MarketsandMarkets forecasts the global Cloud ITSM Market size to grow from USD 4.4 billion in 2019 to USD 10.4 billion by 2024, at a CAGR of 18.6% during 2019–2024. Major growth factors for the market include increasing shift to cloud based technology and integration of AI-enabled tools with ITSM solutions.
The IT and ITeS vertical to grow at the largest market size during the forecast period
The cloud ITSM market study covers different verticals including IT & telecommunication, healthcare & life sciences, retail & consumer goods, manufacturing, BFSI, media & entertainment, government & public, travel & hospitality, and others including education, and energy & utilities. These verticals are expected to witness high adoption of cloud ITSM solutions and services to achieve various benefits, such as increased efficiency, higher RoI, and cost-effectiveness. Among these, IT & telecommunication is expected to have the largest market size during the forecast period. IT and ITES companies have taken several steps, such as business process outsourcing, infrastructure sharing, IT outsourcing, and revenue assurance, to reduce their operating costs and increase their revenues.
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By solution, the managed services segment is expected to grow at the highest CAGR during the forecast period
The component segment is subdivided into solutions and services segments. Based on services, the cloud ITSM industry has segmented as professional services and managed services. Among the services, the managed services segment is expected to grow with the highest CAGR during the forecast period. Managed services offer technical skills, which are required to maintain and update all software in the cloud ITSM ecosystem. All the pre- and post-deployment queries and needs of the customers are addressed under managed services. Managed services provide end-users with software configured to their requirements to assist at every step of software usage.
ITSM can be defined as the process of designing, delivering, managing, and enhancing enterprise IT services with a focus on the delivery of best services to end-users. The increasing popularity of cloud services has compelled organizations to transform their on-premises ITSM to cloud. Cloud ITSM solutions include service portfolio management, service desk software, operations & performance management, and dashboard reporting & analytics. Moreover, the widespread adoption of Bring Your Own Device (BYOD) policies and the advent of advanced technologies has led to the growth of the cloud ITSM market.
The major cloud ITSM vendors operating globally include ServiceNow (US), HPE (US),IBM (US), BMC Software (US), CA Technologies (US),Cherwell Software (US), Ivanti (US),Citrix Systems (US), Hornbill (UK), Axios Systems (US),Efecte (Finland), ManageEngine (US), EasyVista (US),Atlassian (Australia), Alemba (UK),SysAid (Israel),Microsoft (US),LogMein (US), Micro Focus (UK), and Freshworks (US).
ServiceNow was founded in 2004 and is headquartered in California, US. The company is a provider of enterprise cloud computing services for digital workflows across the globe. Digital transformations enhance workflow experiences and increase the productivity of any enterprise by simplifying and streamlining business processes. The company provides a service model to its customer that defines, structures, and automates the flow of work, enabling smooth delivery and management of services for enterprises. ServiceNow provides products for service management, ITSM, IT operations management, business management, and application development.
- In August 2019, ServiceNow set up a new R&D center in Hyderabad, India. This development center is expected to be the largest R&D center in Asia and the second largest across the globe. This center focuses on improving AI and mobile capabilities of the ITSM offerings that enhance the customer experience.
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BMC Software was founded in 1980 and is headquartered in Texas, US. The company is one of the leaders in developing software that offers system and service management solutions to enterprises for gaining competitive advantage. BMC Software specializes in ITSM, SaaS, cloud computing, virtualization, analytics, mobility, and data center automation. Additionally, the company is one of the leaders in developing software that offers systems and service management solutions for enterprises.
- In July 2019, BMC software partnered with the George Washington University to enhance its service management and accelerate digital initiatives using the BMC Helix Cognitive Service Management platform.
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