Market Research Future projects a detailed report on the recent trends, various challenges faced, and the segments of the market on which IT Service Management is based. It is reported there will be a striking upsurge at 12% of CAGR between 2017 and 2023.
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Market Key Trends & Challenges
The most crucial factor behind the growth of the IT service management market is the escalating number of employees using personal IT technological devices at the workplace is boosting technology at the forefront. For this, the technology giants such as HP (U.S.), CA Technologies (U.S.), BMC Software (U.S.), Axios Systems (U.K), Microsoft Corp. (U.S.), are some of the major players who have been influencing IT service management market for years. Among these, BMC software has been the dominant player in the IT service management market.
The diversification of IT services is motivating the growth of the IT service management market globally. The insights into the information and communication technology industry are advanced by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth. A 12 % CAGR is anticipated to broaden the growth opportunities for the market.
The elevated demand for IT asset management, among others, is expected to create a favorable growth trend in the IT service management market. Furthermore, the surging popularity of cloud computing is expected to further boost the expansion of the market for IT service management in the upcoming years.
Market Segmentation
As per the study, type, deployment, and end-user have segmented the global IT service management market.
The type segment is classified among IT asset management, configuration management, network management, application performance management, and DBMS management. However, the configuration management segment might account for the highest market share in the future.
In terms of deployment: The cloud-based and on-premise are the segments. The on-cloud records the highest market share as it assists various businesses by reducing the cost associated with the IT infrastructure. The cloud deployment allows the enterprises to focus eminently on core business competencies with efficiently manage storage and data protection and security, privacy issues, which offers data integrity and information associated with governance to make enterprise legally prepared.
Moreover, in terms of the end-user segment: Manufacturing, BFSI, media & entertainment, healthcare, IT & telecommunication, and retail are the segments.
Regional Framework
The global IT service management market is studied for the key regions of Asia Pacific, North America, Europe, and the Rest of the World.
The study observed that the North America region occupied the largest share of the market. Vendors in the region are continually offering cost-effective ITSM solutions, such as software applications and platforms that make it potential for developers to build customized IT solutions.
Even, Asia Pacific region can also show the highest growth opportunities in the market of IT service management. The countries such as China, India, Japan, and South Korea are witnessing drastic rising investor interest in enterprise IT. India, Japan, South Korea and China have many market leaders who are investing in the region. Among these, India has emerged as an IT hub in the past few years, thus propelling growth substantially.
Market Key Players
The well-known market players that have been analyzed in the report are listed as Cherwell Software, Axios Systems, HP, CA Technologies, BMC Software, Microsoft Corp., IBM Corporation, Citrix Systems, Absolute Software, Compuware, Landesk Software, Manage Engine, and EMC Corporation, Service Now Inc..
Industry Updates:
Dec 2019 Epicon, an enterprise IT service provider, has acquired ServiceNow partner Service Potential in an attempt to spread its influence into Queensland and the Northern Territory in Australia. The achievement is anticipated to increase Epicon’s IT service management, along with its ServiceNow competences.
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