Press Release

IT Service Management (ITSM) Market to Boom Amidst Efficient Enforcement of IT Processes Achieved Through Automation

The Global IT Service Management (ITSM) Market size was valued at USD 9.98 billion in 2023 and is estimated to grow at a CAGR of around 17% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The usage of cloud-based IT service management (ITSM) solutions is steadily growing among organizations due to their adaptability, scalability, and potential for saving costs. With its capacity for fast implementation through supportive cloud systems promoting access at any place or time via an internet connection, Cloud ITSM is gaining popularity. Its operational expenditure model diminishes ownership expenses while effectively opening up cost benefits for diversely sized businesses that employ these tools optimally in line with this trending shift.

In an era characterized by shifting organizational priorities and tight budget constraints, the ITSM market was also not left untouched. This particular time frame saw the ITSM market undergoing substantial transformations. These changes were largely nurtured by the evolving elements within organizations and the challenging economic climate leading to constrained budget allocations. Moreover, the transformation was not merely a random shift but a direct outcome of these formidable external pressures.

At present, there is a significant rise in the need for ITSM tools that prioritize automation, enabling organizations to enhance productivity despite limited resources. Additionally, there is an anticipated focus on essential IT operations, favoring solutions that strengthen critical services & improve overall operational resilience. Vendors who offer innovative solutions that align with these priorities are in a favorable position to stand out in the constantly evolving ITSM industry., further states the research report, “Global IT Service Management (ITSM) Market Analysis, 2024.”

Global IT Service Management (ITSM) Market Segmentation Analysis

Operations & Performance Management to Hold a Significant Position in the Global ITSM Market

Based on the Solutions segment, the market is bifurcated into Service Portfolio Management, Configuration & Change Management, Service Desk Software, Operations & Performance Management, Dashboard, Reporting & Analytics. Of all, the Operations & Performance Management solution is expected to lead the ITSM market, securing a significant share within the projected timeframe. This comprehensive solution includes application management, application performance management, data center management, and network performance management.

It focuses on maintaining & managing an organization's IT infrastructure and services to improve user productivity & gain insight into their environment and business services for optimal delivery of compliant solutions. This approach promotes transparent communication with customers and delivers value across all business functions, increasing operational flexibility. Hence, adopting these ITSM solutions minimizes service disruptions and enhances transparency for efficient operations.

North America to Lead the IT Service Management (ITSM) Industry

North America is expected to maintain its dominance in the ITSM Market due to businesses' adoption of digital strategies & cloud-based solutions. The region's thriving industry is attributed to numerous solution providers driving growth by amplifying financial commitments toward ITSM solutions. Notably, the US possesses a significant portion of this dominant economic force as companies invest substantially in cutting-edge technologies to improve their competitive edge and operational effectiveness. The steady expansion of enterprises adopting cloud-based services signals continued growth expected within the highly influential realm of IT service management (ITSM).

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including ServiceNow, BMC Software, Oracle, Boardcom, ManageEngine, Ivanti, ZenDesk, GoTo, Solar Winds, Atlassian, OpenText, Symphonyai Summit, Efecte, Microsoft, IBM, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global IT Service Management (ITSM) Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?