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Key Trend Reshaping the Cloud IT Service Management (ITSM) Market in 2025: AI-Driven Data Platforms Revolutionize Cloud IT Service Management For Enhanced Efficiency And Customer Satisfaction
Cloud IT Service Management (ITSM) Market
The growing trend of remote work is anticipated to fuel the expansion of the cloud IT service management (ITSM) market in the future. The term 'remote work' signifies an employment environment where employees carry out their responsibilities from a distance, utilizing technological devices such as laptops, smartphones, and video communication tools. The increase in remote workforces is due to technological advancements, evolving outlooks towards work-life equilibrium, and the worldwide pandemic hastening the adoption of flexible work models. Cloud IT service management provides tools and technologies to facilitate uninterrupted operation, augmented security, and an elevated user experience for remote workers. In February 2023, The Office for National Statistics, a non-ministerial department in the UK, stated that in Great Britain, from September 2022 to January 2023, 16% of individuals reported that they solely worked from home, while 28% reported a combination of working from home and commuting to their workplace. The rise in remote work is therefore spurring the growth of the cloud IT service management (ITSM) market.
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What is the projected compound annual growth rate (CAGR) of the cloud it service management (itsm) market from 2025 to 2034, and what factors influence it?
In recent times, the size of the cloud IT Service Management (ITSM) market has seen a remarkable expansion, slated to grow from $9.21 billion in 2024 to a sizeable $10.77 billion in 2025. This implies a Compound Annual Growth Rate (CAGR) of 17.0%. The growth during the historical period is largely credited to the escalating requirement for scalable and cost-effective solutions for managing IT services. A surge in demand for ITSM solutions across sectors such as government, education, travel and hospitality, healthcare, and IT and telecommunication has also led to this market's substantial growth.
The anticipated size of the cloud IT service management (ITSM) market is poised for significant expansion in the following years. Predictions suggest an increase to $20.02 billion by 2029, mirroring a compound annual growth rate (CAGR) of 16.8%. The expected surge during this projected period is due to factors such as increased movement towards remote work operations, a heightened need for cloud services within the IT sector, escalating demands for automated services in business procedures, growing understanding and implementation of the bring-your-own-device (BYOD) concept, and an ever-rising requirement for the effective execution of IT functions. Throughout the forecast period, major industry trends to look out for include widespread cloud technology adoption across varying sectors, comprehensive IT infrastructure development, sizeable investments by multiple operators, extensive AI utilisation in ITSM solutions, and burgeoning demand for cloud IT service management software solutions.
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How are the latest trends influencing the growth of the cloud it service management (itsm) market?
Leading organizations in the cloud IT service management (ITSM) market are engineering AI-integrated data platforms, with the ultimate goal of improving resource allocation and providing top-notch client experiences. These data platforms for cloud ITSM incorporate artificial intelligence and machine learning technologies to increase the efficiency, accuracy, and effectiveness of ITSM processes. For instance, IBM, a software company headquartered in the US, rolled out a new cloud-based platform named Watsonx in May 2023. This latest AI and data platform aims to offer businesses a comprehensive, customizable solution for expanding and boosting the influence of AI throughout their organization, offering abilities in AI development, data administration, and governance.
What are the major segments of the cloud it service management (itsm) market and their role in driving growth?
The cloud it service management (ITSM) market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Configuration Management, Performance Management, Network Management, Database Management System, Other Applications
5) By End-User Industry: Banking, Financial Services, And Insurance, Information Technology And Telecommunication, Retail, Healthcare, Other End-User Industries
Subsegments:
1) By Solution: Cloud-Based ITSM Software, IT Asset Management (ITAM) Solutions, Incident Management Solutions, Problem Management Solutions, Change Management Solutions, Service Request Management Solutions, Service Desk Solutions, Configuration Management Database (CMDB) Solutions, Self-Service Or Portal Solutions, Automation And Orchestration Solutions
2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Managed Services, Training And Education Services
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North America was the largest region in the cloud IT service management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud IT service management (ITSM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the cloud it service management (itsm) market?
Major companies operating in the cloud IT service management (ITSM) market are Amazon.com Inc., International Business Machines Corporation, Broadcom Inc., Hewlett Packard Enterprise Company, Salesforce Inc., ServiceNow Inc., OpenText Corp., Splunk Inc., Citrix Systems Inc., Atlassian, Micro Focus International PLC, BMC Software Inc., Zendesk Inc., Ivanti Inc., ManageEngine, Zoho Corporation Pvt. Ltd., Cherwell Software LLC, Freshworks Inc., Icertis Inc., EasyVista Inc., Axios Systems PLC, SysAid Technologies Ltd., InvGate Inc., CA Technologies Inc., Sunrise Software Ltd.
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What Is Covered In The Cloud IT Service Management (ITSM) Global Market Report?
•Market Size Forecast: Examine the cloud it service management (itsm) market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cloud it service management (itsm) market for a structured understanding.
•Key Players Overview: Analyze major players in the cloud it service management (itsm) market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cloud it service management (itsm) market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cloud it service management (itsm) market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cloud it service management (itsm) market.
•Industry Challenges: Identify potential risks and obstacles affecting the cloud it service management (itsm) market.
•Competitive Landscape: Review strategic developments in the cloud it service management (itsm) market, including expansions, agreements, and new product launches.
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