0
2020
Cloud Itsm Market

Cloud ITSM Market by Component (Solutions and Services), Organization Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (IT & Telecommunication, BFSI, Healthcare, Manufacturing, Retail, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2026
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A05944
Pages: 256
Jan 2020 | 7510 Views
Author(s) : Rachita Rake , Vineet Kumar
Tables: 115
Charts: 69
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Cloud ITSM Market Outlook: 2026

The global cloud IT service management (ITSM) market size was valued at $4,323.0 million in 2018, and is projected to reach $15,668.0 million by 2026, registering a CAGR of 17.4% from 2019 to 2026. Cloud ITSM mainly emphasizes on the management of the IT infrastructure through cloud that comprises, IT processes, software, hardware, and services. These services can be offered independently on cloud as well as on-premise. Moreover, users can find more value from cloud ITSM solutions, which combine capabilities for crucial business processes, such as the support for cloud services, agile development & DevOps, and delivery of business services.

Cloud ITSM Market

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By component, the solutions segment garnered major cloud IT service management market share in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to the increase in need to manage IT operations and management to design, plan, operate, deliver, and control the cloud and IT services is the major factor that fuels the demand for cloud ITSM solutions. Moreover, increase in demand among developers to manage an organization size after its production to ensure performance and availability according to service level objectives (SLOs) or service level agreements (SLAs) boosts the demand for the cloud ITSM solutions.

Cloud ITSM Market
By Component

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Services would exhibit the highest CAGR of 18.9% during 2019-2026.

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By organization size, the large enterprise segment dominated the cloud IT service management (ITSM) market in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to the increased demand for automation and streamlining business processes, which deal with large volumes of customer queries and facilitate personal customer engagement. However, small and medium size enterprises segment is expected to witness highest growth rate during the forecast period mainly due to the increase in popularity of cloud services among these enterprises, which has compelled organizations to move on-premises ITSM to cloud.

Cloud ITSM Market
By Organization Size

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Small & Medium Enterprises would exhibit the highest CAGR of 19.3% during 2019-2026.

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North America dominated the global cloud IT service management (ITSM) market in 2018 and is expected to remain dominant during the cloud ITSM market forecast period due to the presence of major market players and rise in investment & spending on cloud technologies. In addition, increase in focus on automation and end-user services boost the adoption of cloud ITSM solutions and services in North America.

Cloud ITSM Market
By Industry Vertical

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Retail would exhibit the highest CAGR of 24.3% during 2019-2026.

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The report focuses on the growth prospects, restraints, and trends of the cloud ITSM market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global cloud IT service management (ITSM) market.

Cloud ITSM Market
By Region

2026
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR 22.5% during 2019-2026.

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Segment review

The global cloud IT service management market is segmented on the basis of component, organization size, industry vertical, and region. By component, the market is bifurcated into solutions and services. By organization size, the market is divided into large enterprises and small & medium enterprises. By industry vertical, the market is classified into IT & telecommunication, BFSI, healthcare, manufacturing, retail, education, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The market is dominated by the global cloud ITSM players such as Axios Systems, BMC Software, CA Technologies, Citrix Systems, Hewlett Packard Enterprise, International Business Machines Corporation (IBM), ManageEngine, Micro Focus, Microsoft Corporation, and ServiceNow.

Top impacting factors

Current and future cloud IT service management market trends are outlined to determine the overall attractiveness of the market. Top impacting factors highlight the cloud ITSM market opportunity during the forecast period. Increase in adoption of cloud-based technologies is the key factor that drives the market growth for cloud ITSM industry. In addition, integration of AI-Enabled tools with ITSM solutions is expected to boost the market growth. However, security & privacy concerns for confidential data and business processes is expected to impede the market growth during the cloud IT service management market forecast period. Furthermore, widespread adoption of BYOD trend and increase in mobile workforce are expected to provide major growth opportunities for cloud ITSM market in the upcoming years. In addition, rise in demand among small & medium enterprises is also anticipated to provide lucrative opportunities for the cloud IT service management (ITSM) market growth in the forthcoming years.

Increase in adoption of cloud-based technologies

The cloud enables flexible deployment of numerous solutions and services, which allows organizations to manage their data efficiently and effectively. Moreover, the cloud-based technologies are cost-effective and easy to deploy, which drives the demand for cloud ITSM among large as well as small & medium organizations. In addition, to manage IT infrastructure, the cloud solutions require very less IT hardware administrative resources, which further eradicates the need for additional hardware costs. Thus, organizations are deploying cloud-based technologies across their business processes. Hence, such factors combined create the demand for cloud ITSM solutions and services.

