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A53589 | Pages: 235 | Charts: 67 | Tables: 103 |
The global servicenow store apps market was valued at $5.9 billion in 2021, and is projected to reach $94.9 billion by 2031, growing at a CAGR of 32.5% from 2022 to 2031.
Increased adoption of cloud computing and rise in digitalization and adoption of new age technology are driving the growth of ServiceNow store apps market size. 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 the market during the forecast period.
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.
The ServiceNow store apps market is segmented on the basis of type, enterprise size and region. Based on type, it is segregated into cloud based and web based. Based on enterprise size, it is bifurcated into large enterprises and SMEs. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The ServiceNow store apps industry is dominated by key players such as Dynatrace LLC, Talkdesk, Inc., Microsoft Corporation, xMatters, Inc., Teamviewer, International Business Machines Corporation, Cisco Systems Inc., Okta, Inc., PagerDuty, Sailpoint Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the ServiceNow store apps industry.
[ENTERPRISESSIZEGRAPH]
Depending on enterprise size, large enterprise segment dominated the ServiceNow store apps market share in 2021, and is expected to maintain its dominance in the upcoming years, owing to increased use of ServiceNow platform for IT business management, IT operations management, IT service management, and IT security and risk management by multinational companies in developed and developing countries, which leads to market growth. However, small and medium enterprises (SMEs) segment is expected to witness highest growth in the forecast period, owing increase in adoption of ServiceNow store app platform to automate and combine corporate operations including people, data, technology, and procedures.
[REGIONGRAPH]
Region wise, the ServiceNow store apps market growth 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 ServiceNow store apps market forecast, owing to the increasing investment for the development of cloud infrastructure with an installation of smart technologies such as AI and ML.
The market for ServiceNow store apps is anticipated to expand in response to the market for cloud-based solutions. The adoption of cloud computing has been accelerating, and through 2020, cloud-specific spending is anticipated to expand at a rate that is more than six times that of general IT spending. Many large and small organizations have now successfully implemented specialized software-as-a-service (SaaS) solutions or have chosen a cloud-first strategy for new systems. This has propelled the adoption of ServiceNow store apps significantly.
Moreover, when considering these possibilities as a part of a comprehensive plan to achieve digital transformation rather than isolated tactical choices, enterprises are realizing the full potential of ServiceNow store apps. Furthermore, an open API architecture for standardization and automation of the IT environment, a modern security posture, working in an automated agile operating model, and utilizing new capabilities to propel creative business solutions will significantly accelerate the market expansion during the forecast period.
Increase in digitalization and surge in adoption of smart technologies by the consumers is the key market driver for the growth of the ServiceNow store application market. As costumers embraced web and digital services, the COVID-19 pandemic boosted a search of digital transformation activities across numerous industries. The fullest possible use of all digital tools within businesses symbolizes digital adoption, which is boosted by the ServiceNow store. Moreover, the ServiceNow store does more than just enabling the necessary tools; it intensifies a broader cultural shift toward digital companies.
Furthermore, beyond online and mobile app digital experiences, businesses are now finding it more difficult to create digital user experience. Therefore, businesses need to alter more than only their customers' digital customer experiences using ServiceNow store apps. Any firm that values its customers must remember that personalization and convenience are crucial aspects of customer service. The need for adoption of new technologies will have a greater beneficial impact on the growth rate of the market during the projection period.
Key Market Segments
Key Market Players