Global Cloud ITSM Market

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.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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 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. '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-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.

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.

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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Global Cloud ITSM Market

Report ID: UCMIG45C2009 | Region: Global | Published Date: March, 2024 | Pages: 165 | Tables: Figures:

Analytics as a Service Market
Buy Now GET FREE SAMPLE
Global Cloud ITSM Market

Report ID: UCMIG45C2079 | Region: Global | Published Date: March, 2024 | Pages: 165 | Tables: Figures:

Retail Sourcing And Procurement Market
Buy Now GET FREE SAMPLE
Global Cloud ITSM Market

Report ID: SQMIG45C2070 | Region: Global | Published Date: March, 2024 | Pages: 197 | Tables: 64 | Figures: 75

Global Digital Mining Market
Buy Now GET FREE SAMPLE
Global Cloud ITSM Market

Report ID: UCMIG45C2069 | Region: Global | Published Date: March, 2024 | Pages: 165 | Tables: Figures:

Human Resource Management Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Cloud ITSM Market

Product ID: SQMIG45C2051

$5,300
BUY NOW GET FREE SAMPLE