1. Market Research
  2. > Advanced IT Market Trends
Cloud ITSM Market by Component, Vertical, Region - Global Forecast to 2024

Cloud ITSM Market by Component, Vertical, Region - Global Forecast to 2024

  • September 2019
  • 162 pages
  • ID: 3884071
  • Format: PDF
  • MarketsandMarkets

Summary

Table of Contents

Search Inside

The global cloud information technology service management (cloud ITSM) market size to grow at a Compound Annual Growth Rate (CAGR) of 18.6% during the forecast period
MarketsandMarkets forecasts the global cloud information technology service management (ITSM) market size is likely to grow from an estimated value of USD 4.4 billion in 2019 to USD 10.4 billion by 2024, at a CAGR of 18.6% during 2019–2024. Major growth factors for the market include increasing shift to cloud-based technology and integration of AI-enabled tools with ITSM solutions. While the lack of standard procedures and integration concerns with traditional architectures may restrain the market growth of the cloud ITSM industry.

By solution, the service desk software solution segment is expected to grow at the highest CAGR during the forecast period
The component segment is subdivided into solutions and services segments.Based on solutions, the cloud ITSM market is segmented into service portfolio management; configuration & change management; service desk software; operations & performance management; and dashboard reporting & analytics.

Among the solutions, service desk software solutions segment is expected to grow with the highest growth rate during the forecast period. This growth is attributed to the high demand for automation and streamlining business processes that deal with large volumes of customer queries and facilitate personal customer engagement to drive the adoption of service desk software.

The retail & consumer goods vertical to grow at the highest rate during the forecast period
The cloud ITSM market by vertical covers IT & telecommunication, healthcare & life sciences, retail & consumer goods, manufacturing, BFSI, media & entertainment, government & public, travel & hospitality, and others.Other includes education, and energy and utilities verticals.

These verticals are expected to witness high adoption of cloud ITSM solutions and services to achieve various benefits, such as increased efficiency, higher RoI, and cost-effectiveness. Among these, retail & consumer goods vertical is expected to grow at the highest rate due to the increasing need to offer best-in-class customer experience to drive the adoption of cloud ITSM solutions.

Among regions, APAC to grow at the highest CAGR during the forecast period
The cloud ITSM market by region covers North America, Europe, APAC, MEA, and Latin America.APAC is expected to grow at the highest CAGR, owing to a rapid increase in considerations of cloud ITSM solutions usage.

Major APAC countries, including China, Australia, India, and New Zealand, are expected to record high growth rates.However, large companies, such as BMC Software, CA Technologies, ServiceNow, and IBM, are expanding their cloud business rapidly in the region due to the availability of huge customer potential and growing economic outlook.

However, North America is expected to be the highest revenue-generating market during the forecast period. With the rise in competition in the cloud ITSM market in the region, service organizations across verticals are likely to embrace professional services to gain competitive advantage.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the CLOUD ITSM market.
• By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%
• By Designation: C-Level: 62%, Director Level: 20%, and Others: 18%
• By Region: North America: 40%, Europe: 30%, APAC: 20%, MEA: 5%, and Latin America: 5%

The major cloud ITSM vendors operating globally include ServiceNow (US), HPE (US),IBM (US), BMC Software (US), CA Technologies (US),Cherwell Software (US), Ivanti (US),Citrix Systems (US), Hornbill (UK), Axios Systems (US),Efecte (Finland), ManageEngine (US), EasyVista (US),Atlassian (Australia), Alemba (UK),SysAid (Israel),Microsoft (US),LogMein (US), Micro Focus (UK), and Freshworks (US)., along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Research Coverage
The report segments the global cloud ITSM market by components (solutions and services), organization size, verticals, and regions.The solutions segment includes service portfolio management; configuration & change management; service desk software; operations & performance management; and dashboard reporting & analytics.

While the cloud ITSM market is segmented based on services into professional services and managed services.The cloud ITSM market has been segmented by organization size into SMEs and large enterprises.

The verticals segment includes IT & telecommunication, healthcare & life sciences, retail & consumer goods, manufacturing, BFSI, media & entertainment, government & public, travel & hospitality, and others (education, and energy & utilities). The report covers the cloud ITSM market in five major regions: North America, Europe, APAC, Middle East & Africa (MEA), and Latin America.

The report would help the market leaders and new entrants in the global cloud ITSM market in the following ways:
1. The report segments the market into various subsegments; hence, it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are split further across applications and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.

ref:plp2019

Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on