Cloud Based ITSM Market Component (Solution, Services), Solution (Service Portfolio Management, Configuration & Change Management, Service Desk Software, Operations & Performance Management and Dashboard Reporting & Analytics), Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), Industry Verticals (BFSI, Telecommunications, IT and ITeS, Government & Public Sector, Retail & Consumer Goods, Manufacturing, Energy & Utilities, Media And Entertainment, Healthcare & Life Sciences, Others) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
Cloud Based ITSM Market Outlook
The global cloud based ITSM market size was valued at USD 4,743.3 Million in 2020 and is projected to reach USD 16,202.4 Million by 2028, expanding at a CAGR of 16.8% during the forecast period, 2021-2028. Increasing adoption of online facilities and advancement in technology are anticipated to drive the market during the forecast period. The Cloud Based ITSM market is segmented into components, solutions, organization size, industry verticals, and regions.
Increasing number of strategies such as mergers & acquisitions, agreements, partnerships, and product launches among companies to establish themselves as providers of cloud based ITSM are anticipated to create lucrative opportunities in the market in the near future. Rising adoption of various strategies by market players to increase their presence and share in the market is expected to create growth opportunities in the market.
Cloud Based ITSM Market Macro-economic Factors
Technological Advancement
Developers are focusing on user-friendly dashboard, thereby encouraging online banking and investment facilities. Advances and development for Cloud Based ITSM encourages linear trouble ticket distribution and helps employees to troubleshoot easily.
Coronavirus
COVID-19 has reflected 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.
Cloud Based ITSM Market Dynamics
Market Drivers
Increasing demand for Cloud Based ITSM in Small and Medium-sized Organizations
Adoption of advanced digital technology in small and medium-sized organizations is expected to fuel the market. Support of governments for digitalization in various economies is anticipated to boost the market in the near future. The market has grown significantly in recent years as a result of increased demand for Cloud Based ITSM in emerging industries and start-up organizations such as online education courses, electronics, railways, industries, food processing, and others.
Employees can create, design, and upgrade the portals and dashboards on cloud based ITSM making them attractive and user-friendly. Moreover, the development of various economies is considered to drive the market during the forecast period.
Adoption of Operations and Performance Management (OPM) Solutions
Maintenance and management of organizational IT infrastructure and services are easily achieved by OPM solutions. OPM solutions ensure smooth delivery of IT services and their agreement with the predefined parameters. OPM solutions are used to offer smooth IT services. It helps in preventing service outages and achieving maximized operational agility.
OPM solutions are adopted to reach timelines for clients. The issues faced by the customers are converted into tickets. Issued tickets are prioritized according to the customers need. The managerial properties offered by OPM are considered to drive the market share.
Existing Restraints
Data privacy poses serious concerns. Remote access is expected to be disadvantageous in Cloud Based services. Organizations related to banking and finance store sensitive data and are the major targets for cybercriminals. Maintaining the privacy and confidentiality of organizational data plays a vital role in organizations. Rising hacking techniques such as decryption of coded data cause leakage of confidential and private data, which in turn, is considered to impede the market.
Emerging Opportunities
Call traffic is easy to manage by using a chatbot. Many organizations use a chatbot for registration of issues faced by customers. Employment of chatbot services offers 24 hours services to clients. Issues registered by the chatbot are converted into trouble tickets and displayed in the dashboard of employees for resolution.
Emergence of coronavirus encouraged social distancing and lockdown of several business units. Use of chatbots helped prevent interaction amongst humans. Introduction of chatbots in small and medium-sized organizations is expected to drive the market during the projected period. Key players and domestic players are expected to use chatbots in the coming years.
Cloud Based ITSM Market Segment Insights
Components Segment Analysis
In terms of components, the market is segmented into solutions and services. The solutions sub segment is expected to hold a significant share of the market, owing to solutions offered such as management of IT infrastructure and business applications.
Solutions Segment Analysis
Based on solutions, the market is classified into service portfolio management, configuration & change management, service desk software, operations & performance management, and dashboard reporting & analytics. The dashboard report and analytics segment is anticipated to hold a large share of the market, as it is user-friendly and the developer is able to represent the desired graphs and charts linked with spreadsheets.
