Global Cloud Based ITSM Market Overview
The panorama of how IT services are delivered is rapidly changing, from an on-premise or traditional datacentre service delivery to IT services being provided by cloud service providers. Cloud hosting has gained its prominence all over, ITSM being key users. It is known for its scalability, reliability, security, and flexibility, making it ideal for IT businesses to maintain fast load times during sudden traffic spikes. Cloud ITSM (information technology service management) offers powerful benefits for the enterprise, from greater productivity and enhanced efficiency to significant cost reductions and simplified IT management. It also enables the mobile services that employees increasingly use when accessing corporate data and applications. Cloud ITSM services will continue to simplify how organizations deliver mission-critical apps and data to the workforce. Existing on-premises software deployments are moving 100% to the cloud due to its advantages over on-premise. Companies all over the world are looking forward to embracing the cloud for their benefit. Cloud hosting offers an enhanced way of providing ITSM without the ownership and cost of setting up, managing, and maintaining infrastructure and technology. Cloud computing allows IT businesses to be less focused on lower-level IT activities and more focused on core designing, delivering, transitioning, managing, and improving services.
According to Value Market Research, the global cloud-based ITSM market size was valued at about USD 4.8 billion in 2020 and is estimated to grow at a CAGR of around 21.5 % during the forecast period 2021 to 2027.
The widespread adoption of BYOD (Bring Your Own Device) policies and increasing mobile workforce, the advent of advanced technologies such as big data and IoT is again accelerating market growth. Benefits associated with cloud-based ITSM such as agile implementation, easy deployment, and subscription-based pricing further boost the market growth. The market faces a challenge due to the lack of standard procedures and integration concerns with traditional architectures. However, security and privacy concerns for confidential data and business processes are restraining the growth of the global cloud ITSM market. Data security is a prime concern for the organization. For digitally operating companies, unauthorized access, corruption, or theft of data is a significant issue. Maintaining business things confidentiality plays a crucial role in enterprises. Key players are working on overcoming these shortcomings and bringing a secure solution for businesses. The global cloud-based ITSM the market is highly fragmented. BMC Software, Inc., CA Technologies, Service Now, Cherwell Software, LLC, Hewlett Packard Enterprise Company, HEAT Software USA, Hornbill, Microsoft, and Micro Focus are key companies operating in the market.
In this research report, the cloud-based ITSM market is segmented by service, organization size, verticals, and region.
Analysis, By Service
Based on service, the market is divided into service portfolio management, service demand management, service financial management, configuration, and change management, operations and performance management, dashboard, reporting, and analytics, and others. Service demand management and service portfolio management are two prominent service segments of the global cloud-based ITSM market. Increasing BYOD trends, escalating need for ROI in process manufacturing industries, growing demand from SMEs, and integrating project management with social platforms are estimated to drive segment growth.
Analysis, By Organization Size
By organization size, the market is segmented into small and medium enterprises and large enterprises. However, the large enterprise segment grabbed a significant pie of global demand by organization size. This is because large enterprises are more aware of the latest technologies and strive to adopt advanced technologies that will help them focus more on the core activities of the business. On the other hand, SMEs are forecasted to grow faster during the forecast period due to the growing awareness of digital technologies and their benefits to business operations. Moreover, cloud ITSM stands out as an inexpensive, hassle-free, and flexible option for SMEs.
Analysis, By Vertical
By vertical, the market is segmented into BFSI, 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. Telecom and IT accounted for maximum share due to extensive use of IT services within these verticals and willingness to integrate new advanced technology that can make the task more productive and cost reducing. Other verticals also integrate cloud technologies into their businesses as an influence of digitalization, automation, and growing awareness about the benefits of cloud hosting over on-premise.
Analysis, By Region
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific is estimated to grow at the highest pace during the forecast period. Expansion of IT companies, changing working practices, increasing adoption of new technologies, and escalating provider’s footprint are steering regional growth. North America is leading the global market. It is a base of prominent IT players, prominent service providers, and the overall environment is favourable for the thriving use of cloud-based ITSM. Latin America and the Middle East, and Africa are expected to emerge as crucial shareholders due to the localization of businesses in these regions and growing interest in adopting new technologies at the workplace to enhance productivity.
Market Segmentation covered in the Report:
By Organization Size
- Service Portfolio Management
- Service Demand Management
- Service Financial Management
- Configuration and Change Management
- Operations and Performance Management
- Dashboard, Reporting, and Analytics
- Small and Medium Enterprises
- Large Enterprises
- 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
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.