Cloud ITSM Market extrapolated to reach $10.4 billion by 2024

Posted on 2020-08-31 by MarketsandMarkets in Software, Technology // 0 Comments

According to a new market research report “Cloud ITSM Market by Component (Solutions (Service Portfolio Management, Configuration & Change Management, Operations & Performance Management), Services), Vertical (BFSI, IT & Telecommunication, Retail & Consumer Goods), Region – Global Forecast to 2024″, published by MarketsandMarkets™, the Cloud ITSM Market size to grow from USD 4.4 billion in 2019 to USD 10.4 billion by 2024, at a CAGR of 18.6% during 2019–2024.

Major growth factors for the industry include increasing shift to cloud-based technology and integration of AI-enabled tools with ITSM solutions. However, the lack of standard procedures and integration concerns with traditional architectures may restrain the market growth of the cloud ITSM market.

Browse in-depth TOC on “Cloud ITSM Market”
107- Tables
37- Figures
161- Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=261087410

The IT and ITeS vertical to grow at the largest market size during the forecast period

The cloud ITSM market study covers different verticals including IT & telecommunication, healthcare & life sciences, retail & consumer goods, manufacturing, BFSI, media & entertainment, government & public, travel & hospitality, and others including education, and energy & utilities. These verticals are expected to witness high adoption of cloud ITSM solutions and services to achieve various benefits, such as increased efficiency, higher RoI, and cost-effectiveness. Among these, IT & telecommunication is expected to have the largest market size during the forecast period. IT and ITES companies have taken several steps, such as business process outsourcing, infrastructure sharing, IT outsourcing, and revenue assurance, to reduce their operating costs and increase their revenues.

By solution, the managed services segment is expected to grow at the highest CAGR during the forecast period

The component segment is subdivided into solutions and services segments. Based on services, the cloud ITSM industry has segmented as professional services and managed services. Among the services, the managed services segment is expected to grow with the highest CAGR during the forecast period. Managed services offer technical skills, which are required to maintain and update all software in the cloud ITSM ecosystem. All the pre- and post-deployment queries and needs of the customers are addressed under managed services. Managed services provide end-users with software configured to their requirements to assist at every step of software usage.

North America to hold the largest market size during the forecast period

North America is expected to hold the largest market size in the global cloud ITSM market. Due to the rise in competition in the cloud ITSM market, service organizations across verticals are likely to embrace professional services to gain competitive advantage. However, APAC is expected to grow at the highest rate during the forecast period. The growth across APAC is owing to a rapid increase in considerations of cloud ITSM solutions.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=261087410

The cloud ITSM market report provides the competitive landscape and company profiles of the key vendors by their product offerings and business strategies. Major vendors in the global CLOUD ITSM market include ServiceNow (US), HPE (US),IBM (US), BMC Software (US), CA Technologies (US),Cherwell Software (US), Ivanti (US),Citrix Systems (US), Hornbill (UK), Axios Systems (US),Efecte (Finland), ManageEngine (US), EasyVista (US),Atlassian (Australia), Alemba (UK),SysAid (Israel),Microsoft (US),LogMein (US), Micro Focus (UK), and Freshworks (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Matched content

Editor’s pick