The ITSM Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, to reach USD 22.1 billion by 2028 from USD 10.5 billion in 2023. An urge for convenient deployment in disaster-prone areas, adherence to regulatory compliance and government-led reporting standards across verticals and regions, and demand for enterprise service management across verticals are expected to drive the growth of the global ITSM market.
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By solution, Service Desk Software will grow at the highest CAGR during the forecast period.
The primary functions of the service desk are incident control, event management, life cycle management of all service requests, and communicating with end users of those IT services. These solutions offer various benefits, such as increased accessibility to assistance/help through a single point of contact, communication, and information; better quality and quicker turnaround of user requests; improved IT support resources and increased productivity; and better-managed infrastructure and control.
By services, the professional services segment will have a higher market share during the forecast period.
Professional services comprise education, training and certification, consulting, planning, implementation, and support and maintenance necessary to implement ITSM solutions successfully. In this ITSM service, providers thoroughly evaluate the project life cycle, help staff, and assign the right person for the correct process. Professionals also ensure that the solution supports business goals with better communication services. Various software solutions are installed, and departments are integrated in real-time to provide better resource visibility. As part of these services, vendors cover all phases of solution implementation, from planning, deploying, and support to ongoing optimization.
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Unique Features in the IT Service Management (ITSM) Market
A centralised platform for customers to report problems, request services, and get support is provided via complete service desk functions, which are frequently included in ITSM solutions.
Typically, ITSM solutions have incident and problem management capabilities that help IT teams quickly find, evaluate, and fix problems in order to reduce downtime and enhance service quality.
One of ITSM’s unique features is the integration of change management procedures, which enable automated and regulated management of IT infrastructure modifications to preserve stability and lower error risk.
One distinguishing characteristic is the existence of a CMDB, which offers a centralised store for configuration objects and their relationships, improving visibility and control over the IT environment.
Self-service portals, which enable users to freely access information, submit requests, and address common issues without direct IT intervention, are frequently included in ITSM platforms.
Major Highlights of the IT Service Management (ITSM) Market
Because of cloud-based ITSM solutions’ scalability, flexibility, and affordability, organisations are embracing them more and more. With cloud deployment, you may easily access ITSM services and tools without requiring a large on-premises infrastructure.
There is a noticeable trend in the ITSM market towards the automation and incorporation of artificial intelligence (AI) into service management procedures. Chatbots, virtual agents, and task automation are examples of AI-powered services that increase productivity and user happiness.
The importance of using ITSM to improve the employee experience is rising. In order to increase end-user satisfaction overall, service providers are placing a higher priority on self-service alternatives, user-friendly interfaces, and proactive issue resolution.
Collaboration between development and operations teams is facilitated by the increasing integration of ITSM with DevOps methods. Streamlining processes, enhancing communication, and quickening the delivery of IT services are the goals of this integration.
To increase responsiveness and flexibility, businesses are fusing IT service management with agile approaches. Through this interface, ITSM procedures can be in line with Agile principles, facilitating collaborative and iterative development.
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Top Key Companies in the IT Service Management (ITSM) Market
Major vendors in this market are based in North America, Asia Pacific, and Europe. Some of the key players operating in the ITSM market are – ServiceNow (US), Broadcom (US), Ivanti (US), ManageEngine (India), BMC Software (US), Efecte (Finland), SymphonyAI Summit (US), among others. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the ITSM market.
ServiceNow is a California-based company that was founded in 2003. It provides global enterprise cloud computing services for digital workflows with a service model that structures, automates, and defines work processes. This allows for smooth delivery and management of services for businesses. The company offers various products for ITSM, service management, ITOM (IT Operations Management), business management, and application development. ServiceNow integrates multiple business applications on the ServiceNow platform. The company’s ITSM on the cloud provides end-to-end visibility into ITIL processes. ServiceNow serves various industries, including financial services, healthcare, higher education, life sciences, IT, and the public sector.
ServiceNow is a significant player in the ITSM market and offers a robust portfolio of products and solutions. Its cloud-based, intelligent, and intuitive Now Platform provides several benefits to clients, including work automation and a seamless delivery experience. The platform offers capabilities such as flow designer, IntegrationHUB, mobile studio, application development, CMDB (Configuration Management Database), and performance analytics. ServiceNow’s ITSM products enable customers to deliver scalable, flexible services to enhance productivity and improve user experience. ServiceNow’s IT Service Management seamlessly integrates with remote desktop support products, authentication, and productivity tools.
BMC Software is a leading system and service management solutions company. Founded in 1980 and based in Texas, US, it offers ITSM, SaaS, cloud computing, virtualization, analytics, mobility, and data center automation solutions to help enterprises gain a competitive advantage. The company serves various industries, including healthcare, financial services, retail, telecommunications, manufacturing, and the public sector. In October 2018, KKR and Company Inc., an American investment firm, acquired it. With around 9,600 employees, BMC Software serves over 10,000 customers across North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America.
BMC Software offers a comprehensive portfolio of solutions and services in the ITSM market. Its offerings help clients in several aspects, including predictive service management, integrations with DevOps tools like Jira, and cognitive email analysis. The company provides products and solutions that allow customers to deliver predictive service management through cognitive automation and integrate incident and change management with leading agile development solutions. BMC Software’s platform, BMC Helix ITSM, is an integrated product of digital and cognitive automation technologies that offers service management across multi-cloud environments. The company’s solution portfolio in the ITSM market includes BMC Helix ITSM, BMC Helix Digital Workplace, BMC Helix Remedyforce, BMC Helix Discovery, BMC Helix Business Workflows, BMC Helix Chatbot, Client Management, and FootPrints Service Desk.
Broadcom is a company that supplies semiconductor and infrastructure software solutions. In November 2018, Broadcom acquired CA Technologies, which was a landmark acquisition that bolstered Broadcom’s IT infrastructure and software solution offerings. CA Technologies is a global provider of software solutions that enables customers to plan, develop, manage, and secure their application and enterprise environments across distributed, cloud, mobile, and mainframe platforms.
The company divides its operations into mainframe solutions, enterprise solutions, and services. Mainframe and enterprise solutions include software offerings and platforms on which products operate, while the services segment comprises product implementation, consulting, customer education, and customer training services. The company serves the market through resellers, global service providers, global system integrators, Managed Service Providers (MSPs), and international technology partners.
CA Technologies generates most of its revenue from the US. Still, it has a global footprint that spans North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. The company operates in over 15 countries with a global workforce of over 19,000. It provides products, solutions, and services to a vast client base across verticals, including automotive, education, BFSI, healthcare, retail, and government.
CA Technologies used to be one of the prominent providers of ITSM services and solutions. However, Broadcom acquired CA Technologies in November 2018, and now CA Technologies operates as a subsidiary of Broadcom. Broadcom offers robust products and solutions in the ITSM market space. Its product portfolio includes CA Service Management, CA Service Desk Manager, AIOps and Observability, Operational Intelligence, Infrastructure Monitoring, Network Monitoring Software, IT Process Automation Management, and Clarity.
Broadcom’s ITSM products and solutions offer a modern and comprehensive approach to ITSM, providing different benefits such as visibility into assets, enhanced IT services and operations, improved customer and end-user relationships, increased value of IT, and reduced IT cost.
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