PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364697
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364697
Information technology service management (ITSM) Market size was valued at USD 3,106.8 Million in 2022, expanding at a CAGR of 9.2% from 2023 to 2030.
IT service management (ITSM) is the practice of planning, implementing, managing and optimizing information technology services to meet the needs of end users and help organizations achieve their business goals. ITSM encompasses all discrete actions and procedures that support a service throughout its lifespan, from service and change management to problem, incident, asset, and knowledge management. ITSM's major goal is to enable effective deployment, operation, and administration of all IT resources for every end user across an organization. Customers, employees, and business partners are examples of end users. Any hardware, software, or computing asset, such as a laptop computer, software program, cloud storage solution, or virtual server, can be considered an IT resource.
Adoption of the IoT across numerous cloud-based apps, and excessive reliance on distant applications are expected to propel market demand.
The development of cloud-based applications and services has increased the complexity of IT environments. Organizations rely on these applications for a variety of purposes, including communication, collaboration, data storage, and processing. ITSM plays an essential role in assuring the efficient functioning of IoT devices and resolving any issues that may arise. According to Cisco, 500 billion devices are expected to be connected to the internet by 2030. Tech Jury tells us that every second 127 new IoT devices connect to the internet. Furthermore, developing economies are rapidly investing in information technology infrastructure. This gives an excellent potential for ITSM solutions to penetrate previously underserved sectors. However, The increasing importance of ITSM tools in organizations has led to them becoming cyberattack targets, with security vulnerabilities posing significant risks.
The Global Information technology service management (ITSM) Market is segmented on the basis of Deployment Type, Application, and Region.
The market is divided into three categories based on Deployment type: Cloud-based and On-Premises. Cloud-based segment dominates the market. The cloud ITSM market has grown steadily in recent years. As enterprises rapidly migrate to digital operations, the need for cloud-based ITSM products has increased.
The market is divided into two categories based on application: BFSI, Manufacturing, Government and Education, IT and Telecommunication, Retail, Travel and Hospitality, Healthcare, and Others. The IT and Telecommunication sector dominates the market and is likely to maintain its dominance during the forecast period. Information technology service management (ITSM) has been particularly influential in the IT and telecommunications sectors due to the inherent relationship between the nature of the services provided by these businesses and the concepts of ITSM.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the market, due to the high adoption of cloud technology and the growing need for improving IT services by the end-user industries in the region. Cloud computing has been quickly adopted by North American businesses. The region is home to some of the world's top cloud providers, including Amazon Web Services, Microsoft Azure, and Google Cloud Platform. Because of this high adoption rate, there is a huge demand for ITSM solutions that can efficiently manage cloud-based services and infrastructures. The U.S. public cloud market is projected to reach USD 258.10 billion by the end of 2023, according to cloud adoption statistics. Europe is the second largest market in the forecast period, due to the expansion of IT infrastructures, including cloud, on-premises, and hybrid models.
The market for Information Technology Service Management (ITSM) is dynamic, characterized by rising demand from diverse industries that recognize the importance of good IT service management. The dynamic connection between competition and demand in the ITSM market fosters innovation, more customer-centric solutions, and more strategic collaborations. As businesses evolve and IT infrastructures become more complex, the demand for advanced ITSM solutions will persist, keeping the industry dynamic and competitive. For example, on July 07, 2020, ASG Technologies, a leading provider of solutions for information-powered enterprises, unveiled the newest version of its workload automation and orchestration solution, ASG-Enterprise Orchestrator 4.1.3. This release advances ASG's commitment to arm IT infrastructure & operations leaders and teams to design, implement, schedule, and automate business services running on IT applications and infrastructure.
On June 21, 2023, BMC, a global leader in software solutions for the Autonomous Digital Enterprise, was named a Leader in the 2023 GigaOm Radar for IT Service Management (ITSM) report1. The report highlights BMC artificial intelligence (AI) features as well as change management and service delivery risk capabilities as top-performing features.
The scope of this report covers the market by its major segments, which include as follows: