Cloud ITSM Market worth $17.8 billion by 2029- Exclusive Report by MarketsandMarkets™

CHICAGO, May 28, 2024 /PRNewswire/ — The market for cloud ITSM is expected to develop significantly in the future due to the growing use of multi-cloud and hybrid settings, as well as advances in automation, analytics, and artificial intelligence. The market will be shaped by an emphasis on security, edge computing, and user experience in conjunction with DevOps and remote and hybrid work patterns that will promote innovation and sustainability.

The Cloud ITSM Market size is expected to grow from USD 9.5 billion in 2024 to USD 17.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period, according to a new report by MarketsandMarkets™. As the Internet of Things (IoT), 5G, and AI gain wider acceptance, numerous sectors are embracing this technology to harness real-time data for improved decision-making. While the influence of IoT and AI is widely acknowledged in fields like retail and healthcare, it is now significantly transforming industries requiring innovation, including manufacturing, transportation & logistics, energy & utilities, food and beverage, and waste management. In conjunction with IoT, Cloud ITSM offers organizations a resilient framework for instantaneously analyzing crucial data, ushering in a new era of efficiency and agility.

Browse in-depth TOC on “Cloud ITSM Market”

288 – Tables
63 – Figures
326 – Pages

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Scope of the Report

The Service Desk Software segment will record the highest CAGR under Offerings during the forecast period.

The service desk software solutions in the Cloud ITSM Market have revolutionized how organizations handle IT service requests and incidents. These cloud-based platforms provide a centralized and accessible interface for managing all service desk operations, ensuring that issues are logged, tracked, and resolved efficiently. The scalability of cloud technology allows businesses to adapt to changing demand without significant infrastructure investments. Service Desk Software often includes features such as automated ticketing systems, self-service portals, knowledge bases, and integrated communication tools, which streamline the support process and enhance user experience. Additionally, advanced analytics and reporting tools offer valuable insights into service desk performance, enabling continuous improvement in service delivery. Integrating AI and machine learning further enhances these solutions by enabling predictive analytics, automated responses, and intelligent routing of requests. As a result, Service Desk Software solutions in the Cloud ITSM Market empower organizations to provide prompt, effective and cost-efficient IT support, driving higher customer satisfaction and operational efficiency.

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Based on Organization Size, Large Enterprises hold a larger share of the Cloud ITSM Market during the forecast period.

Large enterprises are set to lead the cloud IT Service Management (ITSM) market during the forecast period. Their dominance is attributed to the need to manage extensive and intricate IT infrastructures, which demand robust and scalable ITSM solutions. These companies heavily invest in advanced cloud ITSM platforms to optimize operations, improve service delivery, and comply with industry regulations. Cloud ITSM adoption offers significant flexibility, efficiency, and cost benefits, which are crucial for large-scale operations. Consequently, large enterprises utilize these comprehensive solutions to maintain a competitive edge and achieve operational excellence in an increasingly digital business landscape.

By region, Asia Pacific will record the highest CAGR during the forecast period.

The Asia Pacific Cloud ITSM Market is experiencing robust growth driven by regulatory reforms, Scalable resources, Cost reduction, Remote flexibility, Business agility, and technological innovation. Countries like China, Japan, Australia & New Zealand have progressive regulatory frameworks promoting competition and innovation. The affordability and ease of Cloud ITSM deployment would be the major driving factors for adopting cloud technologies. The Asia Pacific region is witnessing rapid growth in the Cloud ITSM Market, driven by the increasing adoption of IoT devices, AI, and the expansion of 5G networks. Countries like China and Japan are at the forefront, leveraging Cloud ITSM to enhance BFSI services, innovative data migration, and retail and healthcare services. Additionally, the proliferation of cloud services and the rise of digital transformation initiatives in various industries further propel the demand for Cloud ITSM solutions. As a result, the Asia Pacific region is bound to experience significant investment and innovation in Cloud ITSM technologies over the coming years, facilitating efficient data processing and enabling real-time decision-making across diverse sectors in countries, especially China, Japan, Australia & New Zealand, and others.

