Cloud ITSM Market Size Surges to $17.8 billion by 2029 - Led by ServiceNow, BMC Software, Broadcom | MarketsandMarkets™
Chicago, June 10, 2024 (GLOBE NEWSWIRE) -- The global Cloud ITSM Market size is expected to grow from USD 9.5 billion in 2024 to USD 17.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period, according to a new report by MarketsandMarkets™.
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As the Internet of Things (IoT), 5G, and AI gain wider acceptance, numerous sectors are embracing this technology to harness real-time data for improved decision-making. While the influence of IoT and AI is widely acknowledged in fields like retail and healthcare, it is now significantly transforming industries requiring innovation, including manufacturing, transportation & logistics, energy & utilities, food and beverage, and waste management. In conjunction with IoT, Cloud ITSM offers organizations a resilient framework for instantaneously analyzing crucial data, ushering in a new era of efficiency and agility.
Cloud ITSM Market Dynamics :
Drivers :
- Scalability of IT services based on demand, ensuring resources are efficiently allocated
- Reduced need for on-premise infrastructure leading to lower capital and operational costs
Opportunities:
- Potential to further integrate their solutions with other cloud-based services
- Leveraging AI and automation technologies to open avenues for innovation and growth
- Rapid adoption across sectors by delivering industry-specific tailored solutions based on demand
Restraints :
- Regulatory standards and industry-specific rules in sectors needing strict data protection
List of Top Companies in Cloud ITSM Market :
- ServiceNow (US)
- BMC Software (US)
- Broadcom (US)
- ManageEngine (US)
- Ivanti (US)
- Zendesk (US)
- Freshworks (US)
- Solarwinds (US)
- Atlassian (Australia)
- OpenText (US)
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The surge in adoption and practice of IoT, 5G across industries irrespective of enterprise sizes, strict compliance and adherence to government regulatory requirements, and integration of AI/ML that significantly leverage(s) global Cloud ITSM market are some of the key driving factors that foster Cloud ITSM market growth.
Based on Offering, the Solutions segment will have the largest Market share during the forecast period.
Cloud ITSM solutions are designed to manage IT infrastructures, business applications, offerings, and related processes. Industry groups like ITIL, COBIT, and the emerging IT4IT from The Open Group provide recommendations on implementing ITSM services and processes. As enterprises migrate their applications to the cloud, they seek secure, stable, and reliable cloud infrastructure to ensure agility, reduce operational costs, and maintain ITSM compliance. One of the critical benefits of ITSM is the ability to make minimal investments, as services are available through a subscription model. This is particularly advantageous for small and medium-sized enterprises (SMEs), which can establish a cost-effective, scalable IT help desk tailored to their needs. Some ITSM providers offer user-based pricing, making these solutions ideal for SMEs with limited users. ITSM solutions are becoming increasingly popular across enterprises of all sizes due to their integrated capabilities, including dashboards, notification alerts, service level management, and the connection between data and management services. Vendors like ServiceNow, BMC, Ivanti, Broadcom, and ManageEngine are notable providers of these ITSM solutions. Moreover, it's projected that the solutions segment will dominate the market share during the forecasted period, indicating a growing preference for comprehensive ITSM solutions.
By Deployment Mode, Hybrid deployment mode will hold the highest CAGR of the Cloud ITSM Market during the forecast period.
Hybrid cloud deployment combines elements of both public and private clouds, allowing organizations to leverage the benefits of each model. It offers flexibility, scalability, and cost optimization by enabling workloads to move between environments based on changing demands and requirements. Hybrid cloud architectures would allow businesses to allocate resources dynamically, optimizing performance and cost efficiency. By leveraging both public and private clouds, organizations can address diverse Cloud ITSM needs, such as hosting sensitive workloads on-premises while leveraging the scalability of public cloud resources for less critical applications. However, managing data integration, security, and workload orchestration across multiple platforms can pose challenges. Effective governance, automation, and monitoring tools are essential to ensure seamless operation and performance across hybrid environments. Despite these challenges, hybrid cloud deployment offers a pragmatic approach for organizations seeking to balance flexibility, security, and cost-effectiveness in their ITSM strategies.
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By Verticals, the BFSI industry will have the largest market share during the forecast period.
The Banking, financial services, and insurance (BFSI) industry has experienced a significant transformation by adopting Cloud ITSM technology. They can process and analyze large volumes of data generated by IoT sensors and devices in real time by deploying Cloud ITSM solutions. This enables them to optimize banking processes, enhance quality control, and improve operational efficiency. Cloud ITSM also facilitates predictive maintenance, allowing them to identify and address issues before they cause costly downtime. Additionally, Cloud ITSM enables the BFSI industry to leverage advanced analytics and machine learning algorithms to gain valuable insights from their data, leading to better decision-making and innovation. As a result, the BFSI industry is experiencing accelerated growth and digital transformation, driving increased productivity and competitiveness in the market.
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