According to a new market research report "Cloud ITSM Market by Component (Solutions (Service Portfolio Management, Configuration & Change Management, Operations & Performance Management), Services), Vertical (BFSI, IT & Telecommunication, Retail & Consumer Goods), Region - Global Forecast to 2024", published by MarketsandMarkets™, the cloud ITSM market size to grow from USD 4.4 billion in 2019 to USD 10.4 billion by 2024, at a CAGR of 18.6% during 2019–2024.
Major growth factors for the industry include increasing shift to cloud-based technology and integration of AI-enabled tools with ITSM solutions. However, the lack of standard procedures and integration concerns with traditional architectures may restrain the market growth of the cloud ITSM market.
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The IT and ITeS vertical to grow at the largest market size during the forecast period
The cloud ITSM market study covers different verticals including IT & telecommunication, healthcare & life sciences, retail & consumer goods, manufacturing, BFSI, media & entertainment, government & public, travel & hospitality, and others including education, and energy & utilities. These verticals are expected to witness high adoption of cloud ITSM solutions and services to achieve various benefits, such as increased efficiency, higher RoI, and cost-effectiveness. Among these, IT & telecommunication is expected to have the largest market size during the forecast period. IT and ITES companies have taken several steps, such as business process outsourcing, infrastructure sharing, IT outsourcing, and revenue assurance, to reduce their operating costs and increase their revenues.
By solution, the managed services segment is expected to grow at the highest CAGR during the forecast period
The component segment is subdivided into solutions and services segments. Based on services, the cloud ITSM industry has segmented as professional services and managed services. Among the services, the managed services segment is expected to grow with the highest CAGR during the forecast period. Managed services offer technical skills, which are required to maintain and update all software in the cloud ITSM ecosystem. All the pre- and post-deployment queries and needs of the customers are addressed under managed services. Managed services provide end-users with software configured to their requirements to assist at every step of software usage.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global cloud ITSM market. Due to the rise in competition in the cloud ITSM market, service organizations across verticals are likely to embrace professional services to gain competitive advantage. However, APAC is expected to grow at the highest rate during the forecast period. The growth across APAC is owing to a rapid increase in considerations of cloud ITSM solutions.
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The cloud ITSM market report provides the competitive landscape and company profiles of the key vendors by their product offerings and business strategies. Major vendors in the global CLOUD ITSM market include ServiceNow (US), HPE (US),IBM (US), BMC Software (US), CA Technologies (US),Cherwell Software (US), Ivanti (US),Citrix Systems (US), Hornbill (UK), Axios Systems (US),Efecte (Finland), ManageEngine (US), EasyVista (US),Atlassian (Australia), Alemba (UK),SysAid (Israel),Microsoft (US),LogMein (US), Micro Focus (UK), and Freshworks (US).
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