USD 4.63 billion
Cloud IT Service Management (Cloud ITSM) Market Size, Share, Growth Analysis, By Application(Configuration Management, Performance Management, Network Management, and Database Management System), By Vertical(BFSI, Manufacturing, Government and Education, IT and Telecommunication), By Component(Solution Services), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2043 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
93
|Figures:
76
Cloud IT Service Management (Cloud ITSM) Market Insights
Cloud IT Service Management (Cloud ITSM) Market size was valued at USD 4.63 billion in 2019 and is poised to grow from USD 5.5 billion in 2023 to USD 22 billion by 2031, growing at a CAGR of 18.8% in the forecast period (2024-2031).
Cloud IT Service Management (Cloud ITSM)s are becoming popular since It has many benefits such as improving efficiency, reducing operational cost, risk free implementation of IT changes, improving accountability through standardization, improving accountability with business functions, improving effectiveness,improving visibility into operations, and improving visibility into performance. Increase self service productivity,Better service and customer experience, Improve access and communication channels, Reduce unnecessary workload,Achieve a better ROI on the corporate ITSM solution investment enables more effective planning,saves the business time.
However, the cloud service management frameworks are sometimes not compatible and do not support specific operating systems, web based service or cloud platforms. Very few platforms offer good scalability,And may prove to be counterproductive in the long run.they enable their customers to manage all connected devices remotely and digitally.
US Cloud IT Service Management (Cloud ITSM) Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Configuration Management
Fastest Growth
Configuration Management
Growth Rate
18.8% CAGR
Global Cloud IT Service Management (Cloud ITSM) Market ($ Bn)
Country Share for North America Region (%)
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Cloud IT Service Management (Cloud ITSM) Market Segmental Analysis
Global Cloud IT Service Management (Cloud ITSM) market is segmented on the basis of application, vertical, solution, and region. By application, the market is segmented into Configuration Management, Performance Management, Network Management, and Database Management System. By vertical, the market is segmented into BFSI, Manufacturing, Government and Education, IT and Telecommunication, Retail, Travel and Hospitality, and Healthcare. By Component,the market is segmented into Solution and Services. By region, the market is segmented into North America, Europe, market globally.
Cloud ITSM Market Analysis by Vertical
By vertical, the Cloud IT Service Management (Cloud ITSM) market is classified into BFSI, Manufacturing, Government and Education, IT and Telecommunication, Retail, Travel and Hospitality, and Healthcare. The IT and Telecommunication segment is one of the main reasons for innovation and growth across all technology industries including the global market. It is considered a game-changer in the global market. The growth of this market is due to rising demand for cloud services in the IT industry to execute operations such as IT outsourcing, infrastructure sharing, business process outsourcing and others.
Global Cloud IT Service Management (Cloud ITSM) Market By Application
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Cloud IT Service Management (Cloud ITSM) Market Regional Insights
Globally, North America is estimated to hold the highest global Cloud IT Service Management (Cloud ITSM) market share. Main factors during this growth period is the presence of top market players such as Service now, IBM Corporation, Hewlett Packard Enterprise Company And others.
Above all, Asia Pacific is expected to grow fastest during the forecast period. The reason for the same is increasing acquisition of Cloud IT Service Management (Cloud ITSM) technology in the region of Asia Pacific and mainly in China and Japan. Penetration of IT infrastructure development in Asia Pacific has doubled in the last few years. In addition,Various operators are investing heavily in order to provide services at an affordable price to the consumers, which is likely to boost the demand for Cloud IT Service Management (Cloud ITSM) in the region.
Global Cloud IT Service Management (Cloud ITSM) Market By Region
- Largest
- Fastest
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Cloud IT Service Management (Cloud ITSM) Market Dynamics
Cloud ITSM Market Drivers
Rise of Cloud Based Technology to Bolster Market Growth
- There has been growth in the opportunities of cloud based ITSM vendors due to the rising adoption of cloud based technologies.Currently, cloud based version solutions are easily available for SMEs compared to traditional ITSM solutions that were considered to be complex and costly on premise. As cloud technologies gain traction, more enterprises are shifting their work loads to the cloud. Large enterprises are opting for cloud based ITSM solutions to manage their IT resources better and align their IT service with the real world business needs.These adoption and popularity of cloud surveys is helping the market to grow.
Cloud ITSM Market Restraints
Privacy Concern to Hinder Market Growth
- Today's digital world enterprises storing sensitive data are the major target for cyber criminals, as access to critical information leads to a number of challenges.Privacy and confidentiality of organization is one of the key factors for the growth of enterprises. Hence companies are slightly reluctant to move their data as well as business operation to the cloud and prefer using on premise ITSM solution.Which inhibits and hampers the growth of cloud ITSM solutions.
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Cloud IT Service Management (Cloud ITSM) Market Competitive Landscape
Competition in the global Cloud IT Service Management (Cloud ITSM) market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of services compatible with Cloud IT Service Management (Cloud ITSM) will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years.
Cloud ITSM Market Top Player’s Company Profiles
- ServiceNow
- BMC Software
- IBM Corporation
- Atlassian Corporation Plc
- Cherwell Software
- Citrix Systems
- Freshworks Inc.
- Ivanti
- Micro Focus
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- SolarWinds Worldwide, LLC
- SysAid Technologies Ltd.
- ManageEngine (a division of Zoho Corporation)
- Zendesk, Inc.
- Alemba Ltd.
- Axios Systems
- Hornbill Systems
Cloud ITSM Market Recent Developments
- In January 2022, Atlassian Corporation PLC acquired Percept.AI to improve the AI engine for natural language understanding in Jira Service Management. The company aims to create an integrated experience for the customers in the market. Through Percept.AI, the company seeks to deflect the vast majority of tier-1 support questions, provide users with a great experience, and free up IT teams to focus on more complex tasks.
Cloud IT Service Management (Cloud ITSM) Key Market Trends
- The rise in demand for cloud based ITSM solutions among SMEs and startups is because it reduces the CapEx and OpEx of enterprises.As on premise, ITSM solution requires huge CapEx as well as increased opex to set up IT infrastructure and deploy the solution. The small scale startups are reluctant to our top and they drastically shift towards the cloud based ITSM solution.
Cloud IT Service Management (Cloud ITSM) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Cloud IT Service Management (Cloud ITSM) market analysis, the global market is estimated to have significant growth during the forecast period because of the benefits it improve efficiency, reduce operational cost, risk free implementation of IT changes, improve accountability through standardization, improve accountability with business functions, improve effectiveness,Improve visibility into operations, Improve visibility into performance. Increase self service productivity,Better service and customer experience, Improve access and communication channels, Reduce unnecessary workload,Achieve a better ROI on the corporate ITSM solution investment enables more effective planning,saves the business time.Cloud IT Service Management (Cloud ITSM)s will enable services to be more convenient for their users. The market has so much potential for new players also because of the high expected rate of growth and demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.63 billion |
| Market size value in 2031 | USD 22 billion |
| Growth Rate | 18.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cloud IT Service Management (Cloud ITSM) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cloud IT Service Management (Cloud ITSM) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cloud IT Service Management (Cloud ITSM) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cloud IT Service Management (Cloud ITSM) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud IT Service Management (Cloud ITSM) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cloud IT Service Management (Cloud ITSM) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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