Information Technology Service Management (ITSM) Market Size, Share & Trends Analysis Report, By Component, By Technology, By Deployment (Cloud, On-premises), By Enterprise Size, By Vertical, And Segment Forecasts, 2023 - 2030

Information Technology Service Management (ITSM) Market Size, Share & Trends Analysis Report, By Component, By Technology, By Deployment (Cloud, On-premises), By Enterprise Size, By Vertical, And Segment Forecasts, 2023 - 2030

Information Technology Service Management (ITSM) Market Growth & Trends

The global Information Technology Service Management (ITSM) market size is expected to reach USD 18.24 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 9.3% from 2023 to 2030. This growth is attributed to several key factors, including the widespread adoption of cloud computing and digital transformation initiatives. Businesses increasingly recognize the importance of efficiently managing their IT services, driven by a focus on enhancing customer experience and satisfaction. Moreover, the growing complexity of IT infrastructures necessitates robust ITSM solutions to streamline service delivery, reduce costs, and ultimately boost customer satisfaction, making ITSM a vital component of modern business strategies. As businesses continue to navigate the evolving landscape of technology, ITSM solutions serve as critical enablers, allowing organizations to adapt to changing IT environments and ensure agility in responding to emerging

challenges and opportunities.

ITSM is poised for continuous growth in the coming years due to the increasing complexity of IT environments, driven by organizations' growing reliance on technology. It highlights the need for structured and efficient ITSM solutions to manage these complexities effectively. Moreover, the rising significance of digital transformation necessitates ITSM to align IT services with transformation goals. Integrating AI and machine learning in ITSM automates tasks, enabling IT staff to focus on strategic initiatives. Self-service ITSM is rising, improving user satisfaction and reducing IT staff workloads. In addition, the heightened focus on IT security and compliance is driving the implementation of ITSM to enhance security postures and manage policies and procedures effectively.

DevOps and agile practices enable organizations to deliver IT services more efficiently to meet digital customer demands, with ITSM tools facilitating implementation. There's a notable shift towards customer-centricity in ITSM practices, aided by ITSM tools that enhance understanding and alignment with customer needs. Further, organizations are adopting proactive and predictive service management to prevent disruptions, with ITSM tools helping identify and resolve potential issues in advance. A transition to platform-based service management is reducing IT service delivery costs and complexity, facilitated by ITSM tools. In addition, intelligent analytics and reporting provide valuable insights, empowering organizations to enhance IT service performance and decision-making. Thus, integrating DevOps and agile practices, focusing on customer-centricity, proactive and predictive service management, platform-based service delivery, and intelligent analytics collectively drives the evolution of ITSM towards a more

efficient, customer-oriented, and data-driven future.

Information Technology Service Management (ITSM) Market Report Highlights

• The solutions segment dominated the market in 2022 and accounted for a revenue share of over 76.0%, as ITSM solutions are essential for businesses to manage their IT services effectively
• The cloud segment is anticipated to register the highest CAR over the forecast period due to the increasing adoption of cloud-based IT services. More and more businesses are moving their IT infrastructure and applications to the cloud, driving demand for cloud-based ITSM solutions
• The network management segment held the largest revenue share of over 27% in 2022. Network management solutions provide a range of features to help businesses monitor, troubleshoot, and manage their networks
• The large enterprises segment led the market in 2022 accounting for over 75% of the global revenue due to high demand as large enterprises have complex IT infrastructures and need to manage many IT services
• North America dominated the global market in 2022. However, Asia Pacific is projected to grow at the highest CAGR from 2023 to 2030

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