Cloud-Based ITSM Global Market Report 2024

The cloud-based ITSM refer to a cloud hosting system that provides access to a remote working environment. This cloud hosting allows quick and easy visualization of process workflows and gives firms more freedom and visibility on the web. The purpose of the ITSM platform is to ensure that the IT department lowers its operational cost and increases profit and work flexibility in their businesses.

The main components of the cloud based ITSM market are solutions and services. The services segment focuses on the entire ITSM process such as networks, the internet, servers, software, services, applications and network, and endpoint hardware. These solutions and services are provided to SMEs and large enterprises in industries ranging from IT and telecommunication, BFSI, healthcare, manufacturing, retail, and education.

The cloud-based ITSM market research report is one of a series of new reports that provides cloud-based ITSM market statistics, including cloud-based ITSM industry global market size, regional shares, competitors with a cloud-based ITSM market share, detailed cloud-based ITSM market segments, market trends and opportunities, and any further data you may need to thrive in the cloud-based ITSM industry. This cloud-based ITSM market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cloud-based itsm market size has grown rapidly in recent years. It will grow from $8.19 billion in 2023 to $9.18 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increased focus on user experience, digital transformation initiatives, cost efficiency and opex models, remote work environments, multi-cloud strategies.

The cloud-based itsm market size is expected to see rapid growth in the next few years. It will grow to $16.05 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to evolving industry-specific requirements, focus on customer satisfaction and experience, global regulatory and governance considerations, continuous improvement and analytics focus, alignment with devops practices. Major trends in the forecast period include digital transformation initiatives, remote work and hybrid work models, automation and ai integration, scalability and flexibility, cost efficiency and opex models.

The increase in adoption of cloud-based applications will propel the growth of the cloud-based ITSM market in the forecasted period. Cloud adoption is a business strategy aiming to improve internet-based database capabilities' scalability while lowering costs and risks. Organizations use cloud computing, or remote computers hosted on the Internet, to store, manage, and process essential data. For instance, in November 2021, a 2021 Cloud Adoption Survey published on O'Reilly Media, a US-based learning company, showed that COVID-19 accelerated the cloud adoption application. According to the O'Reilly survey, cloud adoption is rapidly increasing across industries, with 90% of businesses using cloud computing. This is an increase from last year's poll (2020), which found that 88% of respondents were using the cloud, demonstrating that cloud use is accelerating. Therefore, the adoption of cloud-based applications will drive the cloud-based ITSM market growth.

An increasing number of Internet of Things (IoT) devices is expected to boost the growth of the cloud-based ITSM market going forward. IoT devices refer to nonstandard computing devices that can connect to a network wirelessly and provide data. IoT devices produce substantial data, necessitating streamlined management. Cloud-based ITSM provides the scalability and automation needed to efficiently handle this data, allowing organizations to remotely manage and optimize IoT device performance. This enhances efficiency, reduces downtime, and boosts overall operational effectiveness. For instance, in September 2021, according to the report published by IoT Analytics, a German-based market insights and strategic business intelligence company, the number of worldwide IoT connections increased by 8% to 12.2 billion active endpoints, a much lower rate than in prior years. By 2025, it is predicted that there will be more than 30 billion IoT connections, or nearly four IoT devices per person on average. Therefore, the increasing number of IoT devices is driving the growth of the cloud-based ITSM market.

Technological innovation is a key trend gaining popularity in the cloud-based ITSM market. Major companies operating in the cloud based ITSM market are focused on providing technologically advanced solutions and platforms to strengthen their market position. These companies are implementing next-generation cloud-based ITSM technologies into their services and platform, such as virtualization, grid computing, service-oriented architecture, artificial intelligence, mining, cloud computing, automated cloud orchestration, and others. For instance, In October 2023, Sherweb, a Canadian-based cloud solutions provider and technology company, launched an all-in-one IT service management (ITSM) solution, C2 MSP. This customizable solution is designed to help streamline and automate cloud business operations, simplifying the delivery of managed IT services and improving partners’ end-client experience. C2 MSP offers a tailored, fully integrated ticketing solution and a self-service portal to centralize all customer requests, designed to stop manual management and help partners automate their business workflows, improving overall operational efficiency.

Major companies operating in the cloud-based ITSM market are developing and expanding their operations through strategic partnerships. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in May 2022, International Business Machines Corporation (IBM), a US-based technology company, announced that it signed a Strategic Collaboration Agreement (SCA) with Amazon Web Services Inc. (AWS), a US-based cloud computing and web services provider, with plans to offer a broad array of its software catalog as Software-as-a-Service (SaaS) on AWS. It would provide clients with quick and easy access to IBM software that spans automation, data and AI, security, and sustainability capabilities built on Red Hat OpenShift Service on AWS (ROSA) and runs cloud-native on AWS.

In March 2021, IFS AB, a Sweden-based enterprise software company, acquired Axios Systems for an undisclosed amount. Through this acquisition, IFS will strengthen its position in service management by adding enterprise service management functionalities. Axios System is a UK-based provider of service desk, IT service management, and IT asset management software.

Major companies operating in the in the cloud-based itsm market report are ServiceNow Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation (IBM), BMC Software Inc., Broadcom Inc., Cherwell Software LLC, Ivanti Inc., Axios Systems plc, Citrix Systems 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

North America was the largest region in the cloud-based ISTM market in 2023. 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

The countries covered in the cloud-based itsm market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The cloud based ITSM market includes revenues earned by entities by providing asset discovery management, configuration management, incident and problem management, self-service provisioning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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