Organization Size Segment Analysis
On the basis of organization size, the market is bifurcated into Small and Medium-sized Enterprises (SMEs) and Large Enterprises. The SMEs segment is expected to grow at a rapid pace, owing to emergence of local and domestic players in developing economies.
Industry Verticals Segment Analysis
In terms of industry verticals, the market is segmented into BFSI, telecommunications, IT and ITes, government & public sector, retail & consumer goods, manufacturing, energy & utilities, media and entertainment, healthcare & life sciences, and others. The retail and consumer goods segment is expected to hold a large share of the market, owing to implementation of digital technology for display and billing of articles in retail stores.
Regional Analysis
Based on regions, the market is divided into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to hold a significant share of the market, owing to emergence of key players in the region.
Asia Pacific is considered as a promising region in the Cloud Based ITSM market, owing to the support of governments in the region for adoption of digital technologies. North America accounted for a significant share of the market in 2020 and the market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period.
China accounts for a significant market share, due to increasing demand for Cloud Based ITSM in small and medium-sized domestic organizations and financial applications, which in turn, drives the market in Asia Pacific. The Cloud Based ITSM market is growing in North America, owing to increasing investments in modifications of Cloud Based ITSM in the region.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Cloud Based ITSM Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Cloud Based ITSM Market Performance
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Cloud Based ITSM Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Cloud Based ITSM Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Cloud Based ITSM Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Cloud Based ITSM Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Cloud Based ITSM Market Size & Forecast, 2018-2028
4.5.1 Cloud Based ITSM Market Size and Y-o-Y Growth
4.5.2 Cloud Based ITSM Market Absolute $ Opportunity
4.6 Cloud Based ITSM: Impact of key Regulations
4.7 Cloud Based ITSM: Technology Landscape
Chapter 5 Global Cloud Based ITSM Market Analysis and Forecast By Component
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Component
5.1.2 Basis Point Share (BPS) Analysis By Component
5.1.3 Absolute $ Opportunity Assessment By Component
5.2 Cloud Based ITSM Market Size Forecast By Component
5.2.1 Solution
5.2.2 Services
5.3 Market Attractiveness Analysis By Component
Chapter 6 Global Cloud Based ITSM Market Analysis and Forecast By Solution
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Solution
6.1.2 Basis Point Share (BPS) Analysis By Solution
6.1.3 Absolute $ Opportunity Assessment By Solution
6.2 Cloud Based ITSM Market Size Forecast By Solution
6.2.1 Service Portfolio Management
6.2.2 Configuration & Change Management
6.2.3 Service Desk Software
6.2.4 Operations & Performance Management
6.2.5 Dashboard Reporting & Analytics
6.3 Market Attractiveness Analysis By Solution
Chapter 7 Global Cloud Based ITSM Market Analysis and Forecast By Organization Size
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities By Organization Size
7.1.2 Basis Point Share (BPS) Analysis By Organization Size
7.1.3 Absolute $ Opportunity Assessment By Organization Size
7.2 Cloud Based ITSM Market Size Forecast By Organization Size
7.2.1 Small and Medium-sized Enterprises (SMEs)
7.2.2 Large Enterprises
7.3 Market Attractiveness Analysis By Organization Size
Chapter 8 Global Cloud Based ITSM Market Analysis and Forecast By Industry Verticals
