Cloud-Based ITSM Global Market Report 2024
Cloud-Based ITSM Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, October 22, 2024 /EINPresswire.com/ --
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The cloud-based ITSM market has seen significant growth in recent years. It is projected to expand from $8.19 billion in 2023 to $9.18 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.1%. This growth during the historical period can be attributed to a heightened emphasis on user experience, digital transformation efforts, cost efficiency through operational expenditure models, the rise of remote work environments, and the adoption of multi-cloud strategies.
What Is The Estimated Market Size Of The Global Cloud-Based ITSM Market And Its Annual Growth Rate?
The cloud-based ITSM market is anticipated to experience significant growth in the coming years, reaching $16.05 billion by 2028, with a compound annual growth rate (CAGR) of 15.0%. This projected growth during the forecast period can be attributed to the evolving requirements specific to various industries, a strong emphasis on customer satisfaction and experience, global regulatory and governance factors, a focus on continuous improvement and analytics, and alignment with DevOps practices.
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Growth Driver Of The Cloud-Based ITSM Market
The growing number of Internet of Things (IoT) devices is expected to drive the expansion of the cloud-based ITSM market in the future. IoT devices are nonstandard computing devices that can wirelessly connect to a network and generate data. These devices produce significant amounts of data, which requires efficient management. Cloud-based ITSM offers the scalability and automation necessary to effectively handle this data, enabling organizations to remotely manage and optimize the performance of IoT devices. This approach enhances efficiency, minimizes downtime, and improves overall operational effectiveness.
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Who Are the Leading Competitors in the Cloud-Based ITSM Market Share?
Key players in the market include ServiceNow Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation (IBM), BMC Software Inc., Broadcom Inc., Cherwell Software LLC, Ivanti Inc., Axios Systems plc, Citrix Systems Inc., Hornbill Systems Limited, Microsoft Corporation, EasyVista Inc., Micro Focus International plc, Atlassian Corporation Plc, Alemba Limited, SysAid Technologies Ltd., Freshworks Inc., SolarWinds Corporation, Zendesk Inc., Agiloft Inc., TOPdesk International B. V., HappyFox Inc., Zoho Corporation Pvt. Ltd., InvGate Inc., Google Cloud IT Service Management (ITSM), Salesforce Service Cloud, SAP IT Service Management (ITSM), Atlassian Jira Service Desk, Ivanti Service Manager, HCL Remedy OnDemand.
Which Key Trends Are Driving Cloud-Based ITSM Market Growth?
Leading companies in the cloud-based ITSM market are enhancing and expanding their operations by forming strategic partnerships. These partnerships involve leveraging each other's strengths and resources to achieve shared benefits and success.
How Is The Global Cloud-Based ITSM Market Segmented?
1) By Component: Solutions, Services
2) By Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By End User: Telecom And IT, BFSI, Manufacturing, Retail, Healthcare, Education
Geographical Insights: North America Leading The Cloud-Based ITSM Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Cloud-Based ITSM Market Definition
Cloud-based ITSM refers to a cloud-hosted system that offers access to a remote working environment. This cloud hosting enables quick and easy visualization of process workflows, providing organizations with enhanced flexibility and visibility online. The primary goal of the ITSM platform is to help the IT department reduce operational costs while increasing profitability and work flexibility within their businesses.
Cloud-Based ITSM Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global cloud-based itsm market report covering trends, opportunities, strategies, and more
The Cloud-Based ITSM Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cloud-based itsm market size, cloud-based itsm market drivers and trends, cloud-based itsm market major players and cloud-based itsm market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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