Cloud IT service management (ITSM) is the process of designing, implementing, delivering, supporting, and managing IT services for an organization. It also comprises of hardware, software, computing resources, cloud storage, web & mobile applications, and virtual servers. The cloud IT service management also provides a bit fast, agile, and risk-free response to unexpected events, new opportunities, and competitive threats. Moreover, it also assists in improving the overall productivity in a small or mid-sized business by limited resources. Cloud ITSM also aids in setting and meeting the realistic expectation for the services that result in improved transparency and user satisfaction. Moreover, it is cost-effective and enables organizations to manage their data efficiently and effectively.
According to study, “Cloud ITSM Market by Component (Solutions and Services), Organization Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (IT & Telecommunication, BFSI, Healthcare, Manufacturing, Retail, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2026”. Some of the key companies operating in the global cloud ITSM market are Axios Systems, CA Technologies, BMC Software, Citrix Systems, International Business Machines Corporation (IBM), Hewlett Packard Enterprise, ManageEngine, Microsoft Corporation, Micro Focus, and ServiceNow.
Based on component, the cloud ITSM market is bifurcated as solutions (service portfolio management, service desk software, configuration & change management, dashboard reporting & analytics, and operations & performance management) and services (managed services and professional services). Solutions segment dominates the market owing to a rise in need for managing the IT operations and management for design, plan, operate, deliver, and control the cloud and IT services. Based on the size of organizations, the market is bifurcated as large enterprises and small & medium enterprises (SMEs). Large enterprises segment is anticipated to witness higher growth rate due to rise in demand for automation & streamlining business processes, which deal with huge volumes of customer queries and facilitate personal customer engagement during the forecast period. In addition, based on the end-use industry, the market is bifurcated as manufacturing, IT & telecommunications, media & entertainment, healthcare & life sciences, government & public, retail & consumer goods, travel & hospitality and others (energy & utilities and educations).
The cloud ITSM market is driven by the integration of Artificial Intelligence (AI) enabled tools with ITSM solutions, an increase in the shift to cloud-based technologies, and a rise in benefits of agile implementation, easy deployment, and OPEX model. However, security or privacy concerns for confidential data and business processes may impact the market. Moreover, widespread adoption of Bring your own device (BYOD) trend & increase in mobile workforce and rise in demand among SMEs are key opportunities for the market.
Based on geography, the North-American region holds the major share in the cloud ITSM market owing to a rise in investment & spending on cloud technologies and the presence of major market players in the region. Whereas, the Asian-Pacific and European regions are anticipated to exhibit considerable growth rate due to the rapid increase in considerations of cloud ITSM solutions over the forecast period. In the near future, it is projected that the global market will be reached at a rapid pace on account of an increase in the adoption of cloud-based technology during the forecast period.
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