Cloud IT Service Management (ITSM) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cloud IT Service Management Market
The Cloud IT Service Management Market size was valued at USD 4.15 billion in 2019 and is expected to reach USD 15.65 billion by 2027, exhibiting a CAGR of 18.2%. during the forecast period of 2024-2032.
The COVID-19 pandemic extensively improved the adoption of cloud-based IT Service Management (ITSM) answers as organizations prioritized a long way off work and digital transformation. Businesses sought scalable, steady, and efficient ITSM platforms to manage their IT operations amidst lockdowns and workforce disruptions. Demand surged for automation and AI-powered equipment that facilitated far flung tracking, price tag resolution, and workflow control. However, economic uncertainties brought on a few agencies to postpone huge-scale IT investments. Despite this, the pandemic highlighted the want of strong ITSM structures for making sure operational continuity, positioning cloud ITSM as a crucial enabler of industrial organization resilience and agility.
The integration of Artificial Intelligence (AI) and Machine Learning (ML) in Cloud IT Service Management is a superb sized fashion shaping the marketplace. AI-powered chatbots and digital assistants are increasingly more used to cope with habitual queries, beautify patron critiques, and streamline IT help. Predictive analytics, powered with the useful resource of ML, allows corporations understand ability issues before they occur, decreasing downtime and improving overall performance. These upgrades enable automation, beautify problem-fixing competencies, and decrease reliance on guide interventions, making cloud ITSM greater intuitive, proactive, and charge-powerful for companies globally.
The growing adoption of hybrid paintings environments is a key driving force for the Cloud IT Service Management market. Organizations are increasingly more embracing cloud-based totally definitely ITSM systems to help dispensed workforces and make certain seamless collaboration. These solutions provide centralized gear for dealing with IT infrastructure, automating workflows, and making sure constant access to resources throughout places. The name for for flexibility, scalability, and actual-time tracking in hybrid setups has fueled investments in cloud ITSM, as it allows corporations to optimize operations, enhance productivity, and preserve robust IT infrastructure in an evolving art work landscape.
Comprehensive Analysis of Cloud IT Service Management Market
The Cloud IT Service Management Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by component, by organization, by industry. By Component include Solution , Services. By Organization Size include Small and Medium Enterprises (SMEs), Large Enterprises. By Industry include IT & Telecommunication, BFSI, Healthcare, Retail & Consumer Goods, Media & Entertainment, Manufacturing, Government & Public, Others (Education, etc.).
The North America region lead the Cloud IT Service Management Market share by benefitting a market size of USD 1.93 billion North America is anticipated to hold a dominant share in the market. The growth in the region is mainly owing to the rising investment by key players to expand their presence worldwide.
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.
January 2020: Freshworks, Inc. Introduced its partnership with Splashtop, a issuer of collaboration, far flung aid solutions, and faraway get admission to. The partnership is expected to provide remote support answers to the users of Freshworks’ ITSM software program.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016 – 2027
Base Year 2019
Forecast Period 2020 – 2027
Historical Period 2016 – 2018
Unit Value (USD billion)
Segmentation By Component
Solution
Configuration & Change Management
Operations & Performance Management
Service Desk Software
Service Portfolio Management
Others (Dashboard Reporting & Analytics, etc.)
Services
By Organization Size
Small and Medium Enterprises (SMEs)
Large Enterprises
By Industry
IT & Telecommunication
BFSI
Healthcare
Retail & Consumer Goods
Media & Entertainment
Manufacturing
Government & Public
Others (Education, etc.)
By Region
North America
U.S.
By Industry
Canada
By Industry
Mexico
By Industry
By Component
By Organization Size
By Industry
By Country
Europe
Germany
By Industry
United Kingdom
By Industry
France
By Industry
Italy
By Industry
Spain
By Industry
Russia
By Industry
Benelux
By Industry
Nordics
By Industry
Rest of Europe
By Component
By Organization Size
By Industry
By Country
Middle East & Africa
By Component
By Organization Size
By Industry
By Country
Turkey
By Industry
Israel
By Industry
GCC
By Industry
North Africa
By Industry
South Africa
By Industry
Rest of Middle East & Africa
Asia Pacific
By Component
By Organization Size
By Industry
By Country
China
By Industry
India
By Industry
Japan
By Industry
South Korea
By Industry
ASEAN
By Industry
Oceania
By Industry
Rest of Asia Pacific
South America
By Component
By Organization Size
By Industry
By Country
Brazil
By Industry
Argentina
By Industry
Rest of South America