC) region. APAC is experiencing rapid adoption due to the increasing digitalization of businesses, expansion of IT capabilities, and growing awareness of the advantages of cloud-based ITSM solutions. Countries like China, India, Japan, and Australia are driving this growth with their burgeoning IT sectors and a need for efficient and scalable IT service management solutions. The region's dynamic economic landscape and ongoing technological advancements make it a fertile ground for the fast-paced expansion of the Cloud ITSM market.
Global Cloud ITSM Market By Geography, 2024-2031
- Largest
- Fastest
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Global Cloud ITSM Market Dynamics
Cloud ITSM Market Drivers
Scalability and Flexibility:
- Cloud-based IT Service Management (ITSM) solutions offer businesses the scalability and flexibility needed to adapt to changing requirements and workloads. Organizations can easily scale up or down their ITSM resources as needed, without the limitations of physical infrastructure. This agility enables efficient service delivery and support for evolving business needs.
Cost Efficiency:
- Cloud ITSM solutions eliminate the need for extensive on-premises hardware and infrastructure investments. This cost-effective approach reduces capital expenditures and ongoing maintenance expenses. Organizations can pay for the resources they use on a subscription basis, allowing for better budget management and resource allocation.
Cloud ITSM Market Restraints
Security Concerns:
- While cloud ITSM providers invest heavily in security measures, concerns about data breaches, unauthorized access, and data loss persist. Some organizations may hesitate to migrate sensitive ITSM processes and data to the cloud due to perceived security risks and potential compliance challenges.
Data Privacy and Compliance:
- Different regions and industries have varying data privacy regulations and compliance requirements. Cloud ITSM solutions must adhere to these regulations, which can complicate implementation and increase the complexity of managing data across borders. Ensuring compliance with regulations like GDPR, HIPAA, and others can be challenging.
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Global Cloud ITSM Market Competitive Landscape
The global cloud IT service management (ITSM) market features a competitive landscape characterized by a mix of established players and emerging vendors. Prominent companies like ServiceNow, BMC Software, Atlassian, IBM, and Cherwell Software dominate the market with their comprehensive cloud-based ITSM solutions. These leaders offer a wide range of functionalities including incident management, change management, asset management, and self-service portals. Additionally, smaller but innovative players such as Freshworks, SysAid Technologies, and Samanage are gaining traction by providing user-friendly and cost-effective cloud ITSM solutions. The market is driven by the increasing demand for remote work solutions, efficient service delivery, and streamlined IT operations. As digital transformation continues, the competitive landscape is expected to evolve with a focus on AI-driven automation, enhanced user experiences, and integrations with other enterprise systems. Vendors are also likely to emphasize data security and compliance features to address growing concerns in the cloud ITSM space.
Cloud ITSM Market Top Player’s Company Profile
- ServiceNow (US)
- BMC Software (US)
- Cherwell Software (US)
- Broadcom (US)
- Ivanti (US)
- HPE (US)
- IBM (US)
- Axios Systems (US)
- Citrix Systems (US)
- Hornbill (UK)
- Microsoft (US)
- EasyVista (US)
- Micro Focus (UK)
- Atlassian (Australia)
- Alemba (UK)
- SysAid (Israel)
- Freshworks (US)
- LogMeIn (US)
- ManageEngine (US)
- Efecte (Finland)
- EZOfficeInventory (US)
- Mint Service Desk (Poland)
- Device42 (US)
- LeanIX (Germany)
- Aisera (US)
- ITSM (Australia)
- Electric (US)
- InfraSight Labs (Sweden)
- Symphony SummitAI (US)
- ITarian (US).
Cloud ITSM Market Recent Developments
-
VMware was purchased by Broadcom in November 2023. VMware becomes a part of Broadcom's engineering-first, innovation-centric team with this landmark acquisition, valued at USD 61 billion. This is a significant step towards establishing VMware as one of the top infrastructure technology firms in the world. Going forward, Broadcom will prioritize making it easier for business clients to establish and update their private and hybrid cloud environments. Broadcom is going to make a fundamental investment in VMware Cloud Foundation, which is the software stack that forms the basis of private and hybrid clouds. In order to help customers transform their traditionally diverse enterprise IT infrastructure into a virtualized and containerized environment, enabling private and hybrid clouds, VMware Cloud Foundation aligns with Broadcom's goal.
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ServiceNow and ANSR formed a partnership in October 2023. As part of this agreement, ANSR will set up ServiceNow Centers of Excellence in more than 60 Global Capability Centers (GCCs) to provide 3,500 individuals with ServiceNow platform training throughout India. ANSR intends to use ServiceNow to enable its internal GCC service delivery, which will include the Now Assist generative Al (GenAl) features.
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The enhanced ServiceNow instance registration procedure is one of the new features and products of Citrix ITSM Adapter, which was upgraded in July 2023 by Citrix Systems Inc. Users can choose or move between instances with ease, guaranteeing a smooth registration process. It offers a comprehensive picture of all ServiceNow instances that have access to Citrix Cloud.
Global Cloud ITSM Key Market Trends
- Hybrid Cloud Adoption: The global Cloud IT Service Management (ITSM) market is witnessing a trend towards increased adoption of hybrid cloud solutions. Organizations are leveraging a mix of on-premises, private cloud, and public cloud resources to optimize their IT service management processes. This hybrid approach offers flexibility, scalability, and cost-efficiency, allowing companies to balance their specific IT needs with regulatory requirements and data security concerns. As a result, Cloud ITSM providers are focusing on delivering seamless integration and management solutions that cater to the complexities of hybrid cloud environments, enabling organizations to effectively manage their IT services across different cloud models.
- AI-Powered Automation: Another significant trend in the global Cloud ITSM market is the integration of artificial intelligence (AI) and automation capabilities. AI-driven technologies, such as machine learning and natural language processing, are being incorporated into ITSM platforms to enhance service desk operations, streamline incident resolution, and improve user experiences. These technologies can analyze data patterns, predict potential issues, and even provide self-service options to users. As organizations seek to optimize their IT processes and reduce response times, Cloud ITSM providers are innovating with AI-driven features that increase efficiency, reduce human error, and allow IT teams to focus on more strategic initiatives. The incorporation of AI-powered automation is reshaping the landscape of ITSM by providing smarter and more proactive service management solutions.
Global Cloud ITSM Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global cloud ITSM market analysis, the increasing adoption of cloud computing and the need for efficient and flexible IT service management solutions are further projected to aid in market expansion. Cloud ITSM offers organizations the ability to streamline their IT processes, automate workflows, and improve service delivery while reducing infrastructure costs. The market is driven by the demand for scalable and cost-effective ITSM solutions, especially among small and medium-sized enterprises (SMEs). Key players are focused on enhancing user experience, integrating artificial intelligence (AI) capabilities, and ensuring data security to maintain a competitive edge. Despite growth prospects, concerns related to data privacy and security remain challenges. The Cloud ITSM market is poised for continuous expansion as businesses seek agile and modern IT management solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.24 billion |
| Market size value in 2031 | USD 20.24 billion |
| Growth Rate | 16.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Cloud ITSM Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Cloud ITSM Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Cloud ITSM Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cloud ITSM Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cloud ITSM Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cloud ITSM Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Cloud ITSM Market Report Snapshots
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