New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cloud-Based ITSM Global Market Report 2023" - https://www.reportlinker.com/p06319488/?utm_source=GNW
The global cloud-based itsm market grew from $7.61 billion in 2022 to $8.72 billion in 2023 at a compound annual growth rate (CAGR) of 14.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cloud-based itsm market is expected to grow to $15.32 billion in 2027 at a CAGR of 15.1%.
The cloud based ITSM market includes revenues earned by entities by providing asset discovery management, configuration management, incident and problem management, self-service provisioning.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The cloud-based ITSM refer to a cloud hosting system that provides access to a remote working environment.This cloud hosting allows quick and easy visualization of process workflows and gives firms more freedom and visibility on the web.
The purpose of the ITSM platform is to ensure that the IT department lowers its operational cost and increases the profit and work flexibility in their businesses.
North America was the largest region in the cloud-based ISTM market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the cloud-based ISTM market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of the cloud based ITSM market are solutions and services.The services segment focuses on the entire ITSM process such as networks, the internet, servers, software, services, applications and network, and endpoint hardware.
These solutions and services are provided to SMEs and large enterprises in industries ranging from IT and telecommunication, BFSI, healthcare, manufacturing, retail, and education.
The increasing adoption of cloud-based applications will propel the growth of the cloud-based ITSM market in the forecasted period.Cloud adoption is a business strategy aiming to improve internet-based database capabilities’ scalability while lowering costs and risks.
Organizations use cloud computing, or remote computers hosted on the Internet, to store, manage, and process essential data.For instance, in November 2021, a 2021 Cloud Adoption Survey published on O’Reilly Media, a US-based learning company, showed that COVID-19 accelerated the cloud adoption application.
According to the O’Reilly survey, cloud adoption is rapidly increasing across industries, with 90% of businesses using cloud computing.This is an increase from last year’s poll (2020), which found that 88% of respondents were using the cloud, demonstrating that cloud use is accelerating.
Therefore, the adoption of cloud-based applications will drive the cloud-based ITSM market.
Technological innovation is a key trend gaining popularity in the cloud-based ITSM market.Major companies operating in the cloud based ITSM market are focused on providing technologically advanced solutions and platforms to strengthen their market position.
These companies are implementing next-generation cloud-based ITSM technologies into their services and platform, such as virtualization, grid computing, service-oriented architecture, artificial intelligence, mining, cloud computing, automated cloud orchestration, and others.For instance, in April 2020, ServiceNow, a US-based software company, launched the Cloud Call Center solution, an innovative AI-powered "Contact-Center-as-a-Service" (CCaaS) solution for IT support that increases efficiencies.
This AI-powered CCaaS will help save expenses while improving the caller and agent experience by automating support chores.
In March 2021, IFS AB, a Sweden-based enterprise software company, acquired Axios Systems for an undisclosed amount.Through this acquisition, IFS will strengthen its position in service management by adding enterprise service management functionalities.
Axios System is a UK-based provider of service desk, IT service management, and IT asset management software.
The countries covered in the cloud-based ISTM market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cloud-based ITSM market research report is one of a series of new reports that provides cloud-based ITSM market statistics, including cloud-based ITSM industry global market size, regional shares, competitors with a cloud-based ITSM market share, detailed cloud-based ITSM market segments, market trends and opportunities, and any further data you may need to thrive in the cloud-based ITSM industry. This cloud-based ITSM market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06319488/?utm_source=GNW
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