Cloud ITSM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Cloud ITSM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global cloud ITSM market size reached US$ 7.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.7 Billion by 2028, exhibiting a growth rate (CAGR) of 17.76% during 2023-2028.

Cloud IT service management (ITSM) refers to the process of designing, implementing, delivering, supporting and managing IT services of an organization. It comprises hardware, software, computing resources, cloud storage, web and mobile applications, and virtual servers. It provides a fast, agile and risk-free response to unexpected events, new opportunities and competitive threats. Moreover, it assists in improving productivity in small or mid-sized businesses using limited resources. Cloud ITSM also helps in setting and meeting realistic expectations for services, which results in improved transparency and user satisfaction.

Cloud-based technology is cost-effective and aids in the deployment of various solutions and services. Apart from this, it enables organizations to manage their data efficiently and effectively. Consequently, the demand for cloud ITSM is escalating across the globe. Furthermore, owing to the sudden surge in the cases of the coronavirus disease (COVID-19), governments of various countries have imposed lockdowns and are promoting the adoption of social distancing measures to minimize the spread of the pandemic. Therefore, several organizations have resorted to working remotely, which in turn is driving the sales of cloud ITSM. Besides this, the increasing adoption of the bring your own device (BYOD) trend is allowing employees to access organizational data and resources from anywhere, which, in turn, is boosting the demand for advanced ITSM solutions. Moreover, the advent of technologies such as Big Data, blockchain, machine learning, Internet of Things (IoT), predictive analytics, augmented reality (AI) and virtual reality (VR) is anticipated to propel the market growth in the coming years.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cloud ITSM market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, end user and vertical.

Breakup by Component:

Solutions
Operation and Performance Management
Service Portfolio Management
Service Desk Software
Dashboard Reporting and Analytics
Configuration and Change Management
Services
Professional Services
Managed Services

Breakup by End User:

Large Enterprises
Small and Medium Enterprises

Breakup by Vertical:

BFSI
IT and Telecommunication
Healthcare
Manufacturing
Retail
Education
Others

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Axios Systems, BMC Software Inc., CA Technologies (Broadcom Inc.), Cherwell Software LLC, Citrix Systems Inc., Hewlett Packard Enterprise, International Business Machines Corporation (IBM), Micro Focus International Plc, Microsoft Corporation, Oracle Corporation, ServiceNow and SysAid Technologies Ltd.

Key Questions Answered in This Report:
How has the global cloud ITSM market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global cloud ITSM market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the end user?
What is the breakup of the market based on the vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global cloud ITSM market and who are the key players?
What is the degree of competition in the industry?