ITSM mainly emphasizes on the management of the IT infrastructure that comprises, IT processes, software, hardware, and services. These services can be offered independently on cloud as well as on-premise. Moreover, users can find more value from cloud ITSM solutions, which combine capabilities for crucial business processes, such as the support for cloud services, agile development & DevOps, and delivery of business services.
MARKET SCOPE
The "Global 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 ITSM market with detailed market segmentation by component, organization size, industry, and geography. The report provides key statistics on the market status of the leading ITSM market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on component, the global itsm market is segmented into solutions and services.
- On the basis of organization size, the market is segmented into small and mid-sized enterprises and large enterprises.
- Based on industry, the market is segmented into media and entertainment, banking, financial services, and insurance, IT and telecommunications, healthcare and life sciences, retail and consumer goods, manufacturing, others.
MARKET DYNAMICS
Drivers:
- Current and future IT service management market trends are outlined to determine the overall attractiveness of the market. The major impacting factors highlight the cloud ITSM market opportunity during the forecast period. Rise in adoption of these technologies is the major factor that drives the market growth for ITSM industry.
- Additionally, integration of AI-Enabled tools with ITSM solutions is expected to propel the market growth. However, privacy & security concerns for business processes and confidential data is also expected to propel the market growth during the IT service management market forecast period.
- Furthermore, extensive adoption of BYOD trend and increase in mobile workforce are expected to provide major growth opportunities for cloud ITSM market in the upcoming years. In addition, rise in demand among small & medium enterprises is also anticipated to provide lucrative opportunities for the cloud IT service management (ITSM) market growth in the during the review period.
Restraints:
- High cost may hinder the growth of the 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 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 ITSM market in these regions.
IMPACT OF COVID-19 ON 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 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 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 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.
- Atlassian
- AXIOS SYSTEMS PLC
- BMC Software, Inc.
- Freshworks Inc.
- Ivanti
- Microsoft
- Zoho Corporation Pvt. Ltd.
- SolarWinds Worldwide, LLC.
- Symphony SummitAI
- SysAid