Increasing shift to cloud-based technology and extensive adoption of BYOD trend to drive the growth of global cloud ITSM market
According to TechSci Research report, “Global Cloud ITSM Market By Component (Solutions and Services), By Vertical (BFSI, Government and Public Sector, Healthcare and Life Sciences, Telecommunications, It and Ites, Manufacturing, Retail and Consumer Goods, Others), By Organization Size (Small & Medium Business Enterprises and Large Enterprises), By Region, Competition, Forecast & Opportunities, 2025”, global cloud ITSM market is expected to register a robust CAGR during the forecast period. Increasing shift to cloud-based technology is one of the major factors accounting for the growth of global cloud ITSM market. Moreover, integration of Artificial Intelligence (AI) enabled tools with ITSM solutions is further expected to bode well for the growth of global cloud ITSM market through the forecast years. In addition to this, continuous advancements in several cloud computing technologies is anticipated to positively influence the growth of global cloud ITSM market in the years to come. Also, enterprises are rapidly integrating new technologies so that they can enhance their business flexibility by migrating their applications to cloud, thereby making headway for the growth of global cloud ITSM market across the globe. Along with this, widespread adoption of BYOD trend coupled with increase in mobile workforce is estimated to bolster the market growth through 2025. However, safety and privacy concerns pertaining to confidential data and business processes is the major factor that might restrain the growth of global cloud ITSM market through 2025.
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Global cloud ITSM market can be segmented based on component, vertical, organization size, company and region. Considering the vertical, the market is fragmented into BFSI, government and public sector, healthcare and life sciences, telecommunications, IT & ITES, manufacturing, retail and consumer goods, others. Among them, the IT & ITES segment dominated the global cloud ITSM market until 2019 and is further anticipated to hold its dominance during the forecast years as well. This is because IT & ITES companies are undertaking numerous steps, like business process outsourcing, IT outsourcing, infrastructure sharing and revenue assurance, in order to lessen their operating costs and increase their revenues side by side. Additionally, increased efficiency, cost-effectiveness and higher RoI are some benefits offered by the adoption of IT service management which is forecast to boost the growth of segment in the years to come. In terms of organization size, market is segregated into small & medium business enterprises and large enterprises. Out of which, large organizations segment dominated the global cloud ITSM market until 2019 and is expected to generate high revenue during the forecast period on account of increase in adoption of artificial intelligence technologies, such as machine learning, image processing, among others.
ServiceNow, BMC Software, Cherwell Software, CA Technologies, HPE, IBM, Axios Systems, Ivanti, Citrix Systems, Hornbill, Microsoft, EasyVista, Micro Focus, Atlassian, Alemba, SysAid, Freshworks, LogMein, ManageEngine, Efecte are among others are the leading players operating in global cloud ITSM market. The market players are adopting several growth strategies to enhance the market scenario of cloud ITSM. Other competitive strategies include mergers & acquisitions to diverse their product portfolio in order to strengthen their market position.
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“North America is expected to dominate global cloud ITSM market though 2025 on the account of growing competition in the cloud IT services management market in the region. Moreover, presence of major market players coupled with improved focus on automation and end-user services are other factors boosting the market growth in North America. Additionally, Asia-Pacific region is anticipated to register highest growth during the forecast period which can be accredited to rise in investments & spending on cloud technologies. Furthermore, rapid adoption of BYOD policies for improved efficiency in the region is further expected to boost the growth of global cloud ITSM market through 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Cloud ITSM Market By Component (Solutions and Services), By Vertical (BFSI, Government and Public Sector, Healthcare and Life Sciences, Telecommunications, It and Ites, Manufacturing, Retail and Consumer Goods, Others), By Organization Size (Small & Medium Business Enterprises and Large Enterprises), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global cloud ITSM market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global cloud ITSM market.
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