Global Cloud-Based ITSM Market to Reach $18.89 Billion by 2029, Growing at 17% CAGR

What industry-specific factors are fueling the growth of the cloud-based itsm market?
The surge in the use of cloud-based applications is anticipated to fuel the expansion of the cloud-based ITSM market in the projected timeframe. Pursuing a cloud adoption strategy allows companies to enhance the scalability of internet-based database capabilities while reducing expenses and potential risks. Firms leverage cloud computing, which involves the use of remote computers hosted on the Internet, for the storage, management, and processing of vital data. For example, according to a 2023 Flexera report, 93% of businesses are employing cloud services, with 87% adopting multi-cloud approaches. This uptick is primarily attributed to the necessity for adaptability and quick response to market requirements. Hence, the uptake of cloud-based applications will stimulate the growth of the cloud-based ITSM market.

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What Is the projected market size and growth rate for the cloud-based itsm market?
In recent times, the scale of the cloud-based ITSM market has seen a swift expansion. By 2025, the market is projected to reach $10.07 billion from its 2024 value of $8.98 billion, indicating a compound annual growth rate (CAGR) of 12.2%. The remarkable growth during the historic period can be linked to several factors including, an enhanced emphasis on user experience, initiatives for digital transformation, cost effectiveness and the operational expenditure models, proliferation of remote working arrangements, and the implementation of multi-cloud strategies.

We predict a swift expansion in the cloud-based itsm market in the upcoming years, with its value expected to reach $18.89 billion by 2029, growing at a compound annual growth rate (CAGR) of 17.0%. The magnification in the market throughout the projection period can be linked to the evolution of industry-specific demands, an emphasis on customer satisfaction and experience, global regulatory and governance factors, a consistent focus on improvement and analytics, and integration with devops practices. Major trends expected during this period include moves towards digital transformation, the implementation of remote and hybrid work models, the integration of automation and AI, as well as scalability, flexibility, cost efficiency, and operational expenditure models.

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What new trends are reshaping the cloud-based itsm market and its opportunities?
Progressive technology is a prominent trend that's becoming increasingly popular in the cloud-based ITSM market. The key players in this market are committed to offering solutions and platforms imbued with cutting-edge technology to solidify their market standing. Such behemoths are merging advanced cloud-based ITSM technology such as virtualization, grid computing, service-oriented architecture, artificial intelligence, mining, cloud computing, automated cloud orchestration, among others into their offerings. For illustration, Sherweb, a Canadian cloud solutions provider and tech company, in October 2023, unveiled a comprehensive ITSM solution, C2 MSP. This tailored solution aims to simplify and automate cloud business operations, enhancing the delivery of managed IT services and improving the end-client experience for partners. C2 MSP presents partners with a customized, fully integrated ticketing solution, and a customer self-service portal to consolidate all customer requests. This innovative design aims to eliminate manual management, facilitating automation of business workflows to boost overall operational efficiency.

What major market segments define the scope and growth of the cloud-based itsm market?
The cloud-based itsm market covered in this report is segmented -

1) By Component: Solutions, Services
2) By Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By End User: Telecom And IT, BFSI, Manufacturing, Retail, Healthcare, Education

Subsegments:
1) By Solutions: Incident Management Software, Change Management Tools, Problem Management Solutions, Service Request Management, Knowledge Management Systems,
2) By Services: Implementation Services, Training And Support Services, Consulting Services, Maintenance And Upgrades

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Which region dominates the cloud-based itsm market?
North America was the largest region in the cloud-based ISTM market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud-based itsm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Which key market leaders are driving the cloud-based itsm industry growth?
Major companies operating in the cloud-based itsm market include ServiceNow Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation (IBM), BMC Software Inc., Broadcom Inc., Ivanti Inc., Hornbill Systems Limited, Microsoft Corporation, EasyVista Inc., Micro Focus International plc, Atlassian Corporation Plc, Alemba Limited, SysAid Technologies Ltd., Freshworks Inc., SolarWinds Corporation, Zendesk Inc., Agiloft Inc., TOPdesk International B. V., HappyFox Inc., Zoho Corporation Pvt. Ltd., InvGate Inc., Google Cloud IT Service Management (ITSM), Salesforce Service Cloud, SAP IT Service Management (ITSM), Atlassian Jira Service Desk, Ivanti Service Manager, HCL Remedy OnDemand

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What Is Covered In The Cloud-Based ITSM Global Market Report?

•Market Size Forecast: Examine the cloud-based itsm market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cloud-based itsm market for a structured understanding.
•Key Players Overview: Analyze major players in the cloud-based itsm market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cloud-based itsm market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cloud-based itsm market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cloud-based itsm market.
•Industry Challenges: Identify potential risks and obstacles affecting the cloud-based itsm market.
•Competitive Landscape: Review strategic developments in the cloud-based itsm market, including expansions, agreements, and new product launches.

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