According to the latest report by IMARC Group, titled “Cloud ITSM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global cloud ITSM market reached a value of US$ 6.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 16.7 Billion by 2027, exhibiting a CAGR of 18.1% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Cloud information technology service management (ITSM) refers to the process of implementing, delivering, and managing IT services of an organization over the cloud. It assists in improving efficiency, reducing operational costs, providing accountability through standardization, enhancing productivity, minimizing workload, and increasing return on investment (ROI). It also helps organizations in setting and meeting their realistic expectations for services, which results in improved transparency and user satisfaction.
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Market Trends
The increasing demand for cloud-based solutions to maintain business data efficiently and effectively represents one of the key factors bolstering the market growth. In addition, the rising adoption of remote working solutions is contributing to the market growth. Apart from this, key players are focusing on offering cloud ITSM services integrated with predictive analytics solutions and advanced technologies, such as the internet of things (IoT), machine learning (ML), and artificial intelligence (AI). This, in turn, is propelling the growth of the market.
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Breakup by Component:
- Solutions
- Operation and Performance Management
- Service Portfolio Management
- Service Desk Software
- Dashboard Reporting and Analytics
- Configuration and Change Management
- Services
- Professional Services
- Managed Services
Breakup by End User:
- Large Enterprises
- Small and Medium Enterprises
Breakup by Vertical:
- BFSI
- IT and Telecommunication
- Healthcare
- Manufacturing
- Retail
- Education
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Axios Systems, BMC Software Inc., CA Technologies (Broadcom Inc.), Cherwell Software LLC, Citrix Systems Inc., Hewlett Packard Enterprise, International Business Machines Corporation (IBM), Micro Focus International Plc, Microsoft Corporation, Oracle Corporation, ServiceNow and SysAid Technologies Ltd.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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