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The cloud based ITSM market is forecast to increase by USD 10.12 billion estimated to grow at a CAGR of 19.58% between 2023 and 2028. The market for cloud-based ITSM solutions thrives on several factors, including their cost-effectiveness, scalability, and user-friendly nature. As small and medium enterprises (SMEs) increasingly adopt cloud technologies, there is a notable surge in market adoption driven by the demand for streamlined control and accountability. These cloud based solutions offer flexibility and efficiency, meeting the evolving needs of businesses process across various sectors and fueling the market's growth. This comprehensive market research and growth report also provides a detailed analysis of drivers, trends, and challenges.
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The market is witnessing substantial growth driven by several key factors. Firstly, the dominance of public cloud giants like Microsoft Corporation is reshaping the IT service management landscape, prompting organizations to adopt cloud-based ITSM solutions. Additionally, the trend toward multi-cloud adoption, especially among startups and SMEs, is fueling the demand for flexible and scalable ITSM services. Moreover, legacy applications are being migrated to the cloud, necessitating increase cloud-based ITSM solutions to address security gaps and ensure seamless integration with existing hardware and services. Furthermore, the emergence of 5G technology is enhancing the capabilities of TSM platforms, enabling faster and more efficient delivery of IT services. As a result, the Global market is experiencing rapid expansion, driven by the increasing need for managed cloud IT services and the growing demand for comprehensive ITSM solutions to support modern business environments.
The market share growth by the solutions segment will be significant during the forecast period. Solutions accounted for a significant portion of the global cloud-based ITSM market by component in 2022, and it is anticipated that they will continue to hold this position during the forecast period. The requirement for management to develop, plan, operate, deliver, and control the cloud and IT services is the fundamental driver of demand for cloud-based ITSM solutions.
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The solutions segment was valued at USD 2.62 billion in 2018.
A factor further driving the demand for solutions is the rise in the number of developers who want to manage the size of an organization after it has been produced to guarantee performance and availability in accordance with service level objectives (SLOs) or service level agreements (SLAs). The service portfolio management, configuration and change management, service desk software, operations and performance management, and dashboard reporting and analytics segments are used to categorize the market based on solutions. Owing to its user-friendliness and the developer's ability to display the required graphs and charts coupled with spreadsheets, the dashboard report and analytics sub-segment in the solutions segment is predicted to hold a sizable portion of the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period.
Technavioâs analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is anticipated to experience favorable growth during the forecast period owing to the presence of numerous solution providers in the US and the rising adoption of bring-your-own-device (BYOD) policies in the region. North America presents prospective growth opportunities as the region's technology adoption is increasing, and businesses are concentrating on providing superior customer experiences to set themselves apart from rivals. Moreover, The increasing adoption of hybrid and remote work models by the key companies operating in the region is focusing on developing remote support service solutions. For users who choose to use Freshworks software services, the alliance aims to offer cutting-edge remote assistance solutions. Such initiatives taken by companies in the region are expected to drive the growth of the market in North America during the forecast period.
The automobile market is undergoing a significant transformation with the rise of Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs). These Electric Vehicles are renowned for their zero emissions, high fuel efficiency, and quiet operation, making them increasingly attractive to customers seeking eco-friendly alternatives. EV traction motors are at the heart of this shift, offering remarkable features such as power conversion and reliable performance under adverse conditions. However, the industry faces challenges including high investment costs, volatile fuel prices, and a rise in the price of materials, which impact the supply chain and manufacturing motor processes. Governmental regulation and the push for the betterment of automobiles are driving innovation despite the recession period. Automobile OEMs are investing heavily in manufacturing sites and adapting to changing market dynamics. As the demand for electric vehicles and hybrid electric vehicles rises, the market continues to evolve, focusing on overcoming customer concerns and enhancing industrial machines like conveyors and elevators in the production process.
The growing need for control and accountability is the key factor driving the global market growth. An accurate definition of process responsibilities comes from process standardization. It clearly explains what to expect when ownership is well-defined. Business success and growth results depend on individual efforts. When assigned specific tasks, IT staff are responsible for contributing to the success of their departments and organizations. ITSM technology cannot escape the digitization and cloud-enabled speed of modern IT solutions. By establishing clear ownership of activities and processes, solutions can aid in enhancing accountability.
