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 in automating repetitive tasks, thereby decreasing manual labor. In the domain of incident management, these technologies play a crucial role in categorizing, prioritizing, and even forecasting incidents based on historical data through predictive analytics. ML algorithms are instrumental in recognizing patterns and identifying root causes of recurring issues. Proactively, AI-driven chatbots and virtual agents, equipped with Natural Language Processing (NLP), engage with end-users, offering immediate resolutions. This proactive approach, enabled by advanced technologies, significantly enhances service reliability and averts disruptions. 

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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 a range of offerings, including the ServiceNow platform, Jira Service Desk, and BMC Remedy, among others. ITSM consulting and implementation services help businesses optimize their ITSM strategies, while training, audits, and certifications ensure adherence to best practices. ITSM frameworks like Agile, DevOps, AI, Cloud, and Hybrid, along with metrics, reporting, and architecture, are essential components of effective ITSM solutions. ITSM tools support various processes and integrate with other systems to enhance service delivery and efficiency.

Market Research Overview

The ITIL-aligned ITSM market encompasses organizations providing IT consulting and integration, application, data processing, business process outsourcing, infrastructure, and Internet services. The IT consulting and other services sector, a subset of the larger IT services market, is driven by the significant expansion of IT infrastructure investments from governments worldwide. With a scarcity of experts in contemporary IT skills within public sectors, these agencies are increasingly outsourcing IT consulting and management services to enhance their digital capabilities and drive operational efficiency. This trend is anticipated to fuel the growth of the global IT consulting and other services market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/