ServiceNow Store Apps Market Expected to Reach $94.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “ServiceNow Store Apps Market," The servicenow store apps market was valued at $5.9 billion in 2021, and is estimated to reach $94.9 billion by 2031, growing at a CAGR of 32.5% from 2022 to 2031.

The ServiceNow Store is a software marketplace designed for the integration of apps created and distributed on the ServiceNow platform, both free and priced versions. It is focused on commercially monetizing and marketing cloud-native enterprise applications created by third-party independent software vendors (ISVs), solution providers, system integrators, and service providers. Since the firms are given the freedom to employ simple, user-friendly tools which boosts productivity, most of the enterprises are adopting ServiceNow store, leading to enormous market growth in recent years. Furthermore, the platform offers flexibility and innovation to encourage corporate expansion. These factors are other major driving factors resulting in significant market growth. In addition, to connect the current software, find new apps to address issues, and do a variety of other tasks, businesses can select from hundreds of NOW Certified free and paid choices. These additional features are expected to provide lucrative market growth opportunities in the upcoming years. ServiceNow store apps offer live data visualizations through engaging formats and a wide range of enterprise workflow applications. This eliminates the need to export data to external tools. Moreover, customers may replicate and automate phone phishing actions in a corporate setting with ServiceNow store apps. This enables customers to smoothly automate their code inspection with the help of ServiceNow store apps, which provide real-time code quality evaluation. The ServiceNow Store Apps are gaining popularity as customer achieves considerable cost savings and enhanced employee productivity across many divisions. Organizations face several difficulties as a result of antiquated working practices, disruptive forces of technology, increased service demands, and many other factors. ServiceNow addresses these issues, through improved connectivity, collaboration, and real-time information sharing, thereby enabling better issue discovery, reduced disruption, and increased productivity for both customers and the staff.

Moreover, increased adoption of cloud computing and rise in digitalization and adoption of new age technology are driving the growth of the market. However, expensive licensing cost limit the growth of this market. Conversely, rise in investment on stores is anticipated to provide numerous opportunities for the expansion of ServiceNow store apps market forecast.

On the basis of type, cloud-based segment dominated the ServiceNow store apps market size in 2021, and is expected to maintain its dominance in the upcoming years, owing to rise in as a native mobile experience, for providing intuitive, simple, and user-friendly interactions, which leads to market growth. However, web-based segment is expected to witness highest growth, owing increase in adoption of emerging technologies such as augmented reality (AR), artificial intelligence (AI), and low-code tools have created new deployment cases for web-based apps in the workplace.

The COVID-19 outbreak has presented a significant business environment issue following the pandemic. Lockdowns have been implemented by governments all around the world to stop the disease's spread. As a result, businesses or organizations are implementing ServiceNow store apps to aid clients in locating various vulnerabilities during the pandemic epidemic. Moreover, due to the growing use of AI and ML environments, a platform that can efficiently run the complicated algorithms needed to create these technologies is required; this has also significantly propelled the demand for ServiceNow store apps. It is anticipated that throughout the projection period, modernizing outmoded purchase applications on the ServiceNow platform using cutting-edge technologies like Augmented Reality (AR) and the Internet of Things (IoT) would open up new prospects for the market for ServiceNow store apps.

Region wise, the ServiceNow store apps market share was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to increasing adoption of ServiceNow store apps by businesses to build and develop enterprise service catalogs and evolve the IT service model. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the increasing investment for the development of cloud infrastructure with an installation of smart technologies such as AI and ML.

KEY FINDINGS OF THE STUDY

• By type, in 2021, the cloud-based segment was the highest revenue contributor to the market, with an 31.4% impressive CAGR. However, the web-based segment is estimated to reach significant growth by 2031, during the forecast period.
• By enterprise size, the large enterprise segment, was the highest revenue contributor to the market, with an 31.3% impressive CAGR, during the forecast period. However, small and medium enterprises (SMEs) segments are expected to witness significant growth in the market, during the forecast period respectively.
• Region-wise, the ServiceNow store apps industry growth was dominated by North America. However, Asia-Pacific and Europe are expected to witness a significant growth rate during the forecasted period.

The key players profiled in the ServiceNow store apps market analysis are Dynatrace LLC, Talkdesk, Inc., Microsoft Corporation, xMatters, Inc., Teamviewer, International Business Machines Corporation, Cisco Systems Inc., Okta, Inc., PagerDuty, Sailpoint Technologies Inc. Market players have adopted various strategies, such as collaboration & partnership, investment, product launches, joint ventures, and acquisition to expand their foothold in the ServiceNow store apps industry. For instance, in November 2022, Microsoft Corporation and ServiceNow, an U.S.-based company, updated an effective service desk management platform for ServiceNow and Microsoft customers. Microsoft Corporation's collaboration with ServiceNow as a partner accelerates digital IT transformation and continually increases the effectiveness of IT service management. Microsoft Corporation's Global IT Helpdesk recognizes potential improvements, provides feedback to ServiceNow, and tests new features.