For instance, the ITSM platform can be used to establish a central knowledge base, ensuring that all data is kept in one location. It is simple for anyone who needs to access it to do so, and tracking changes is simple. It also enables businesses to monitor adherence to corporate policies and procedures. This is crucial for auditing purposes and can assist in spotting possible issues before they have a significant impact. Thus, the growing need for control and accountability is one of the major drivers that are expected to drive the growth of the global could-based ITSM market during the forecast period.
The growing adoption of the remote working model is the primary trend in the global market growth. The work-from-home model has become a new standard for businesses following the rapid shift to remote work brought on by the COVID-19 pandemic. This offers a fantastic chance for a solution to show that it is adaptable enough to assist workers wherever they are, whether that be at work, at home, or on the go. Integrations between service desks and cloud-based remote support systems can give IT employees rapid access to any support-related data from any internet-connected device.
While IT professionals address incidents behind the scenes, the user can continue functioning. No matter where the support team (or end-users) is situated, communication is quick, simple, and convenient. Cloud ITSM is a technological concept that enables organizations and business processes to maximize their business values by adopting information technology services. The cloud-based software services enable efficient planning, designing, operating, delivering, and controlling of several IT aspects to cater to customer demand. Thus, the growing adoption of the remote working model is one of the growing trends that is expected to drive the growth of the cloud ITSM market during the forecast period.
Growing integration concern in business organizations is a major challenge to the global cloud-based IT service management market growth. One of the biggest issues that organizations confront is the process of integrating two or more IT systems. One of the main problems that businesses have when transferring information is the absence of standard methods and integration challenges for various IT systems and their communication protocols. Companies have been expanding recently through alliances, mergers, and acquisitions, as well as acquiring sophisticated and heterogeneous IT environment components.
Moving to the cloud in such a situation becomes a significant issue for many firms. Considering their current IT architecture, businesses struggle to identify the best cloud ITSM solutions and strategies to integrate them effectively. The difficulty of integrating potential ITSM solutions with their complicated heterogeneous environment must be overcome as more businesses move their operations to the cloud, which comes at a higher overhead cost. This can become a major challenge for the growth of the cloud ITSM market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovatorâs stage to the laggardâs stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cloud-Based ITSM Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Atlassian Corp. Plc - The company offers cloud-based ITSM such as Jira service management. Also, under this segment, the company offers online project management software that includes Jira software, project, and issue tracking, Jira service management icon, Jira align, and enterprise agile planning.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The electric vehicle (EV) market is rapidly expanding, driven by a rise in demand and advancements in battery technology. As the electric vehicle population grows, there's a notable shift from IC engines to EV traction motors that support sustainable transportation with energy efficiency and reduced carbon emission. Challenges such as volatile fuel prices, the rise in price of materials like copper and aluminum, and reliability concerns are influencing the market. The lockdown periods and bankruptcy issues in the industry have spurred private entities and development centers to increase R&D efforts, focusing on nanotechnology and material science to address these issues.
The transformation of rail and metro projects and the broader industrial sector development are integral to the ongoing railway projects transformation and the push for greener alternatives in the electric vehicle sector. Cloud-based applications and Artificial intelligence (AI) platforms are empowering digital enterprises to innovate and stay competitive in the market. However, security concerns persist, driving the need for robust security measures. The hybrid workplace model, accelerated by 5G technology and IoT, is reshaping IT service management, prompting IT teams to embrace multi-cloud adoption and manage legacy applications effectively.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
185 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19.58% |
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Market growth 2024-2028 |
USD 10.12 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
17.87 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key countries |
US, China, UK, Germany, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alemba Ltd., Atlassian Corp. Plc, BMC Software Inc., Broadcom Inc., Citrix Systems Inc., EasyVista SA, Efecte Oyj, Freshworks Inc., Hewlett Packard Enterprise Co., Hornbill Corporate Ltd., International Business Machines Corp., ITarian LLC, Ivanti Software Inc., Open Text Corporation, Microsoft Corp., OPGK RZESZOW S.A., ServiceNow Inc., SymphonyAI Summit, SysAid Technologies Ltd, and Zoho Corp. Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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