As per the report published by Fior Markets, the global cloud ITSM market is expected to grow from USD 5 billion in 2020 and to reach USD 20.11 billion by 2028, growing at a CAGR of 19% during the forecast period 2021-2028.
With the increasing use of cloud-based technology, prospects for cloud-based ITSM companies have increased. Instead of constructing and maintaining these services on-site, companies would like to purchase IT services externally at a cost associated with their use of IT services. ITSM solutions were once considered a sophisticated and expensive on-site affair, but cloud versions of these products currently accessible for small and medium-sized enterprises are easily available. Large companies choose cloud-based ITSM solutions to better administer their IT resources and match their IT services to the real business needs of the world.
The cloud-based ITSM solutions are built around industry standards and best practices (such as ITIL) to allow management to monitor the effectiveness of your service administration procedures to make them useable by a variety of businesses. Club-based ITSM systems facilitate speedy training, both for IT and business users, with intuitive user interfaces, out-of-box processes, and readily available training resources accelerating time to value your organization. This lengthy guide provides a comprehensive overview of the basic principles for the management of IT services (ITSM) to allow you to learn what you need to know about ITSM including ITSM procedures and workflows, its advantages, best practices, and how to implement them. Learn to coordinate your IT demands and offer services efficiently.
Instead of constructing and maintaining these services on-site, companies would like to purchase IT services externally at a cost associated with their use of IT services. Safety of data is one of the main criteria of continuity in business. Access to important information in today’s digital age presents a variety of issues. One such difficulty is that the main aims for cyber attackers are companies that store sensitive data. Enterprises have a critical responsibility in maintaining the privacy and secrecy of corporate data. Companies, therefore, hesitate to transfer their personal information and business activities to the cloud and prefer to use ITSM solutions on-site, which restricts the growth of the ITSM cloud market. Data security is a key criterion for company continuity. There are a number of problems with accessing crucial information in the current digital age. One such challenge is that it is organizations that retain sensitive data that are primarily aimed at cyber attackers. The privacy and secrecy of company data is a crucial obligation of enterprises. The use of cloud-based ITSM solutions reduces the demand for CAPEX and OPEX from companies among SMEs and start-ups, which has increased. Given that ITSM solutions in the field involve enormous CAPEX and increased OPEX to build and install IT infrastructure, SMEs and start-ups are unable to accept them. SMEs choose to provide public cloud services to satisfy their company needs and want to invest in revenue-generating services because they have a lower budget than large businesses.
Key players operating in the cloud ITSM market are Broadcom, Ivanti, HPE, IBM, Axios Systems, Citrix Systems, Service Now, BMC Software, Cherwell Software, Hornbill, Microsoft, EasyVista, Micro Focus, Atlassian, Alemba, among others. The major players in the cloud ITSM market focus on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and strengthen their position in the global cloud ITSM market. BMC software and IBM Systems are some of the biggest manufacturers and suppliers of cloud ITSM market worldwide.
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The solution segment dominated the market and held the largest market share of 58% in the year 2020
Based on the component segment, the global cloud ITSM market includes solution, and services system. The solution segment dominated the market and held the largest market share of 58% in the year 2020. This development is due to the growing demand for ITSM surveillance instruments in IT & telecoms, health care, and production. The solution segment is also divided into the areas of configuration and change management, operations & performance management, software for service desks, portfolio management, etc.
The large enterprises segment dominated the market and held the largest market share of 57.12% in the year 2020
Based on the organization size segment, the global cloud ITSM market includes small & medium enterprises, and large enterprises. The large enterprises segment dominated the market and held the largest market share of 57.12% in the year 2020. This is mainly attributable to the increasing adoption of cloud technologies. During the forecast period, the segment for major companies is expected to grow stably. The sector is growing because cloud-based networking services are increasingly being adopted.
The IT & telecommunication segment dominated the market and held the largest market share of 16.12% in the year 2020
Based on the industry segment, the global cloud ITSM market includes IT & telecommunication, BFSI, healthcare, retail & consumer goods, media & entertainment, manufacturing, government & public, and others. The IT & telecommunication segment dominated the market and held the largest market share of 16.28% in the year 2020. The growth is owing to the rising demand for cloud services in the IT industry to execute operation such as IT outsourcing, infrastructure sharing, business process outsourcing and others.