Cloud ITSM Market to reach $15.66 billion by 2026
Surge
in adoption of cloud-based technologies and integration of AI-Enabled tools with
ITSM solutions drive the global cloud ITSM market. However, security and
privacy concerns related to confidential data and business processes hinder the
market growth. On the other hand, widespread adoption of BYOD trend, rise in
mobile workforce, and increase in demand among SMEs create new opportunities in
coming years.
Based
on component, the solution segment contributed to nearly two-thirds of the
total share of the global cloud ITSM market in 2018, and is expected to
maintain its dominance during the forecast period. This is due to rise in need
to manage IT operations and management in order to design, operate, plan,
deliver, and control cloud and IT services. However, the services segment is
expected to grow at the highest CAGR of 18.9% from 2019 to 2026, owing to
effective functioning offered by these software and platforms during the
process.
Based
on industry vertical, the IT & telecommunications segment held the largest
share of the global cloud ITSM market, accounting for more than one-third of
the total market in 2018, and is expected to maintain its leadership status
during the forecast period. This is attributed to ITSM solutions offering
numerous benefits such as lowered operating costs, rise in revenues,
infrastructure sharing, and others. However, the retail segment is estimated to
register the highest CAGR of 24.3% from 2019 to 2026, owing to a rise in the need for
streamlining business operations and supply chains to support and refocus on IT
resources.
Based
on region, North America held the highest market share in terms of revenue,
accounting for more than two-fifths of the global cloud ITSM market in 2018,
and is expected to lead in terms of revenue during the forecast period. This is
attributed to the presence of major market players, increase in investment in
cloud technologies, and surge in focus on automation and end-user services.
However, Asia-Pacific is expected to register the fastest CAGR of 22.5% from
2019 to 2026, owing to increase in number of startups and adoption of
artificial intelligence (AI) technologies including image processing, machine
learning, and others.
The
report has offered an all-inclusive analysis of the global cloud ITSM market
taking into consideration all the crucial aspects like growth factors,
constraints, market developments, top investment pockets, future prospects, and
trends. At the start, the report lays emphasis on the key trends and
opportunities that may emerge in the near future and positively impact the
overall industry growth.
Key
drivers that are propelling the growth of the market included in the report.
Additionally, challenges and restraining factors that are likely to curb the
growth of the market are put forth by the analysts to prepare the manufacturers
for future challenges in advance.
The
report presents in-depth insights into each of the leading cloud ITSM market
end user verticals along with annual forecasts to 2026. The report provides
revenue forecast with sales, and sales growth rate of the global Key drivers
that are propelling the growth of the market included in the report.
Additionally, challenges and restraining factors that are likely to curb the
growth of the market are put forth by the analysts to prepare the manufacturers
for future challenges in advance.
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