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities By Industry Verticals
8.1.2 Basis Point Share (BPS) Analysis By Industry Verticals
8.1.3 Absolute $ Opportunity Assessment By Industry Verticals
8.2 Cloud Based ITSM Market Size Forecast By Industry Verticals
8.2.1 BFSI
8.2.2 Telecommunications
8.2.3 IT and ITeS
8.2.4 Government & Public Sector
8.2.5 Retail & Consumer Goods
8.2.6 Manufacturing
8.2.7 Energy & Utilities
8.2.8 Media And Entertainment
8.2.9 Healthcare & Life Sciences
8.2.10 Others
8.3 Market Attractiveness Analysis By Industry Verticals
Chapter 9 Global Cloud Based ITSM Market Analysis and Forecast by Region
9.1 Introduction
9.1.1 Key Market Trends & Growth Opportunities by Region
9.1.2 Basis Point Share (BPS) Analysis by Region
9.1.3 Absolute $ Opportunity Assessment by Region
9.2 Cloud Based ITSM Market Size Forecast by Region
9.2.1 North America
9.2.2 Europe
9.2.3 Asia Pacific
9.2.4 Latin America
9.2.5 Middle East & Africa (MEA)
9.3 Market Attractiveness Analysis by Region
Chapter 10 Coronavirus Disease (COVID-19) Impact
10.1 Introduction
10.2 Current & Future Impact Analysis
10.3 Economic Impact Analysis
10.4 Government Policies
10.5 Investment Scenario
Chapter 11 North America Cloud Based ITSM Analysis and Forecast
11.1 Introduction
11.2 North America Cloud Based ITSM Market Size Forecast by Country
11.2.1 U.S.
11.2.2 Canada
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 North America Cloud Based ITSM Market Size Forecast By Component
