Cloud ITSM Industry worth $17.8 billion by 2029

(IT-NEWSWIRE.COM, June 05, 2024 ) According to a research report "Cloud ITSM Industry by Offering (Solutions (Change & Configuration Management, Operations & Performance Management), and Services), Deployment Mode (Public, Private, Hybrid Cloud), Organization Size, Vertical and Region - Global Forecast to 2029" published by MarketsandMarkets, 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.

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 288 market data Tables and 63 Figures spread through 326 Pages and in-depth TOC on "Cloud ITSM Market”

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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.

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.

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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.

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.

Research Insights: https://www.marketsandmarkets.com/ResearchInsight/cloud-based-itsm-market.asp

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Cloud ITSM Industry worth $17.8 billion by 2029