Cloud ITSM Market
The increasing adoption of cloud-based technologies, there has been a growth in opportunities for cloud-based ITSM markets.
PORTLAND, PORTLAND, OR, UNITED STATE, September 22, 2022 /EINPresswire.com/ — Allied Market Research has published a new report, titled, “Cloud ITSM Market to Reach USD 15.66 billion by 2026 – Trends and Growth, Segmentation and Key Companies.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a useful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to take to gain of competitive advantage.
The global cloud ITSM market size generated $4.32 billion in 2018, and is expected to reach $15.66 billion in 2026, growing at a CAGR of 17.4% from 2019 to 2026.
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Advancement in the use of cloud-based technologies and integration of AI-Enabled tools in ITSM solutions is driving the global cloud ITSM market. However, security and privacy concerns related to confidential data and business processes are hindering the growth of the market. On the other hand, the widespread adoption of the BYOD trend, increasing mobile workforce, and increasing demand among SMEs will create new opportunities in the coming years.
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Based on industry vertical, the IT and telecommunications segment holds the largest share of the global cloud ITSM market, accounting for more than one-third of the total market in 2018, and is expected to maintain its leadership status during the forecast period. This is attributed to ITSM solutions that offer many benefits such as lowering operational costs, increasing revenues, sharing infrastructure, and more. However, the retail segment is estimated to register the highest CAGR of 24.3% from 2019 to 2026, due to the increasing need for streamlining business operations and supply chains to support and refocus IT resources .
Based on share, the solution segment contributed nearly two-thirds of the total share of the global cloud ITSM market in 2018, and is expected to maintain its dominance during the forecast period. This is due to the increasing need to manage IT operations and management to design, operate, plan, deliver, and control cloud and IT services. However, the services segment is expected to grow at the highest CAGR of 18.9% from 2019 to 2026, owing to the effective functionality offered by these software and platforms during the process.
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Based on region, North America holds the highest market share in terms of revenue, accounting for more than two-fifths of the global cloud ITSM market in 2018, and is expected to lead in terms of revenue during the forecast period. This is associated with the presence of major players in the market, increased investment in cloud technologies, and increased focus on automation and end-user services. However, Asia-Pacific is expected to register the fastest CAGR of 22.5% from 2019 to 2026, due to increasing number of startups and adoption of artificial intelligence (AI) technologies including image processing, machine learning, and others .
Some of the key cloud IT service management (ITSM) players profiled in the report include Axios Systems, BMC Software, CA Technologies, Citrix Systems, Hewlett Packard Enterprise, International Business Machines Corporation (IBM), ManageEngine, Micro Focus, Microsoft Corporation, and ServiceNow.
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Important Findings of the Study
• By segment, the solutions segment dominated the global cloud ITSM market in 2018 and is expected to generate the highest revenue during the forecast period.
• On the basis of organization size, the large organization segment dominated the market in 2018 and is expected to remain dominant throughout the forecast period.
• In terms of industry vertical, the retail segment dominated the market in 2018 and is expected to generate the highest revenue during the forecast period of the cloud IT service management market.
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