Cloud Based ITSM Market Valuation to Reach USD 12.4 billion by 2033; Amid Increasing Demand for Efficient and Scalable IT Service Management Solutions
Cloud IT Service Management (ITSM) tools offer enhanced automation, integration, and centralized access to data and tools, surpassing traditional on-premise solutions. This results in heightened efficiency for IT teams, empowering them with streamlined operations and a more effective approach to managing and delivering IT services.
New York, Jan. 04, 2024 (GLOBE NEWSWIRE) -- According to Market.us, The global Cloud Based ITSM Market is expected to garner a market value of nearly *USD 4.8 billion in 2023*. The overall market is expected to accumulate a market value of *USD 12.4 billion by 2033* by registering a* CAGR of 10.0%* in the forecast period from 2024 to 2033.
Cloud based ITSM solutions are rapidly gaining popularity as organizations seek more agile and flexible ways to manage IT services and operations. The cloud ITSM market refers to the range of software tools and platforms that are hosted in the cloud and delivered over the internet, enabling IT teams to track assets, manage configurations, resolve incidents, and process other service tasks remotely.
The cloud-based ITSM market has witnessed significant growth in recent years. As organizations increasingly adopt cloud computing and digital transformation initiatives, the demand for cloud-based ITSM solutions has surged. The market encompasses various players, including ITSM software providers, cloud service providers, and managed service providers. These vendors offer a wide range of cloud-based ITSM solutions tailored to meet the diverse needs of organizations across different industries.
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*Key Statistics*
· The Global Cloud Based ITSM Market size in 2023 was approximately *USD 4.8 billion*. It is projected to exhibit a Compound Annual Growth Rate *(CAGR) of 10.0%* from 2023 to 2033.
· In 2023, the *Solution segment* held a dominant market position in the Cloud Based ITSM market, capturing more than a *73%* share.
· In 2023, the *Large Enterprises segment* held a dominant market position in the Cloud Based ITSM (Information Technology Service Management) market, capturing more than a *60%* share.
· In 2023, the *IT & Telecom segment* held a dominant market position in the Cloud Based ITSM (Information Technology Service Management) market, capturing more than a *24%* share.
· *North America* holds the largest market share *(40%)* due to early cloud adoption, robust IT infrastructure, and regulatory requirements.
· *Prominent companies* in the Cloud Based ITSM market include Hewlett Packard Enterprise, Axios Systems, ServiceNow, Cherwell Software, IBM Corporation, Microsoft Corporation, Citrix Systems, CA Technologies, BMC Software Inc., and Ivanti.
*For instance,*
· According to *Hashicorp*, the adoption of multi-cloud by large enterprises reached *90%* in 2021, with expectations to climb to *94%* by 2023. This surge in cloud adoption signals significant growth potential for the analyzed market.
· According to *Spiceworks Ziff Davis' 2022* State of the IT report, *44%* of enterprises view 5G technology as a significant IT capability this year, while* 54%* see IoT as a major budget driver. These technological advancements are expected to fuel the expansion of cloud-based ITSM solutions in the examined market.
· In *May 2022,* CLogic, a leading voice-enabling and cloud contact center solution for ServiceNow, announced its platform's selection by Denny's, a prominent franchisor and operator of a vast restaurant chain. This technology partnership will support Denny's IT Technical Services, Guest Services, and Human Resources operations for its extensive network of over 3,000 employees and 1,600 locations.
*Factors influence the growth of Cloud Based ITSM Market*
· *Move to cloud computing:* As organizations shift more of their IT infrastructure and applications to the cloud, they are looking for ITSM solutions that are native to the cloud and can manage cloud-based resources.
· *Need for improved efficiency:* Cloud ITSM tools provide greater automation, integration, and centralized data/tools compared to traditional on-premise solutions. This improves efficiency for IT teams.
· *Flexible costs:* Cloud ITSM follows a subscription model which allows organizations to scale services and costs up or down as needed. This provides financial flexibility.
· *Rapid deployment:* Cloud based solutions can be rapidly deployed, taking only weeks compared to months for legacy on-premise software. This accelerates time-to-value.
· *Mobile access:* Cloud ITSM gives IT teams access on any device from any location via the internet. This supports remote/mobile work models.
