According to a recent market study published by Growth Market Reports, titled, “Cloud Based ITSM Market by Components, by Solution, by Organization Size, by Industry Verticals and by Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at US$ 4,743.3 Million in 2020 and is expected to grow at a growth rate of 16.8 % by the year 2028.

Information technology service management (ITSM) comprises activities performed by an organization to build, design, operate, deliver, and control information technology (IT) services offered to customers. IT service management focuses on customer requirements and IT services for customers and emphasize on continuous improvement. The goal of IT service management is to certify that the precise processes, people, and technology are prepared for an organization to achieve the targeted business goals.

Key factors that are anticipated to fuel the demand for cloud based ITSM during the forecast period, are rise in adoption of digital technologies, emergence of small and medium sized organizations, adoption of operations and performance management (OPM) solution and increasing shift to cloud based technologies. Conversely, security and data privacy concerns for business processes and incompatibility amongst frameworks in all ITSM are likely to restrain the market. Increasing demand for Chatbot in different industries are creating opportunities in the market.

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As per Growth Market Reports industry analyst Sakshi Bhoyar, “The Cloud Based ITSM Market is anticipated to witness significant growth during forecast period 2021-2028. The Cloud based information technology service management is an opportunity to support digital transformation across the enterprise. Cloud Based IT Service Management (ITSM) software is easy to use and deliver, which in turn attracts consumers. The objective of an IT Service Management (ITSM) solution is to empower and support IT organizations.

Cloud Based ITSM service is highly applicable in small and medium-sized organizations. For a medium-sized or small business with limited staff and less IT budget, implementation of cloud based ITSM solution is anticipated to improve productivity and increase the impact with limited resources. High speed of implementation offered by cloud based ITSM makes it applicable for small and medium-sized enterprises.

Reduction in overhead costs as the service provider operates the system, no up-front expenditure required for software and hardware as the vendor is responsible for maintaining the system, easy accessibility, and user-friendly and industry-friendly features are driving the market. The market is projected to grow at a rapid pace, due to adoption of service desk software in organizations. Moreover, Rapid industrialization and urbanization is expected to fuel the market during the forecast period. The key players are engaged in advertising their cloud based ITSM through social media platforms including Instagram, Facebook, and Twitter.”

COVID-19 has had a positive impact on the global cloud based ITSM market, due to the restrictions on movements, social distancing, lockdowns, people were forced to serve from home, which in turn is anticipated to drive the cloud based ITSM market. The positive impact on the market is responsible for the incline in the demand for cloud based ITSM. The cloud based ITSM market is rising at a significant rate. Moreover, the market has been positively impacted by the COVID-19 pandemic. Furthermore, it is estimated that the market will reflect a positive growth rate during the forecast period.

Value chain management is a pivotal part of any business. A value chain involves a series of steps to get ITSM software, Solution, or services from their primary state to customers. These steps include development, engagement with customers, and delivering and supporting the ITSM software. Entities in the value chain include value-driven IT organizations, distributors, marketing investment, and customers.

The value chain concept disaggregates a firm into the various activities it performs. Conceptualizing from the firm-level, this concept has been applied to industries as a whole. The resulting unified ITSM value chain comprises activities such as ITSM strategy, defining scope, user documentation, marketing, implementation, training & certification, maintenance & support, subscription, licensing, and operations.

Developers, outsourcing companies, resellers, marketing companies, and software license issuers have different profit margins that vary depending on services, Solution, and subscription services offered by the company.

Key Takeaways from the Study:

  • The players including ServiceNow, BMC Software, Ivanti, Broadcom, and Microsoft hold a major market share of Cloud Based ITSM market in year 2020.
  • In terms of Solution, the operations & performance management segment accounted for substantial share of the market in 2020 and is expected to expand at a significant CAGR during the forecast period.
  • In terms of organization Size, the small and medium sized enterprises (SMEs) segment held significant share of the market in 2020 and is expected to expand at a substantial CAGR during the forecast period.

Report Scope:

Report Metric

Details

Market Value in 2020

US$ 4,743.3 Million

Market Growth Rate (from 2020 to 2028)

16.8 %

Historical Data

2018 & 2019

Base Year

2020

Forecast Period

2021 - 2028

Units Considered

Value (US$ Million)

Market Segments

by Components, by Solution, by Organization Size, by Industry Verticals and by Region

Key Companies Profiled

Alemba, Atlassian, Axios Systems, BMC Software, Broadcom, SolarWinds Worldwide, LLC., Citrix Systems, EasyVista, HPE, IBM, Ivanti, Marval, Micro Focus, Microsoft, and ServiceNow

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Developers and distributors
  • Demand Side: BFSI, IT industry and Others
  • Regulatory Side: Concerned government authorities, and other regulatory bodies.
  • Associations and Industry Bodies: SME (Society of Manufacturing Engineers) and others.