The Cloud Information Technology Service Management Market size is estimated at USD 4.88 billion in 2024, and is expected to reach USD 5.47 billion by 2029, growing at a CAGR of 2.33% during the forecast period (2024-2029).
The emergence of cloud computing has significantly impacted the way businesses are being operated. The increasing adoption rate of cloud solutions has brought changes in the operating models by reducing IT infrastructure cost. The deployment of cloud solutions enables enterprises to focus on core business competencies.
The Cloud ITSM (Information Technology Service Management) Market is highly fragmented with the presence of major players like IBM Corporation, BMC Software Inc., Micro Focus International PLC, Atlassian Inc., and ASG Technologies Group, Inc. The companies in the market are making some new features on only the cloud version of their ITSM product, and also adopting strategies such as partnerships, innovations, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
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