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Cloud ITSM market size to grow to $17.8 billion by 2029 –

Posted on by darion

Chicago, June 10, 2024 (GLOBE NEWSWIRE) — Global ITSM market in the cloud Enterprise size is expected to grow from $9.5 billion in 2024 to $17.8 billion in 2029 at a compound annual growth rate (CAGR) of 13.5% over the forecast period, according to a new report by MarketsandMarkets™.

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As the Internet of Things (IoT), 5G and artificial intelligence gain wider acceptance, many sectors are leveraging the technology to leverage real-time data to improve decision-making. While the impact IoT AND artificial intelligence widely recognized in areas such as retail and healthcare, it is currently significantly transforming industries requiring innovation, including manufacturing, transportation and logistics, energy and utilities, food and beverage, and waste management. Combined with IoT, Cloud ITSM offers organizations a resilient platform for instantaneous analysis of key data, ushering in a new era of efficiency and agility.

Cloud ITSM market dynamics:

Drivers:

  • Scalability of IT services based on demand, ensuring effective allocation of resources
  • Less need for local infrastructure, leading to lower capital and operating costs

Possibilities:

  • Potential to further integrate your solutions with other cloud-based services
  • Leveraging artificial intelligence and automation technologies to unlock opportunities for innovation and growth
  • Rapid adoption across sectors by providing industry-specific solutions based on demand

Limitations:

  • Regulatory standards and industry-specific rules in sectors requiring strict data protection

List of the best companies in the Cloud ITSM market:

  • ServiceNow (US)
  • BMC Software (US)
  • Broadcom (US)
  • ManageEngine (US)
  • Ivanti (USA)
  • Zendesk (US)
  • Freshworks (USA)
  • Solar winds (US)
  • Atlassian (Australia)
  • Open text (US)

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The exponential growth in the adoption and practice of IoT, 5G in industries irrespective of enterprise size, strict compliance and adherence to government regulatory requirements, and AI/ML integration that significantly leverages the global Cloud ITSM market are some of the key factors driving support for Cloud ITSM market growth.

Based on the offerings, the solutions segment will account for the largest market share during the forecast period.

Cloud ITSM solutions are designed to manage IT infrastructure, business applications, offerings and related processes. Industry groups such as ITIL, COBIT and the emerging IT4IT from The Open Group provide recommendations for implementing ITSM services and processes. Enterprises migrating their applications to the cloud are looking for a secure, stable and reliable cloud infrastructure that provides flexibility, reduces operational costs and maintains ITSM compliance. One of the most important advantages of ITSM is the ability to make minimal investments because the services are available in a subscription model. This is particularly beneficial for small and medium-sized enterprises (SMEs), which can create a cost-effective, scalable IT helpdesk tailored to their needs. Some ITSM providers offer user-based pricing, making these solutions ideal for SMEs with a limited number of users. ITSM solutions are becoming increasingly popular among enterprises of all sizes due to their integrated capabilities, including dashboards, notification alerts, service level management, and the connection between data and management services. Vendors such as ServiceNow, BMC, Ivanti, Broadcom, and ManageEngine are prominent providers of these ITSM solutions. Moreover, the solutions segment is expected to dominate the market during the forecast period, which indicates a growing preference for end-to-end ITSM solutions.

According to the deployment mode, the hybrid deployment mode will have the highest CAGR in the Cloud ITSM market during the forecast period.

A hybrid cloud implementation combines elements of public and private clouds, enabling organizations to leverage the benefits of each model. It offers flexibility, scalability and cost optimization, allowing you to move workloads between environments based on changing demands and demands. Hybrid cloud architectures would enable companies to dynamically allocate resources, optimizing performance and cost efficiency. By leveraging public and private clouds, organizations can meet a variety of Cloud ITSM needs, such as hosting sensitive workloads on-premises, while leveraging the scalability of public cloud resources for less critical applications. However, managing data integration, security, and workload orchestration across multiple platforms can pose challenges. Effective management, automation and monitoring tools are essential to ensure seamless operation and performance in hybrid environments. Despite these challenges, hybrid cloud adoption offers a pragmatic approach for organizations looking to balance flexibility, security and cost-effectiveness in their ITSM strategies.

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According to Verticals, the BFSI industry will account for the largest market share during the forecast period.

The banking, financial services and insurance (BFSI) industry has undergone a significant transformation with the adoption of Cloud ITSM technology. They can process and analyze large amounts of data generated by sensors and IoT devices in real time by implementing Cloud ITSM solutions. Thanks to this, they can optimize banking processes, improve quality control and improve operational efficiency. Cloud ITSM also facilitates predictive maintenance, allowing problems to be identified and resolved before they cause costly downtime. Additionally, Cloud ITSM enables the BFSI industry to leverage advanced analytics and machine learning algorithms to derive valuable insights from data, leading to better decision-making and innovation. As a result, the BFSI industry is experiencing accelerated growth and digital transformation, driving increased productivity and competitiveness in the market.

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