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The Latin America - Information Technology Service Management (ITSM) Market size is projected to increase by USD 509.72 million, at a CAGR of 12.15% between 2023 and 2028. The market growth and forecasting depend on several factors, including the effective enterprise IT service incident and problem management, the enhanced customer and user experience by minimizing the impact of service disruptions, and the effective organizational change management. Information technology service management (ITSM) is a set of practices and frameworks aimed at delivering efficient and effective IT services to meet the needs of organizations. It focuses on aligning IT services with the business objectives and improving customer satisfaction. ITSM involves various processes, such as incident management, problem management, change management, and service level management.
The report includes a comprehensive outlook on the Latin America - Information Technology Service Management Market, offering forecasts for the industry segmented by Deployment, which comprises cloud and on-premises. Additionally, it categorizes Application, including configuration management, IT asset management and IT service desk, availability and performance management, network management, and others. The market report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Effective organizational change management is the key factor driving market growth. ITSM solutions provide effective control over organizational change management and minimize the costs and risks associated with changes across the heterogeneous IT enterprise environment. ITSM solutions allow any enterprise to be prepared with data-driven and realistic expectations and timeframes for any planned changes. ITSM solutions quicken the entire change management process with Information Technology Infrastructure LibraryI (TIL)-proven practices.
Moreover, ITSM solutions may also maintain a change catalog that features the most common and low-risk changes, which are pre-approved to be deployed rapidly. Furthermore, several Latin America - information technology service management market players offer ITSM for tracking the changes that are happening in organizational architecture. BMC offers the BMC Change Management system for planning, scheduling, implementing, and tracking changes that need to be completed within an organization. Thus, effective organizational change management will drive market growth during the forecast period.
The advent of advanced technologies is one of the market trends shaping market growth. The Latin America - ITSM market is undergoing a transformative shift, driven by the integration of advanced technologies such as machine learning (ML), predictive analytics, blockchain, big data, internet of things (IoT), augmented reality (AR), and virtual reality (VR). This technological evolution is shaping current Latin America - information technology service management market trends and analysis, with a notable focus on the adoption of advanced ITSM solutions by enterprises worldwide. AI-powered ITSM solutions, featuring automatic task categorization, intelligent incident routing, proactive incident detection, and pattern recognition, exemplify the ongoing market trends.
Furthermore, key Latin America - information technology service management (ITSM) market players like ServiceNow are spearheading this movement, infusing ML capabilities into ITSM solutions to automate tasks and enhance overall business productivity. The projection of significant AI deployment in major Latin American economies by 2035 further underscores the regional market trends and analysis, indicating a substantial technological shift that will propel the growth of the ITSM market during the forecast period.
Resistance to cultural shift is a challenge that affects market growth. The inherent cultural shift across organizations and the fundamental change in the engagement and delivery of enterprise IT services are challenges for implementing ITSM solutions. Generally, people resist changes that may result from the adoption of modern and advanced ITSM solutions. This is a prominent trend in SMEs and startups than in large enterprises with well-defined processes and procedures for organizational change.
In addition, many repetitive and routine tasks are estimated to be automated and standardized, and the associated workforce could be re-assigned. ITSM solutions usually prompt the upgrade of the entire set of business processes, and many obsolete and legacy processes might be eradicated or realigned to the new IT objectives. Hence, a cultural shift is inevitable with the adoption of ITSM solutions, which may impede market growth during the forecast period.
The market share growth by the cloud segment will be significant during the forecast period. The cloud segment in the Latin America - IT service management (ITSM) market has been witnessing significant growth in the past few years. ITSM refers to the process-driven framework designed to deliver, manage, and support IT services to organizations. With the increasing adoption of cloud computing technologies and the demand for enhanced service management capabilities, the cloud segment is gaining prominence in the region.
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The cloud segment showed a gradual increase in the market share of USD 316.08 million in 2018. Several factors are driving the growth of the cloud segment in the Latin America - ITSM market. Additionally, cloud-based ITSM facilitates easier scalability, as organizations can easily adjust their service management capabilities according to their business needs. Furthermore, cloud service providers adhere to strict security and compliance standards, offering organizations peace of mind and ensuring their data are protected. As more organizations across the region realize the benefits of cloud-based ITSM solutions, the demand for cloud deployment segment increases, which, in turn, will drive the growth of the market during the forecast period.
The configuration management segment within the Latin America - IT service management (ITSM) market plays a crucial role. Configuration management refers to the practice of identifying, documenting, and controlling the configuration items (CIs) within an organization's IT infrastructure. One of the key drivers for the growth of the configuration segment in the Latin America - ITSM market is the increasing complexity of IT environments. In addition, the configuration segment in the Latin America - ITSM market is also witnessing advancements in technology. AI-powered tools and automation are being integrated within configuration management solutions, enabling organizations to streamline their processes, automate routine tasks, and proactively detect and resolve configuration-related issues. Thus, such factors will drive market growth during the forecast period.
Latin America ITSM Market forecasts include the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s 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 Latin America ITSM market growth and trends strategies.
Latin America 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.
The Latin America ITSM Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Latin America ITSM Market forecasting market analysis and report of 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 Latin America ITSM market research report forecasts market growth by revenue and provides an analysis of the market growth and trends from 2018-2028.
Latin America ITSM Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Market forecasting period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.15% |
Market Growth 2024-2028 |
USD 509.72 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.1 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bitrix Inc., BMC Software Inc., Broadcom Inc., Citrix Systems Inc., Freshworks Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., IFS World Operations AB, International Business Machines Corp., InvGate, Ivanti Software Inc., Microsoft Corp., Oracle Corp., SAP SE, ServiceNow Inc., SolarWinds Corp., SysAid Technologies Ltd, Tata Consultancy Services Ltd., Zoho Corp. Pvt. Ltd., and Zendesk Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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