Global Cloud ITSM Market to Grow at 16.92% During 2024-2032, Propelled by Rising Adoption of Remote Work Models

September 10, 2020 | Technology & Media

IMARC Group’s latest report, titled “Cloud ITSM Market Report by Component (Solutions, Services), End User (Large Enterprises, Small and Medium Enterprises), Vertical (BFSI, IT and Telecommunication, Healthcare, Manufacturing, Retail, Education, and Others), and Region 2024-2032,” finds that the global cloud ITSM market reached a value of US$ 8.7 Billion in 2023. Information technology service management (ITSM) refers to a set of policies and practices for designing, creating, delivering, supporting, and managing IT services and processes to meet the goals of an organization. The implementation of cloud ITSM helps in regularizing operations through structured delivery and documentation and saving costs by building a predictable IT system. It also benefits businesses by bringing actionable IT insights to the firm that help in decision making. Nowadays, cloud ITSM solutions are changing as per the evolving technologies and the needs of organizations.


Global Cloud ITSM Market Trends:

A significant rise in the adoption of cloud-based technologies represents the primary factor impelling the market growth. The deployment of cloud ITSM allows firms to manage their data efficiently and effectively. It also helps businesses get more productivity from IT services at a lower cost by systematically speeding incident resolution, reducing incidents and problems and automatically preventing or resolving issues. Along with this, the development of advanced technologies, such as machine learning, the Internet of Things (IoT), big data and predictive analytics, and augmented and virtual reality (AR/VR), are further propelling the market growth. Besides this, the increasing cases of the coronavirus disease (COVID-19) have prompted governments across several nations to impose lockdowns and promote social distancing measures to minimize the spread of the pandemic. This has encouraged various organizations to work remotely, thereby escalating the adoption of cloud ITSM. Looking forward, the market is anticipated to grow at a CAGR of 16.92% during 2024-2032.


Market Summary:

  • Based on the component, the market has been segmented into solutions (operation and performance management, service portfolio management, service desk software, dashboard reporting and analytics and configuration and change management) and services (professional and managed services).
  • On the basis of the end user, the market has been categorized into large, and small and medium enterprises.
  • The market has been divided based on the vertical into BFSI, IT and telecommunication, healthcare, manufacturing, retail, education and others.
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Indonesia, Australia and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Axios Systems PLC, BMC Software Inc., CA Technologies (Broadcom Inc.), Cherwell Software, LLC, Citrix Systems Inc., Hewlett Packard Enterprise (HPE) Company, International Business Machines Corporation (IBM), Micro Focus International Plc, Microsoft Corporation, Oracle Corporation, ServiceNow, Inc. and SysAid Technologies Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, End User, Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Axios Systems, BMC Software Inc., CA Technologies (Broadcom Inc.), Cherwell Software LLC, Citrix Systems Inc., Hewlett Packard Enterprise, International Business Machines Corporation (IBM), Micro Focus International Plc, Microsoft Corporation, Oracle Corporation, ServiceNow and SysAid Technologies Ltd.
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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Global Cloud ITSM Market to Grow at 16.92% During 2024-2032, Propelled by Rising Adoption of Remote Work Models
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