Top Key Companies in Cloud ITSM Market:

Some of the key players operating in the Cloud ITSM Market are ServiceNow (US), BMC Software (US), Broadcom (US), ManageEngine (US), Ivanti (US), Zendesk (US), Freshworks (US), Solarwinds (US), Atlassian (Australia), OpenText (US) among others.

Recent Developments

• In April 2024, At the Relate global conference, Zendesk unveiled a collaboration with Amazon Web Services (AWS) and Anthropic to enhance AI capabilities. By leveraging Amazon Bedrock and Anthropic’s Claude 3 model family, Zendesk aims to provide faster, more accurate AI features. This partnership enables businesses to deliver personalized customer experiences, empower agents with AI tools, and improve customer satisfaction through intelligent, empathetic support.
• In February 2024, ServiceNow and NVIDIA expanded their partnership to introduce telco-specific generative AI solutions, enhancing service experiences. Built on the Now Platform, Now Assist for Telecommunications Service Management leverages NVIDIA AI to boost productivity, speed up resolution times, and improve customer service. This collaboration aims to help telcos reduce costs, uncover new business opportunities, and drive industry-wide transformation.
• In February 2024, Amdocs and BMC announced a strategic alliance to enhance digital operations in telecommunications and financial services. This partnership leverages Amdocs’ IT and network expertise with BMC’s automation solutions to drive growth and efficiency. Together, they will offer integrated services, including generative AI, to accelerate innovation and operational excellence for global customers.
• In November 2023, ServiceNow introduced enhancements in its Now Assist generative AI portfolio with new capabilities to improve experiences and increase efficiency. With this, Now Assist in Virtual Agent, flow generation, and Now Assist for Field Service Management (FSM) will be the newest sophisticated Generative AI technologies to be embedded into the ServiceNow Platform.
• In November 2023, BMC software introduced generative AI capabilities in the Helix Service Management solution, enhancing security measures and providing AI-driven insights. Recognized as a leader in enterprise service management and AIOps, BMC Helix offers resolution insights, unified workflows for security and operations teams, industry-specific templates, and broader low code/no code platform capabilities. These innovations underscore BMC’s commitment to driving meaningful innovation and helping organizations achieve autonomy in the digital landscape.

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Cloud ITSM Market Advantages:

• Pay-as-you-go cloud ITSM offers an alternative to large upfront investments in software and hardware, potentially reducing total IT costs. Because the service provider handles maintenance and upgrades, it also reduces costs.
• Cloud ITSM solutions are easily scalable to meet the demands of the business. Because of this flexibility, companies can modify services and resources to meet their needs without investing too much or not enough.
• ITSM solutions are accessible from any location with an internet connection because they are cloud-based. This guarantees that end users and IT teams may access services and assistance from anywhere in the world and facilitates remote work.
• Software upgrades and maintenance are handled by cloud ITSM providers, guaranteeing that businesses always have access to the newest features, security updates, and enhancements without any manual labour or downtime.
• Compared to conventional on-premises systems, cloud ITSM solutions can be implemented considerably faster. The time-to-value is accelerated by this quick deployment, which enables organisations to take advantage of the ITSM capabilities sooner.
• Cloud ITSM products frequently come with features that make it easier for IT teams and end users to collaborate. Real-time updates, shared dashboards, and integrated communication tools all contribute to increased efficiency and cooperation.
• Robust incident management features, including as automatic ticketing, real-time monitoring, and analytics, are provided by cloud ITSM platforms. By assisting IT staff in swiftly locating, ranking, and resolving problems, these features enhance user happiness and service quality.

Report Objectives

• To define, describe, and forecast the global Cloud ITSM Market based on offering, deployment mode, organization size, vertical, and region.
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments concerning individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze macro and micro markets for growth trends, prospects, and their contributions to the overall market
• To analyze industry trends, patents and innovations, and pricing data related to the Cloud ITSM Market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile key players in the market and comprehensively analyze their market share/ranking and core competencies.
• To track and analyze competitive developments, such as mergers & acquisitions, product developments, and partnerships & collaborations in the market.

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