11.6.1 Solution
11.6.2 Services
11.7 Basis Point Share (BPS) Analysis By Component
11.8 Absolute $ Opportunity Assessment By Component
11.9 Market Attractiveness Analysis By Component
11.10 North America Cloud Based ITSM Market Size Forecast By Solution
11.10.1 Service Portfolio Management
11.10.2 Configuration & Change Management
11.10.3 Service Desk Software
11.10.4 Operations & Performance Management
11.10.5 Dashboard Reporting & Analytics
11.11 Basis Point Share (BPS) Analysis By Solution
11.12 Absolute $ Opportunity Assessment By Solution
11.13 Market Attractiveness Analysis By Solution
11.14 North America Cloud Based ITSM Market Size Forecast By Organization Size
11.14.1 Small and Medium-sized Enterprises (SMEs)
11.14.2 Large Enterprises
11.15 Basis Point Share (BPS) Analysis By Organization Size
11.16 Absolute $ Opportunity Assessment By Organization Size
11.17 Market Attractiveness Analysis By Organization Size
11.18 North America Cloud Based ITSM Market Size Forecast By Industry Verticals
11.18.1 BFSI
11.18.2 Telecommunications
11.18.3 IT and ITeS
11.18.4 Government & Public Sector
11.18.5 Retail & Consumer Goods
11.18.6 Manufacturing
11.18.7 Energy & Utilities
11.18.8 Media And Entertainment
11.18.9 Healthcare & Life Sciences
11.18.10 Others
11.19 Basis Point Share (BPS) Analysis By Industry Verticals
11.20 Absolute $ Opportunity Assessment By Industry Verticals
11.21 Market Attractiveness Analysis By Industry Verticals
Chapter 12 Europe Cloud Based ITSM Analysis and Forecast
12.1 Introduction
12.2 Europe Cloud Based ITSM Market Size Forecast by Country
12.2.1 Germany
12.2.2 France
12.2.3 Italy
12.2.4 U.K.
12.2.5 Spain
12.2.6 Russia
12.2.7 Rest of Europe
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Europe Cloud Based ITSM Market Size Forecast By Component
12.6.1 Solution
12.6.2 Services
12.7 Basis Point Share (BPS) Analysis By Component
12.8 Absolute $ Opportunity Assessment By Component
12.9 Market Attractiveness Analysis By Component
12.10 Europe Cloud Based ITSM Market Size Forecast By Solution
12.10.1 Service Portfolio Management
12.10.2 Configuration & Change Management
12.10.3 Service Desk Software
12.10.4 Operations & Performance Management
12.10.5 Dashboard Reporting & Analytics
12.11 Basis Point Share (BPS) Analysis By Solution
12.12 Absolute $ Opportunity Assessment By Solution
12.13 Market Attractiveness Analysis By Solution
12.14 Europe Cloud Based ITSM Market Size Forecast By Organization Size
12.14.1 Small and Medium-sized Enterprises (SMEs)
12.14.2 Large Enterprises
12.15 Basis Point Share (BPS) Analysis By Organization Size
12.16 Absolute $ Opportunity Assessment By Organization Size
12.17 Market Attractiveness Analysis By Organization Size
12.18 Europe Cloud Based ITSM Market Size Forecast By Industry Verticals
12.18.1 BFSI
12.18.2 Telecommunications
12.18.3 IT and ITeS
12.18.4 Government & Public Sector
12.18.5 Retail & Consumer Goods
12.18.6 Manufacturing
12.18.7 Energy & Utilities
12.18.8 Media And Entertainment
12.18.9 Healthcare & Life Sciences
12.18.10 Others
12.19 Basis Point Share (BPS) Analysis By Industry Verticals
12.20 Absolute $ Opportunity Assessment By Industry Verticals
12.21 Market Attractiveness Analysis By Industry Verticals
Chapter 13 Asia Pacific Cloud Based ITSM Analysis and Forecast
13.1 Introduction
13.2 Asia Pacific Cloud Based ITSM Market Size Forecast by Country
13.2.1 China
13.2.2 Japan
13.2.3 South Korea
13.2.4 India
13.2.5 Australia
13.2.6 South East Asia (SEA)
13.2.7 Rest of Asia Pacific (APAC)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Asia Pacific Cloud Based ITSM Market Size Forecast By Component
13.6.1 Solution
13.6.2 Services
13.7 Basis Point Share (BPS) Analysis By Component
13.8 Absolute $ Opportunity Assessment By Component
13.9 Market Attractiveness Analysis By Component
13.10 Asia Pacific Cloud Based ITSM Market Size Forecast By Solution
13.10.1 Service Portfolio Management
13.10.2 Configuration & Change Management
13.10.3 Service Desk Software
13.10.4 Operations & Performance Management
13.10.5 Dashboard Reporting & Analytics
13.11 Basis Point Share (BPS) Analysis By Solution
13.12 Absolute $ Opportunity Assessment By Solution
13.13 Market Attractiveness Analysis By Solution
13.14 Asia Pacific Cloud Based ITSM Market Size Forecast By Organization Size
13.14.1 Small and Medium-sized Enterprises (SMEs)
13.14.2 Large Enterprises
13.15 Basis Point Share (BPS) Analysis By Organization Size
13.16 Absolute $ Opportunity Assessment By Organization Size
13.17 Market Attractiveness Analysis By Organization Size
13.18 Asia Pacific Cloud Based ITSM Market Size Forecast By Industry Verticals
13.18.1 BFSI
