Latest News- IT Service Management (ITSM) Market: CM is expected to lead the Application segment during 2025-2029

The IT Service Management (ITSM) Market is being driven by Enhanced customer and user experience by minimizing impact of service disruptions

The IT Service Management (ITSM) Market is expected to grow at a CAGR of 12.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 10843.5 million. In the realm of IT Service Management (ITSM), Artificial Intelligence (AI) and Machine Learning (ML) are pivotal technologies, streamlining routine tasks and minimizing manual intervention. In the domain of incident management, these advanced solutions facilitate incident classification, prioritization, and prediction based on historical data. ML's predictive analytics capability forecasts potential issues, enabling a proactive approach to prevent disruptions and bolster service reliability. AI-integrated chatbots and virtual agents, equipped with Natural Language Processing (NLP), offer instant user query responses. ML algorithms, when applied, identify patterns in recurring issues and pinpoint root causes, thereby enhancing IT service efficiency and effectiveness. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • CM
  • ITAM and ITSD
  • A and PM
  • NM
  • Others
• Deployment
  • Cloud
  • On-premises
• Sector
  • Large enterprises
  • Small and medium enterprises (SMEs)
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Enhanced customer and user experience by minimizing impact of service disruptions
• Effective organizational change management
• Real-time organizational transparency into critical processes

However, the market also witnesses some limitations, which are as follows:

• Lack of access to quality data
• Increasing security and privacy concerns
• Lack of expertise and knowledge for implementation of IT service management

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Market Scope in IT Service Management (ITSM) Market Research Report

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Research Analysis Overview

The IT Service Management (ITSM) market encompasses best practices, implementation, strategy, consulting, audit, metrics, reporting, integration, and various approaches such as cloud ITSM, DevOps ITSM, Agile ITSM, AI ITSM, automation ITSM, monitoring ITSM, incident reporting, problem identification, change control process, service request management, knowledge base, self-service portal, service level management, continuous improvement, security controls, business continuity planning, disaster recovery planning, capacity management, IT asset tracking, and software license management. ITSM implementation involves adhering to best practices, while consulting and audits ensure alignment with business objectives. Metrics, reporting, and integration facilitate data-driven decision-making, and various approaches cater to different organizational needs. Security, continuity, and capacity management ensure business resilience. (50 words)

Market Research Overview

The IT Services Market encompasses organizations providing IT consulting and integration, application, data processing, business process outsourcing, infrastructure, and Internet services. According to Technavio, the IT Consulting and Other Services market size are determined by the consolidated revenue of companies delivering all types of IT consulting and information management services. This market segment includes revenues generated from IT service contracts. Factors driving growth in the IT Consulting and Other Services market include escalating government investments in modern IT infrastructure to address the shortage of experts in advanced IT skills. Additionally, the need for businesses to digitally transform and optimize operations through IT services contributes to market expansion. ITIL frameworks such as Incident Management, Problem Management, and Change Management play crucial roles in ensuring efficient and effective IT services delivery.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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