Global Cloud ITSM Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global cloud IT service management (ITSM) market is expected to grow at a CAGR of 18.5% during the forecast period (2022-2028). Cloud ITSM focuses on the cloud-based management of IT infrastructure, which includes IT processes, software, hardware, and services. These services can be provided both on premise and in the cloud. Users can also get more value from cloud ITSM solutions, which combine capabilities for critical business processes such as cloud support, agile development and DevOps, and business service delivery. In 2021, large enterprise segment held the largest share in the market owing to the increased demand for automation and streamlining business processes that deal with large volumes of customer queries and facilitate personal customer engagement. However, small and medium-sized enterprises segment is expected to grow significantly during the forecast period, owing to the growing popularity of cloud services among these businesses, owing to flexibility and cost-effectiveness.

Based on component, cloud ITSM solutions is expected to hold a significant share in the market. The demand for cloud ITSM solutions is being fuelled by an increase in the need to manage IT operations and management to design, plan, operate, deliver, and control cloud and IT services. The adoption is significantly increased owing to the increasing demand among developers to manage an organization’s size after it has been created in order to ensure performance and availability according to service level objectives (SLOs) or service level agreements (SLAs). Furthermore, widespread adoption of the BYOD trend and rising number of mobile workforce is expected to provide significant growth opportunity for the global cloud ITSM market.

The growth of the cloud IT service management (ITSM) market is expected to be supported by an increase in demand from small and medium businesses. The cloud allows for the flexible deployment of a wide range of solutions and services, allowing businesses to manage their data more efficiently and effectively. Furthermore, cloud-based technologies are cost-effective and simple to implement, which drives demand for cloud ITSM among large and small businesses. Cloud solutions require very few IT hardware administrative resources to manage IT infrastructure, which increases the need for additional hardware costs. As a result, businesses are incorporating cloud-based technologies into their operations, which in turn, is driving the growth of the global cloud ITSM market.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Component
  • By Organization Size
  • By Industry Vertical
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Axios Systems, BMC Software, and IBM Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Cloud ITSM Market by Segment

By Component

• Solutions
• Services

By Organization Size

• Large Enterprises
• Small & Medium Enterprises

By Industry Vertical

• IT and Telecommunication
• BFSI
• Healthcare
• Manufacturing
• Retail
• Education
• Others