13.18.2 Telecommunications
13.18.3 IT and ITeS
13.18.4 Government & Public Sector
13.18.5 Retail & Consumer Goods
13.18.6 Manufacturing
13.18.7 Energy & Utilities
13.18.8 Media And Entertainment
13.18.9 Healthcare & Life Sciences
13.18.10 Others
13.19 Basis Point Share (BPS) Analysis By Industry Verticals
13.20 Absolute $ Opportunity Assessment By Industry Verticals
13.21 Market Attractiveness Analysis By Industry Verticals
Chapter 14 Latin America Cloud Based ITSM Analysis and Forecast
14.1 Introduction
14.2 Latin America Cloud Based ITSM Market Size Forecast by Country
14.2.1 Brazil
14.2.2 Mexico
14.2.3 Rest of Latin America (LATAM)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Latin America Cloud Based ITSM Market Size Forecast By Component
14.6.1 Solution
14.6.2 Services
14.7 Basis Point Share (BPS) Analysis By Component
14.8 Absolute $ Opportunity Assessment By Component
14.9 Market Attractiveness Analysis By Component
14.10 Latin America Cloud Based ITSM Market Size Forecast By Solution
14.10.1 Service Portfolio Management
14.10.2 Configuration & Change Management
14.10.3 Service Desk Software
14.10.4 Operations & Performance Management
14.10.5 Dashboard Reporting & Analytics
14.11 Basis Point Share (BPS) Analysis By Solution
14.12 Absolute $ Opportunity Assessment By Solution
14.13 Market Attractiveness Analysis By Solution
14.14 Latin America Cloud Based ITSM Market Size Forecast By Organization Size
14.14.1 Small and Medium-sized Enterprises (SMEs)
14.14.2 Large Enterprises
14.15 Basis Point Share (BPS) Analysis By Organization Size
14.16 Absolute $ Opportunity Assessment By Organization Size
14.17 Market Attractiveness Analysis By Organization Size
14.18 Latin America Cloud Based ITSM Market Size Forecast By Industry Verticals
14.18.1 BFSI
14.18.2 Telecommunications
14.18.3 IT and ITeS
14.18.4 Government & Public Sector
14.18.5 Retail & Consumer Goods
14.18.6 Manufacturing
14.18.7 Energy & Utilities
14.18.8 Media And Entertainment
14.18.9 Healthcare & Life Sciences
14.18.10 Others
14.19 Basis Point Share (BPS) Analysis By Industry Verticals
14.20 Absolute $ Opportunity Assessment By Industry Verticals
14.21 Market Attractiveness Analysis By Industry Verticals
Chapter 15 Middle East & Africa (MEA) Cloud Based ITSM Analysis and Forecast
15.1 Introduction
15.2 Middle East & Africa (MEA) Cloud Based ITSM Market Size Forecast by Country
15.2.1 Saudi Arabia
15.2.2 South Africa
15.2.3 UAE
15.2.4 Rest of Middle East & Africa (MEA)
15.3 Basis Point Share (BPS) Analysis by Country
15.4 Absolute $ Opportunity Assessment by Country
15.5 Market Attractiveness Analysis by Country
15.6 Middle East & Africa (MEA) Cloud Based ITSM Market Size Forecast By Component
15.6.1 Solution
15.6.2 Services
15.7 Basis Point Share (BPS) Analysis By Component
15.8 Absolute $ Opportunity Assessment By Component
15.9 Market Attractiveness Analysis By Component
15.10 Middle East & Africa (MEA) Cloud Based ITSM Market Size Forecast By Solution
15.10.1 Service Portfolio Management
15.10.2 Configuration & Change Management
15.10.3 Service Desk Software
15.10.4 Operations & Performance Management
15.10.5 Dashboard Reporting & Analytics
15.11 Basis Point Share (BPS) Analysis By Solution
15.12 Absolute $ Opportunity Assessment By Solution
15.13 Market Attractiveness Analysis By Solution
15.14 Middle East & Africa (MEA) Cloud Based ITSM Market Size Forecast By Organization Size
15.14.1 Small and Medium-sized Enterprises (SMEs)
15.14.2 Large Enterprises
15.15 Basis Point Share (BPS) Analysis By Organization Size
15.16 Absolute $ Opportunity Assessment By Organization Size
15.17 Market Attractiveness Analysis By Organization Size
15.18 Middle East & Africa (MEA) Cloud Based ITSM Market Size Forecast By Industry Verticals
15.18.1 BFSI
15.18.2 Telecommunications
15.18.3 IT and ITeS
15.18.4 Government & Public Sector
15.18.5 Retail & Consumer Goods
15.18.6 Manufacturing
15.18.7 Energy & Utilities
15.18.8 Media And Entertainment
15.18.9 Healthcare & Life Sciences
15.18.10 Others
15.19 Basis Point Share (BPS) Analysis By Industry Verticals
15.20 Absolute $ Opportunity Assessment By Industry Verticals
15.21 Market Attractiveness Analysis By Industry Verticals
Chapter 16 Competition Landscape
16.1 Cloud Based ITSM Market: Competitive Dashboard
16.2 Global Cloud Based ITSM Market: Market Share Analysis, 2020
16.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
16.3.1 Alemba
16.3.2 Atlassian
16.3.3 Axios Systems
16.3.4 BMC Software
16.3.5 Broadcom
16.3.6 SolarWinds Worldwide, LLC.
16.3.7 Citrix Systems
16.3.8 EasyVista
16.3.9 HPE
16.3.10 IBM
16.3.11 Ivanti
16.3.12 Marval
16.3.13 Micro Focus
16.3.14 Microsoft
16.3.15 ServiceNow