Widespread adoption of BYOD trend and increasing mobile workforce

Personal devices are progressively being accepted as technology tools among enterprise IT environments. In addition, lot of organizations have started supporting work from home with their employees’ own devices. Hence, it is anticipated to create major challenge for IT managers and CIOs. Thus, such factors are anticipated to be opportunistic for the market in near future. Operational efficiencies, cost savings, and performance improvement are some of the major factors that drive the adoption of BYOD among numerous organizations, which is in turn anticipated to be opportunistic for the cloud ITSM market growth in the upcoming years. Moreover, the BYOD has the potential to change the way companies organize infrastructure & IT services and eventually the operation & management of IT. Thus, such factors are projected to create opportunities for the market in near future.

Key Benefits for Stakeholders

  • This study presents the analytical depiction of global cloud ITSM market trends and future estimations to determine the imminent investment pockets.
  • A detailed cloud ITSM market analysis of segment measures the potential of the market. These segments outline the favorable conditions for the market.
  • The report presents information related to key drivers, restraints, and opportunities.
  • The current market is quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.

Key Market Segments & Key Market Players

Segments Sub-segments
By Component
  • Solutions
  • Services

By Organization Size
  • Large Enterprises
  • Small and medium organizations

By Industry Vertical
  • IT & Telecommunication
  • BFSI
  • Healthcare
  • Manufacturing
  • Retail
  • Education
  • Others

By Region
  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Market Players
  • AXIOS SYSTEMS
  • BMC Software, Inc.
  • CA TECHNOLOGIES
  • CHERWELL SOFTWARE
  • CITRIX SYSTEMS, INC.
  • Hewlett Packard Enterprise Development LP
  • IBM CORPORATION
  • IVANTI
  • MICROSOFT CORPORATION
  • SERVICENOW
 

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Rise in the mobile workforce along with security as well as privacy concern boosts the growth of the cloud based ITSM market demand in the upcoming years. Moreover, major shift of small and medium enterprises toward cloud technology is impacting positively on cloud-based ITSM solutions, which enable to improve security of data, integrity, and delivery of services. Also, the training and service centers are launching new foundation cloud course for trainers to create awareness about the ITSM solutions, which is expected to contribute to the growth of the market. For instance, ITSM Zone has launched EXIN Cloud Computing Foundation e-learning course, which is expected to provide knowledge about design, architecture, and cloud deployment models.

Due to the presence of large number of providers, the cloud-based ITSM market has become one of the fastest-growing segment of the cloud computing market. The cloud ITSM market is a consolidated market as players such as ServiceNow, BMC Software, CA Technologies, and others hold a major share globally. However, the market is expected to become fragmented in near future, as many players in developing countries are evolving and coming up with enhanced and innovative cloud-based ITSM solutions and strategies. Companies such as FrontRange, Cherwell Software, Axios, and LANDesk are some of the newer companies, which are rapidly gaining market share as prominent on-premise vendors like IBM and HP are focusing mainly on cloud-based deployment models.

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FREQUENTLY ASKED QUESTIONS?

A. The global cloud ITSM market was valued at $4,323.0 million in 2018, and is projected to reach $15,668.0 million by 2026, registering a CAGR of 17.4% from 2019 to 2026.

A. The key players operating in the market include Axios Systems, BMC Software, CA Technologies, Citrix Systems, Hewlett Packard Enterprise, International Business Machines Corporation (IBM), ManageEngine, Micro Focus, Microsoft Corporation, and ServiceNow.

A. To get latest version of cloud IT service management market report

A. The Asia-Pacific region posses greater investment opportunities in the market.

A. The North America cloud ITSM market was valued at $1,856.3 million in 2018, and is projected to reach $5,429.0 million by 2026, growing at a CAGR of 14.2% from 2019 to 2026.

A. On the basis of top growing big corporation we select top 10 players.

A. The key players of the market has adopted different startegies in the market such as product launch, partnership, collaboration, acquisition and other.

A. Majority of the company operating in the market are investing on R&D practices.

A. The industry player of the market are adopting product launch, partnership, collaboration, acquisition as their key growth startegies.

A. The global cloud ITSM market is expected to grow at a CAGR of 17.4% from 2019 to 2026.

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