IT service management is the service which organized, structured, managed, and supporting all the IT infrastructure. Increasing penetration of cloud based technology is booming the growth of the cloud based ITSM market. The growing complexity of data and rising difficulties in the enterprises are rising demand for the cloud based service that fuels the growth of the cloud based ITSM market. SaaS made it easy for the organization to the deployment of various tools in the IT infrastructure that is also triggering the growth of the cloud based ITSM market.
MARKET SCOPE
The "Global Cloud Based ITSM Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the cloud based ITSM market with detailed market segmentation by component, organization size, end-user, and geography. The report provides key statistics on the market status of the leading cloud based ITSM market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
? Based on component, the global cloud based ITSM market is segmented into solutions and services.
? On the basis of organization size, the market is segmented into small and medium enterprises and large enterprises.
? Based on end-user, the market is segmented into healthcare, government, BFSI, energy and utility, IT and telecom, manufacturing, and others.
MARKET DYNAMICS
Drivers:
? Cloud based ITSM helps the organization to plan, design, deliver, operate, and control IT infrastructure; henceforth, the rising adoption of ITSM among the enterprises that fuel the growth of the market.
? A growing shift toward cloud-based technology and increasing penetration of AI-enabled tools with ITSM solutions is boosting the growth of cloud based ITSM market. ITSM simplifies the IT administration process; also, it reduces the operational cost, thus boosting the growth of cloud based ITSM market.
? Rising the adoption of cloud-based services and an increasing number of enterprises are adopting cloud based services that are expected to drive the growth of the cloud based ITSM market.
Restraints:
? Privacy and security concerns may hinder the growth of the cloud based ITSM market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The cloud based ITSM market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the cloud based ITSM market in these regions.
IMPACT OF COVID-19 ON CLOUD BASED ITSM MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the cloud based ITSM market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from cloud based ITSM market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the cloud based ITSM market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
? Broadcom
? Clearlake Capital Group, L.P.
? IBM
? Micro Focus
? Microsoft
? Oracle
? SolarWinds Worldwide, LLC.
? SysAid.
? VMware Inc.
? Zoho Corporation Pvt. Ltd.