Global Cloud ITSM Market Expected to Reach $15.66 Billion by 2026

According to a recent report published by Allied Market Research, titled, "Cloud ITSM Market by Component, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2026," the global cloud IT service management (ITSM) market size was valued at $4.32 billion in 2018, and is projected to reach $15.66 billion by 2026, registering a CAGR of 17.4% from 2019 to 2026.

Increase in adoption of cloud-based technologies and integration of AI-Enabled tools with ITSM solutions are the key factors that drive the market growth for cloud ITSM industry. However, security and privacy concerns for confidential data and business processes restrain the growth of the cloud IT service management (ITSM) market. Furthermore, widespread adoption of BYOD trend, increase in mobile workforce, and surge in demand among small & medium enterprises are the factors anticipated to provide lucrative opportunities for the market growth in the forthcoming years

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. 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) also boosts the demand for the cloud ITSM solutions.

By organization size, the large organizations segment dominated the global cloud ITSM market in 2018 and is expected to generate highest revenue during the forecast period. The growth of this segment is mainly attributed to the increase in adoption of artificial intelligence (AI) technologies, such as machine learning, image processing, and others.

In terms of industry vertical, the IT & telecommunication segment is expected to witness high adoption of cloud ITSM solutions and services Among these, IT & telecommunication is expected to have the largest market size during the forecast period due to increase in adoption of ITSM solution because of its numerous benefits such as reduced operating costs, increased revenues, infrastructure sharing, and others. However, the retail segment is expected to witness highest growth rate in the upcoming years due to the increase in need to streamline business operations and supply chains by supporting and refocusing on IT resources.

By region, North America dominated the global cloud IT service management (ITSM) market in 2018 and is expected to remain dominant during the 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 boosts the adoption of cloud ITSM solutions and services in North America.

According to Rachita Rake, Research Analyst, ICT at Allied Market Research, “According to the cloud ITSM market analysis in Asia-Pacific, the market is projected to generate the highest growth rate during the forecast period, owing to increase in number of startups and adoption of artificial intelligence (AI) technologies, such as machine learning, image processing, and others.”

Key Findings of The Study

• By component, the solutions segment dominated the global cloud ITSM market in 2018 and is expected to generate highest revenue during the forecast period.
• On the basis of organization size, the large organizations segment dominated the market in 2018 and is expected to remain dominant throughout the forecast period.
• In terms of industry vertical, the retail segment dominated the market in 2018 and is expected to generate highest revenue during the cloud IT service management market forecast period.

Some of the key cloud IT service management (ITSM) market players profiled in the report include Axios Systems, BMC Software, CA Technologies, Citrix Systems, Hewlett Packard Enterprise, International Business Machines Corporation (IBM), ManageEngine, Micro Focus, Microsoft Corporation, and ServiceNow.