What is the global market size of Cloud IT Service Management (Cloud ITSM) Market?

Cloud IT Service Management (Cloud ITSM) Market size was valued at USD 4.63 billion in 2021 and is poised to grow from USD 5.5 billion in 2022 to USD 22 billion by 2030, growing at a CAGR of 18.8% in the forecast period (2023-2030).

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

Q: Who are the key vendors in the Global Cloud IT Service Management (Cloud ITSM) Market?

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. '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'

Q: Which region accounted for the largest share in Global Cloud IT Service Management (Cloud ITSM) Market?

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.

Report ID: SQMIG45B2043 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 93 | Figures: 76

Cloud IT Service Management (Cloud ITSM) Market News

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) Market Report Snapshots

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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).

Competition in the Cloud IT Service Management (Cloud ITSM) market is expected to increase during the forecast period because new players are expected to enter in the 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 market but these numbers will increase in the upcoming years. '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'

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.

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.

Globally, North America is estimated to hold the highest 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.

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