Farmington, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The Global ITSM Market was valued US$ 2829.35 Million in 2022, at a 7.50% CAGR of around during a forecast period. IT service management (ITSM) software is primarily a process-based strategy for providing satisfactory service to end-user clients. It aims to align company needs with the way information technology (IT) services are delivered, with a focus on customer benefits. IT service management (ITSM) software is a technological idea that allows businesses and business processes to utilize information technology services and maximize their economic value. To meet consumer needs, cloud-based software services provide effective planning, design, operation, delivery and management of multiple IT aspects.
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Recent Developments:
- In January 2020, Incentive Technology Group (ITG) was acquired by ICF International Inc. for US$255 million to gain expertise in IT consulting, ITSM and cloud services in the US.
- In April 2019, GrowthOps acquired ServiceNow partner Entrago to expand its IT Service Management (ITSM) market in Australia and Asia Pacific.
Regional Outlook:
North America is thought to be the most important region for making money, with the United States and Canada paying special attention to innovation. Some of the most competitive and quickly growing IT service management markets in the world are in these countries. North America is expected to be one of the markets with the most growth potential, due to its higher infrastructure growth rates and massive data growth across all industries.
North America is a big market for ITSM because end-user industries in the area are using cloud technologies more and more, and they want better IT services. Site24*7 did a survey on IT management and found that 62% of respondents chose ease of management as the top reason for moving to the cloud. Business continuity (60%) and scalability (59%) came in close second and third.
Also, the "Hybrid Cloud Adoption Survey," which was released in March 2022, was based on a survey of more than 900 IT professionals. It found that most businesses (93%) are either using a mix of cloud and on-premise solutions or, as you suggested, moving all of their operations to the cloud. 5 years. The survey was mostly done in North America and Europe. 43.8% of the people who answered it were from North America. Because of this, the move to cloud platforms is likely to increase the need for IT service management solutions in the future.
In December 2021, the Department of Homeland Security and the Coast Guard will also announce a programme to help manage the performance of 8,000 employees. Supervisors and employees use this automated tool and a Fed HR module called E-Performance to let employees access and update their performance stories throughout the year.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 7.50% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 2829.35 Million |
| By Type | Service portfolio management, Configuration and change management, Service desk software, Operations and performance management, Dashboard, Other |
| By Application | IT & Telecommunication, Healthcare, Media & Entertainment, Retail, BFSI, Other |
| By Component | Solutions, Services, Other |
| By Companies | Datto Holdings Corp., EasyVista SA, Hewlett Packard Enterprise Co., Hornbill Corporate Ltd., IFS World Operations AB, International Business Machines Corp., Ivanti Software Inc., Micro Focus International Plc, Microsoft Corp., Oracle Corp., SAP SE, ServiceNow Inc., SolarWinds Corp., Tata Consultancy Services Ltd., LogMeln Inc |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends
In the past few years, the number of people around the world who use cloud-based technology has grown a lot. Current IT service management (ITSM) software models, which rely mostly on cloud services, are prone to service degradation or control loss, data leakage, service loss, including service interruption, and, in the worst cases, monetary loss. Businesses are spending more on cloud technology because they want to save money on operating and maintenance costs and keep track of their IT resources. This is what drives the global market for IT service management (ITSM) software. In some places, the way a user feels may also be affected by network transmissions that are hard to predict. People in the affected areas might find it harder to use cloud services, even hybrid cloud services.
Driving Factors
IT service management (ITSM) software and services are likely to be quickly adopted by many businesses because they offer many benefits, such as a better return on investment (ROI), more efficiency, and lower costs. During the time frame of the forecast, IT and telecommunications are expected to have the biggest share of all industries' markets. Businesses in the IT and ITES industries have used a number of ways to cut costs and make more money, such as network sharing, IT outsourcing, and revenue assurance. Businesses can offer a wide range of IT and enterprise management services with the help of the AI platform, which is expected to be good for the market over the next few years. As cloud ITSM solutions and modern AI are used together more and more, the market is likely to have a lot of good opportunities.
IT service management (ITSM) software should always be made to fit the customer's needs and values. It also lists the rights and duties of project participants, partners, and outside suppliers of services, goods, and cutting-edge technologies. Most of the IT organization's time is spent managing IT services and applications for their short-, medium-, and long-term strategic goals. ITSM's benefits, such as saving money, automating tasks, and putting all data in one place, have a big effect on the organization's overall performance and help it reach both short-term and long-term strategic goals. IT service management (ITSM) software is expected to grow quickly over the next few years because the IT industry is always changing.
Restraining Factors
Security and privacy are very important to how a business works. Today, it's important to have services that protect data that could be misused or leaked. Businesses are usually careful when they talk about communication routes because it could affect how private their data is.
Key Segments Covered:
Top Market Players:
Datto Holdings Corp., EasyVista SA, Hewlett Packard Enterprise Co., Hornbill Corporate Ltd., IFS World Operations AB, International Business Machines Corp., Ivanti Software Inc., Micro Focus International Plc, Microsoft Corp., Oracle Corp., SAP SE, ServiceNow Inc., SolarWinds Corp., Tata Consultancy Services Ltd., LogMeln Inc, and others.
By Type
- Service portfolio management
- Configuration and change management
- Service desk software
- Operations and performance management
- Dashboard
- Other
By Application
- IT & Telecommunication
- Healthcare
- Media & Entertainment
- Retail
- BFSI
- Others
By Component
- Solutions
- Services
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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