IT Service Management (ITSM) Market Size to grow by USD 11.42 billion between 2024-2028
According to a research report “ IT Service Management (ITSM) Market” by Application (CM, ITAM and ITSD, A and PM, NM, Others) Deployment (Cloud, On-premises) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 11.42 billion, at a CAGR of 14.34% during the forecast period. IT service management (ITSM) solutions play a crucial role in mitigating the effects of service interruptions for businesses and enterprises. By maintaining a comprehensive knowledge base of past IT service incidents and their resolutions, these solutions enable swift restoration of services and improve the overall customer and user experience. Furthermore, ITSM tools correlate incident data to anticipate potential future issues and analyze their root causes, ensuring that businesses can proactively address service discrepancies and realign offerings to meet evolving customer needs..
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By Application, the CM segment is projected to dominate the market size in 2024
Configuration Management (CM) tools play a pivotal role in IT Service Management (ITSM) solutions by managing and controlling various aspects of IT infrastructure. These tools facilitate effective collaboration among developers by managing different versions of source code, preventing conflicts. Additionally, they ensure that server configurations align with the desired state and adhere to organizational standards. CM extends its reach to virtualized environments and cloud platforms, configuring virtual machines and cloud instances correctly. Furthermore, CM ensures that documentation is versioned and controlled, accompanying specific software or system versions for accurate and efficient IT service delivery.
By Deployment, Cloud segment is expected to hold the largest market size for the year 2024
Cloud-based IT Service Management (ITSM) solutions enable businesses to access essential ITSM tools and services via the internet, fostering collaboration among geographically dispersed IT teams and stakeholders. These solutions offer scalability, allowing organizations to adapt to evolving demands by scaling ITSM resources accordingly. Operating predominantly on an operational expenditure (Opex) model, cloud-based ITSM solutions eliminate the need for substantial upfront capital investments. For instance, Ivanti's enterprise-grade cloud-based ITSM solution empowers businesses to reduce ownership costs, minimize IT administrative resources for managing hardware, and swiftly scale technology resources supporting ITSM operations.
North America is forecasted to hold the largest market size by region in 2024
The IT service management (ITSM) market in North America is projected to experience substantial growth during the forecast period. With organizations in the region prioritizing digital transformation to boost agility, efficiency, and customer satisfaction, ITSM solutions have become indispensable. The COVID-19 pandemic has further accentuated the need for robust ITSM tools, as businesses adapt to remote work environments. ITSM solutions now play a pivotal role in facilitating remote collaboration, managing virtual teams, and ensuring efficient service delivery in distributed work settings. Key investments are being made in ITSM tools that cater to these requirements, enabling organizations to maintain business continuity and adapt to the evolving digital landscape.
The IT Service Management (ITSM) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The IT Service Management (ITSM) market is witnessing significant growth due to the increasing demand for efficient IT infrastructure management, data gathering, and automation. IT organizations are focusing on cost reduction and improving customer satisfaction by implementing ITSM tools for managing IT resources, applications, and IT systems & infrastructure. The Network management segment is a key area of investment, with service desks playing a crucial role in incident management and problem resolution. Cybersecurity practices are also a major consideration in ITSM, with the need for robust security measures to protect IT systems and infrastructure. Emerging technologies such as cloud computing, IoT edge, and neurons hyperautomation platform are transforming the ITSM landscape, offering new opportunities for automation and optimization. ITSM tools are essential for Operations & Performance management, including Application Performance Management, Network Performance Management, and Data Center Management. Cloud solutions are increasingly being adopted for their cost-effectiveness and flexibility. ITSM tools provide real-time insights into IT services, enabling IT organizations to quickly identify and address issues, ensuring optimal performance and customer satisfaction.
Market Research Overview
The IT Service Management (ITSM) market is experiencing significant growth due to the increasing adoption of cloud services, digital performance management, and digital transformation in various sectors. Government agencies, telecom businesses, IT companies, and large enterprises are investing heavily in ITSM solutions to manage their IT infrastructure, applications, and IT resources more effectively. Cloud-based models, 5G subscriptions, smart devices, social media, and emerging technologies like cloud computing, IoT edge, and neurons hyperautomation platform are driving the demand for ITSM tools. These tools help IT organizations improve operational efficiency, cost reduction, and customer satisfaction by automating IT services, data gathering, and network management. The Network management segment, including application performance management, network performance management, and data center management, is a major contributor to the ITSM market. Training/support services, customization services, consulting services, service desks, and cybersecurity practices are other key areas of focus. IT employees play a crucial role in implementing and managing ITSM tools. The hybrid workplace model has increased the need for remote work capabilities and secure access to IT systems & infrastructure. The IT & telecom sector is expected to continue leading the ITSM market, with applications in various industries such as healthcare, finance, education, and manufacturing.
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