Information Technology Service Management Market Share, Size, Trends, Industry Analysis Report, By Technology; By Component (Solution, Services); By Deployment; By Enterprise Size; By End-User; By Region; Segment Forecast, 2023 - 2032

Information Technology Service Management Market Share, Size, Trends, Industry Analysis Report, By Technology; By Component (Solution, Services); By Deployment; By Enterprise Size; By End-User; By Region; Segment Forecast, 2023 - 2032

The global information technology service management market size is expected to reach USD 19.92 billion by 2032, according to a new study by Polaris Market Research. The report “Information Technology Service Management Market Share, Size, Trends, Industry Analysis Report, By Technology; By Component (Solution, Services); By Deployment; By Enterprise Size; By End-User; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The proliferation of Internet of Things (IoT) devices requires ITSM solutions to manage and monitor a growing network of interconnected devices. Organizations require tailor-made ITSM solutions that align with their unique needs and industry-specific requirements, creating opportunities for providers to offer specialized solutions. The outsourcing of ITSM functions to managed service providers is gaining traction, presenting opportunities for firms specializing in ITSM services.

In search of greater agility in response to the ever-evolving tech terrain, organizations are placing a heightened focus on rapid adaptation to change. Concurrently, there is a growing recognition of the paramount importance of ensuring customer satisfaction and safeguarding sensitive data through robust IT security measures. In the contemporary dynamic business landscape, ITSM has emerged as an indispensable tool for the efficient governance of IT resources, the delivery of superior services, and the maintenance of stringent cybersecurity practices. ITSM serves as a vital framework, enabling organizations to streamline their IT services, thereby ensuring top-tier service delivery, cost efficiency, risk mitigation, and alignment with overarching business objectives.

The IT department concentrates its efforts on overseeing IT services and applications to fulfill both short-term and long-term strategic objectives. IT Service Management (ITSM) provides numerous benefits, including cost savings, the automation of repetitive tasks, and centralized data collection, among others. These advantages significantly influence the overall performance of the organization, enabling the attainment of its strategic goals, whether immediate or long-range. As a result, with the ever-evolving dynamics of the IT industry, the ITSM market is poised for substantial growth in the projected period.

Information Technology Service Management Market Report Highlights

The database management system segment is expected to grow at the highest CAGR during the projected period on account of high-performance solutions

The solution segment accounted for the largest market share in 2022, which is mainly driven by cost-effectiveness, higher performance, and flexibility

The cloud segment held a significant market revenue share in 2022, mainly due to scalability, flexibility, and cost-efficiency

Small and medium Enterprise segment is expected to witness the highest growth during the forecast period due to the rising complexity of IT environments

IT & telecom segment accounted for the largest market share in 2022

North America region dominated the market with a majority share in 2022, owing to exponential growth in technology and rising R&D investments across its economies

The global key market players include BMC Software, Inc., Cherwell Software, LLC, Freshworks Inc., IBM Corporation, Ivanti, Inc., Micro Focus International plc

Polaris Market Research has segmented the information technology service management market report based on technology, component, deployment, enterprise size, end-user, and region:

Information Technology Service Management, Type Outlook (Revenue - USD Billion, 2019 - 2032)

Performance Management

Configuration Management

Network Management

Database Management System

Others

Information Technology Service Management, Component Outlook (Revenue - USD Billion, 2019 - 2032)

Solution

Services

Information Technology Service Management, Deployment Outlook (Revenue - USD Billion, 2019 - 2032)

On-Premises

Cloud

Information Technology Service Management, Enterprise Size Outlook (Revenue - USD Billion, 2019 - 2032)

Small & Medium Enterprises

Large Enterprises

Information Technology Service Management, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

IT & Telecom

BFSI

Retail & E-Commerce

Healthcare

Others

Information Technology Service Management, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa