New York, Sept. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Cloud-Based ITSM Global Market Report 2022” report – https://www.reportlinker.com/p06319488/?utm_source=GNW
The global cloud-based ITSM market is expected to grow from $6.65 billion in 2021 to $7.83 billion in 2022 at a compound annual growth rate (CAGR) of 17.85%. The cloud-based ITSM market is expected to reach $15.38 billion by 2026 at a compound annual growth rate (CAGR) of 18.37%.
The cloud-based ITSM market consists of sales of cloud-based IT service management technology and related services by entities (organizations, sole traders, and partnerships) that define a cloud hosting system that provides access in a remote working environment. This cloud hosting allows quick and easy visualization of workflow processes and gives companies more freedom and visibility on the web.
The purpose of the ITSM platform is to ensure that the IT department reduces its operating cost and increases the flexibility of profit and work in their businesses.
The main components of the cloud-based ITSM market are solutions and services. The services segment focuses on the entire ITSM process such as networks, internet, servers, software, services, applications and networks, and endpoint hardware.
These solutions and services are provided to SMEs and large enterprises in industries ranging from IT and telecommunications, BFSI, healthcare, manufacturing, retail, and education.
North America is the largest region in the cloud-based ISTM market in 2021. Asia Pacific is expected to be the fastest growing region during the forecast period.
The regions covered in the cloud-based ISTM market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The cloud-based ITSM market research report is one of a series of new reports that provide cloud-based ITSM market statistics, including the global market size of the cloud-based ITSM industry, regional shares, competitors with cloud-based ITSM market share, detailed cloud-based ITSM market segments, market trends and opportunities, and any additional data you may need to progress in cloud-based ITSM industry. This cloud-based ITSM market research report delivers a complete view of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Increasing use of cloud-based applications will drive the growth of the cloud-based ITSM market over the forecast period. Cloud adoption is a business strategy that aims to improve the scalability of internet-based database capabilities while reducing costs and risks.
Organizations use cloud computing, or remote computers hosted on the Internet, to store, manage, and process important data. For example, in November 2021, a 2021 Cloud Adoption Survey published in O’Reilly Media, a US-based research company, showed that COVID-19 has accelerated cloud adoption applications.
According to O’Reilly’s survey, cloud adoption is rapidly increasing across industries, with 90% of businesses using cloud computing. This is an increase from last year’s poll (2020), which found that 88% of respondents use the cloud, showing that cloud adoption is accelerating.
Therefore the adoption of cloud-based applications will drive the cloud-based ITSM market.
Technological innovation is a major trend gaining prominence in the cloud-based ITSM market. Major companies operating in the cloud-based ITSM market are focused on providing technologically-advanced solutions and platforms to strengthen their market position.
These companies are implementing next-generation cloud-based ITSM technologies in their services and platforms, such as virtualization, grid computing, service-oriented architecture, artificial intelligence, mining, cloud computing, automated cloud orchestration, and others. For example, in April 2020, ServiceNow, a US-based software company, launched its Cloud Call Center solution, an innovative AI-powered “Contact-Center-as-a-Service” (CCaaS) solution for in IT support that increases efficiency.
This AI-powered CCaaS can help save costs while improving the caller and agent experience by automating support tasks.
In March 2021, IFS AB, an enterprise software company based in Sweden, acquired Axios Systems for an undisclosed amount. With this acquisition, IFS will strengthen its position in service management by adding enterprise service management functionalities.
Axios Systems is a UK-based provider of service desk, IT service management, and IT asset management software.
The countries covered in the cloud-based ISTM market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06319488/?utm_source=GNW
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