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Global Cloud ITSM Market to Witness Moderate Growth During 2020-2025, Propelled by Rising Adoption of Remote Work Models

IMARC Group’s latest report, titled “Cloud ITSM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” finds that the global cloud ITSM market size reached US$ 4.1 Billion in 2019. 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.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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 witness moderate growth during 2020-2025.

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., Broadcom Inc. (CA Technologies), 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.
     

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