North America to Dominate Cloud ITSM Market through 2025
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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