Information Technology Service Management Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The information technology service management market is expected to witness a 2.02% CAGR over the forecast period. Information Technology Service Management, hereafter referred to as ITSM, defines all IT-related activities that include creating, delivering, supporting, and managing the customized solutions executed to achieve the business goal of the IT organizations.
Key HighlightsThe managed services market is dominated by major players, such as IBM Corporation and Atlassian Corporation PLC, with a solid client base. These players are constantly providing increased and enhanced offerings. The companies are employing powerful competitive strategies to sustain themselves in the market and retain their clients. This factor intensifies the competitive rivalry in the market.
Overall, the degree of competition is high and expected to remain the same throughout the forecast period as players offer various services depending on the customer's needs.
In January 2022, Atlassian Corporation PLC acquired Percept.AI to improve the AI engine for natural language understanding in Jira Service Management. The company aims to create an integrated experience for the customers in the market. Through Percept.AI, the company seeks to deflect the vast majority of tier-1 support questions, provide users with a great experience, and free up IT teams to focus on more complex tasks.
The supply chain business unit of Ivanti, Ivanti Wavelink, launched Ivanti Neurons for Industrial Internet of Things (IIoT) to help organizations further automate and optimize their supply chain operations. With Ivanti Neurons for IIoT, organizations can rapidly build scalable applications that integrate into existing processes, driving operational efficiency.
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