· *Growing ITSM adoption:* More organizations are implementing ITIL and ITSM to improve IT operations, driving demand for mature ITSM tools like service desk, automation, and service catalog.
· *Security:* Major cloud providers offer robust security around cloud ITSM solutions which meets many corporate compliance and governance policies.
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*Things to know*
*Report Attributes* *Details*
Market Value (2023) US$ 4.8 Billion
Dimensions Value 2033 US$ 12.4 Billion
CAGR (2024 to 2033) 10%
North America Revenue Share 40%
Biggest market IT & Telecom Sector
Base Year 2023
Historic Period 2018 to 2022
*Report Segmentation*
*Component Analysis*
In 2023, the *Solutions segment* held a dominant position in the Cloud-Based IT Service Management (ITSM) market, capturing more than a *73%* share. This segment encompasses a range of essential tools and applications tailored to streamline and optimize IT service management. Within this category, Configuration & Change Management solutions are pivotal, enabling organizations to track and control system changes effectively, thereby minimizing disruptions and maintaining integrity. Operations & Performance Management tools play a critical role as well, providing real-time insights into IT operations, aiding in swift decision-making and performance enhancement.
*Organization Size*
In 2023, the *Large Enterprises segment* emerged as the frontrunner in the Cloud-Based IT Service Management (ITSM) market, securing a commanding position with over *60%* market share. This dominance can be attributed to the robust technological infrastructure and substantial financial capabilities characteristic of large enterprises. The scalability and comprehensive ITSM solutions offered by cloud-based services resonate particularly well with the intricate operational needs of these sizable organizations. Moreover, the flexibility and agility provided by cloud-based ITSM solutions align seamlessly with the dynamic nature of large enterprises, enhancing their overall operational efficiency.
*Industry Vertical Analysis*
In 2023, the *IT & Telecom segment* held a dominant market position in the Cloud-Based IT Service Management (ITSM) arena, capturing more than a *24%* share. This sector's substantial share is attributable to the inherent need for robust ITSM solutions to manage the vast, complex networks and services these industries operate. As technology continues to advance at a rapid pace, IT & Telecom companies increasingly rely on cloud-based ITSM for scalable, efficient, and secure management of their services and infrastructure.
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*Key Market Segments*
*By Component*
· *Solutions*
· Configuration & change management
· Operations & performance management
· Service desk software
· Service portfolio management
· Others
· *Services*
*By Organization Size*
· Large Enterprises
· Small and medium organizations
*By Industry Vertical*
· IT & Telecommunication
· BFSI
· Healthcare
· Manufacturing
· Retail
· Government & Public sector
· Others
*Regional Analysis*
In 2023,* North America* held a dominant market position in the Cloud-Based IT Service Management (ITSM) market, capturing more than a *40%* share. This prominence is attributed to the region's advanced IT infrastructure, high adoption rate of new technologies, and stringent regulatory standards that drive demand for secure and compliant ITSM solutions. The presence of major technology players and a culture of innovation further bolster the region's leading status. The demand for Cloud Based ITSM in North America was valued at *US$ 1.9 billion in 2023* and is anticipated to grow significantly in the forecast period.
*Key Regions and Countries Covered in this Report:*
· *North America*
· The US
· Canada
· *Europe*
· Germany
· France
· The UK
· Spain
· Italy
· Russia
· Netherland
· Rest of Europe
· *APAC*
· China
· Japan
· South Korea
· India
· New Zealand
· Singapore
· Thailand
· Vietnam
· Rest of Asia Pacific
· *Latin America*
· Brazil
· Mexico
· Rest of Latin America
· *Middle East & Africa*
· South Africa
· Saudi Arabia
· UAE
· Rest of MEA
*Competitive Landscape*
*The competitive landscape of the market has also been examined in this report. Some of the major players include:*
· Hewlett Packard Enterprise Development LP
· AXIOS SYSTEMS
· SERVICENOW
· CHERWELL SOFTWARE
· IBM CORPORATION
· MICROSOFT CORPORATION
· CITRIX SYSTEMS INC.
· CA TECHNOLOGIES
· BMC Software Inc.
· IVANTI
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