Global IT Service Management (ITSM) Software Market 2023-2030

Global IT Service Management (ITSM) Software Market 2023-2030

Global ITSM software Market Size, Share & Trends Analysis Report by Deployment (Cloud and On-premise), by Application (Configuration Management, Performance Management, Network Management, and Database Management System, and Others), by End-user Vertical (BFSI, Manufacturing, Government and Education, IT and Telecommunication, Retail, Travel and Hospitality, and Healthcare) Forecast Period (2023-2030)

The global IT service management (ITSM) software market is anticipated to grow at a CAGR of 18.4% during the forecast period. The growing awareness regarding organization's security, privacy, and compliance posture, increasing compliance mandates and regulations and growing demand from end-user industries is a key factor driving the growth of the ITSM software market. The increasing adoption of artificial intelligence (AI) is propelling the demand for automation services in business processes.

The surging autonomy is assisting several IT enterprises to increase productivity and reduce the time required for task execution. This is driving the demand for advanced ITSM software solutions globally. Additionally, the rising concept of BYOD is anticipated to favor the global ITSM market growth in the forthcoming years. The rapid increase in security breaches and cyber attacks has further created the demand for the global ITSM software market. Lack of awareness about the ITSM software may restrain the growth of the market.

Segmental Outlook

The global ITSM software market is segmented based on deployment, application, and end-user vertical. Based on deployment, the market is segmented into on premises and cloud based. Based on application, the market is segmented into configuration management, performance management, network management, and database management system, and other. Based on end-user vertical, the market is segmented into BFSI, healthcare, IT & telecom, energy & utilities, retail, travel & hospitality, healthcare, and others.

The Cloud-Based Sub-Segment is Expected to Hold a Prominent Share of the Global ITSM Software Market

The increase in the adoption of cloud-based technologies is the key factor that drives the growth of this market segment. Furthermore, the widespread adoption of BYOD trend and the increase in the mobile workforce are expected to provide major growth opportunities for the cloud ITSM market in the upcoming years. The cloud enables flexible deployment of numerous solutions and services, which allows organizations to manage their data efficiently and effectively. Moreover, cloud-based technologies are cost-effective and easy to deploy, which drives the demand for cloud ITSM among large as well as small & medium organizations. In addition, to manage IT infrastructure, the cloud solutions require very less IT hardware administrative resources, which further eradicates the need for additional hardware costs. Thus, organizations are deploying cloud-based technologies across their business processes. Hence, such factors combined driving the growth of this market segment.

Regional Outlooks

The global ITSM software market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the Asia-Pacific market is anticipated to cater to a considerable growth over the forecast period. This is attributable to the increasing investments by key players to develop advanced ITSM software and solutions in the region. In addition, an increase in focus on automation and end-user services boosts the adoption of ITSM solutions and services in Asia-Pacific.

Global ITSM software Market Growth, by Region 2023-2030

Source: OMR Analysis

The North America Region held Considerable Share in the Global ITSM software Market

North America held a considerable share in the global ITSM software market. In North America, the US held a major market share. The presence of key market players in the country along with presence of advanced IT infrastructure is a key factor driving the growth of the regional market. The growing adoption of ITSM software in various sectors for maintaining customer services owing to the features coupled with them is further boosting the market growth.

Market Players Outlook

The major market player of the ITSM software market includes ServiceNow, Inc., IBM Corp., Hewlett Packard Enterprise Company, Citrix Systems Inc., and CA Technologies among others. These players are actively adopting growth strategies such as mergers and acquisitions, partnerships, collaboration and agreements to improve their dominance among competitors. Technological innovation and new product launching are the core strength of key market players in the cloud computing market. For instance, in March 2023, SolarWinds has launched its first ITSM data center in Australia for SolarWinds Service Desk customers. The Sydney-based data center will support in improving performance and speed while allowing SolarWinds customers to demonstrate compliance with data sovereignty requirements.

Further, 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 Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global ITSM software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.