Japan, Japan, Wed, 16 Mar 2022 07:45:05 / Comserve Inc. /-Information Technology Service Management Market offers an overview of leading companies covering their successful marketing strategies, market contributions, recent developments in both historical and current contexts.
Market Overview
The information technology service management market is valued at USD 6.41 billion in 2019 and is expected to reach USD 12.19 billion by 2025, at a CAGR of 11.3% during the forecast period With the introduction of new technologies, businesses is looking to implement them in an effort to improve their services to benefit their customers. For example, Artificial Intelligence (AI) is integrated into ITSM.
– There has been a shift in focus towards managing IT services and their applications for both short and long term strategic decisions. Businesses are investing heavily in ITSM applications that can replace their existing legacy systems, depending on the features and capabilities they offer.
– Moreover, the market is also witnessing significant transformation of business segments, such as retail, travel, and hospitality, among others from traditional systems to cloud-based systems, due to the rise of IT penetration.
-In addition, businesses are moving towards cloud-based solutions because it is an affordable operating cost rather than deploying an investment-intensive high Capital expenditure infrastructure solutions. IT in scope. This is expected to drive cloud-based information management services on demand.
– The implementation of ITSM solutions helps the business by regulating processes through structured delivery and documentation. ITSM also helps businesses by bringing actionable IT insights to the business that aid in decision making.
Report Scope
Information Technology Service Management (ITSM) is a term describing a strategic approach to the design, delivery, management and improvement of the way businesses use information technology (IT). ITSM includes all activities and processes that support the service throughout its lifecycle such as problem and incident management, service management to change management, among others.
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Major Market Trends
The BFSI Sector is Expected to Witness Significant Growth
– Banks around the world are undergoing a major digital transition and have witnessed tremendous innovation in the past few years, especially in the area of information technology within the BFSI environment.
– Furthermore, FinTech has become commonplace with an ever -evolving corporate and consumer focus. In addition, information technology has evolved from a back-office function only to a principal assistant in increasing the value of a bank over time.
– IT is now an integral part of every bank and it has achieved this by integrating pro-active means, such as strengthening and establishing the bank’s infrastructure related to security, communication, and networking, achieving inter -branch connectivity, along with other functions.
– Thus, these factors stimulate the adoption of IT in the BFSI sector which can be seen in the fact that banks in different regions are increasing their spending on IT. This in turn drives the need for ITSM solutions. At the same time, growth in cloud computing in the banking sector is more than expected to increase the demand for cloud-based ITSM solutions.
Asia Pacific Expected to Witness Highest Growth
– The Asia Pacific region is expected to witness the highest growth during the forecast period as the market is expected to be driven by the digitization initiatives of various governments in this region.
– Moreover, the rapid growth of cloud computing in this region is expected to serve as a key driver for cloud-based ITSM solutions. For example, the Digital India initiative is constantly evolving, its aim being to provide government services to citizens electronically by improving IT infrastructure and by increasing Internet connectivity.
-Moreover, the goals of the initiative are to move legacy and on-premise systems to a cloud-based model or integrate with it, and the cloud platform is expected to host the delivery of e-services to citizens.
– Economies such as China, India, Japan, and South Korea are witnessing good investor interest in IT service management. Also, due to the increasing number of internet users in this region and increasing use of technologies like 4G LTE is also boosting the growth of the market.
Competitive Landscape
The information technology service management market is highly competitive due to the presence of small and large market players operating their business in the domestic as well as in the international market. The market appears to be moderately concentrated in major players using strategies such as product and service innovation and mergers and acquisitions. Some of the major market players are CA Technologies, IBM Corporation, ASG Technologies Group, Inc., Atlassian Corporation Plc among others.
– March 2018 – Ivanti announced a cloud -delivered AI application for service management. The new cloud-based Hub and Bot can be fully integrated into the overall service management workflow
– February 2018 – Cherwell Software, LLC announced a solution that integrates Cisco’s Application Centric Infrastructure with Cherwell’s ITSM platform. It is designed to provide an accurate and timely view of the overall IT ecosystem
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1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of Study
2 RESEARCH METHODS
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Drivers and Market Control
4.3 Market Drivers
4.3.1 Growing Adoption of IT Infrastructure in End User Industries
4.3.2 Rising Demand for Unified Platform to Manage and Monitor IT Infrastructure Performance
4.4 Market Restrictions
4.4.1 ITSM Implementation Issues and Lack of Quality Standards in SLAs
4.5 Attractive Industry – Analysis of Porter’s Five Forces
4.5.1 Threats of New Entrants
4.5.2 Bargaining Power of Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threats of Alternative Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Deployment
5.1.1 Clouds
5.1.2 In place
5.2 By Application
5.2.1 Configuration Management
5.2.2 Performance Management
5.2.3 Network Management
5.2.4 Database Management System
5.2.5 Other Applications
5.3 By End User
5.3.1 BFSI
5.3.2 Labor
5.3.3 Government and Education
5.3.4 IT and Telecommunications
5.3.5 Retail
5.3.6 Travel and Hospitality
5.3.7 Health care
5.3.8 Other End Users
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE AND LANDSCAPE
6.1 Company Profiles
6.1.1 ASG Technologies Group, Inc.
6.1.2 Atlassian Corporation Plc
6.1.3 Axios Systems
6.1.4 BMC Software, Inc.
6.1.5 CA Technologies
6.1.6 Cherwell Software, LLC
6.1.7 Micro Focus International Plc
6.1.8 IBM Corporation
6.1.9 Ivanti
6.1.10 ServiceNow Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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