Cloud-Based ITSM Market Report: Market anticipated to reach USD 15.1 BN by 2026

Posted On October 14, 2020     

The Global Cloud-Based ITSM Market value is expected to grow from USD 6.4 BN in 2019 to USD 15.1 BN by 2026 at a CAGR of 13% during 2020-2026 as per the market report by Value Market Research. Cloud-based ITSM, a smart, easy to use services management software, is anticipated to be the future trend in driving business productivity. The current trend of digital transformations across various industries to enhance workflow experiences and increase productivity by simplifying and streamlining business processes is the main reason for this market’s growth. The key differentiators of cloud-based ITSM like scalability, less overhead costs, ease of use, and implementation by organizations of different sizes will be a market booster. An increase in the mobile workforce and widespread adoption of BYOD trends will benefit market growth. Advanced capabilities offered by ITSM like the integration of AI, chatbots, machine learning, virtual agents, etc., will help market growth. The roadblocks of this market are data privacy issues, compliance, and increased business scrutiny.

Cloud-based Information Technology Service Management (ITSM) is a suite of IT management processes that enable an organization to efficiently design, deliver, support, and manage IT services. This application is cloud-based, meaning all the various data-driven tasks are carried out on a remote server network providing a seamless employee experience. For small and mid-size businesses with a small IT budget and limited staffing, implementing a cloud-based ITSM solution can enhance productivity and increase efficiency from their limited resources. There are many ITSM solutions available, and it is necessary to find the one that fits the organization scale.

The report “Global Cloud-Based ITSM Market Report By Service (Professional Services And Managed Services), Organization Size (Small And Medium Enterprises And Large Enterprises), Vertical (Banking, Financial Services, And Insurance, Telecom And IT, Healthcare And Life Sciences, Retail And Consumer Packaged Goods, Government And Public Sector, Energy And Utilities, Travel And Hospitality, Manufacturing, Education And Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026" initially provides the market overview, executive summary followed by detailed revenue analysis bifurcated by segments and regions. The study researches the historical trends of the industry along with understanding all the geo-economic conditions related to the cloud-based ITSM market, thus making the foundation of the report strong and reliable.

On the basis of service the market is segmented into Professional Services, Managed Services. By organization size the cloud-based ITSM market is categorised as Small and Medium Enterprises, Large Enterprises. By vertical the cloud-based ITSM market is categorised as Banking, Financial Services, And Insurance, Telecom And IT, Healthcare And Life Sciences, Retail And Consumer Packaged Goods, Government And Public Sector, Energy And Utilities, Travel And Hospitality, Manufacturing, Education, Others. Regionally, the report is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In this section of the report the data related to all the segments are analysed as per regions.

The Report Segments Global Cloud-Based ITSM Market -
By Service

  • Professional Services
  • Managed Services

By Organization Size

  • Small And Medium Enterprises
  • Large Enterprises

By Vertical

  • Banking, Financial Services, And Insurance
  • Telecom And IT
  • Healthcare And Life Sciences
  • Retail And Consumer Packaged Goods
  • Government And Public Sector
  • Energy And Utilities
  • Travel And Hospitality
  • Manufacturing
  • Education
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Players Profiled In the Report:
BMC Software, Inc., CA Technologies, ServiceNow, Inc., Cherwell Software, LLC, Hewlett Packard Enterprise Company, Citrix Systems, Inc., Axios Systems PLC, IBM Corporation, Heat Software USA, Inc. and Hornbill Corporate Limited.

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