According to the Market Statsville Group (MSG), the Cloud ITSM Market size is expected to grow from USD 5.7 billion in 2021 to USD 31.1 billion by 2030 at a CAGR of 20.8% from 2022 to 2030. IT service management (ITSM) is a collection of approaches and practices for actualizing, conversing, and overseeing IT services for end clients that meet the clients' expressed needs and the business's expressed goals. IT administrations can include any equipment, software, or computing resource a company provides for a client, such as a company laptop, programming or web application, versatile application, distributed storage, a virtual worker for advancement, or other services. Cloud-based ITSM is a cloud-managed service that assists organizations with everything from planning to operation (data innovation). Cloud-based ITSM manages the execution of data innovation benefits, focusing on the client's needs. The IT specialist organization completes it by utilizing the proper cycles, individuals, and data innovation.

With the growing demand for smartphones and tablets to enable employees to work remotely, most organizations have chosen cloud-based advancements and administrations as a business reason. Many organizations are moving toward a BYOD pattern, allowing clients to access hierarchical information and assets from various areas with the help of cloud-based ITSM.

One of the major factors driving the growth of the cloud ITSM market is the rise in security and privacy concerns worldwide. The increased adoption of cloud-based technologies among consumers in order to improve data security, integrity, and service delivery, as well as high adoption of emerging advanced technologies such as Bigdata and the internet of things across various companies due to features such as easy deployment, subscription-based pricing, and agile implementation, drive market growth.

COVID-19 Impact on the Cloud ITSM Market

The world economy is shrinking due to the coronavirus pandemic, which is causing havoc on global economic activity. Although the COVID-19 outbreak exposed flaws in business models across sectors, it also provided several opportunities for cloud ITSM vendors to expand their business across enterprises as cloud adoption increased in lockdown due to COVID-19. Several companies are reducing their IT spending in 2020 due to the lockdown. They are strategically rethinking their CAPEX spending.  Organizations are migrating to the public cloud to implement these strategies while avoiding capital expenditures during difficult economic times. This is good news for cloud ITSM vendors.

Scope of the Cloud ITSM Market

The study categorizes the cloud ITSM market based on component, end-user, organization size, solution and service at regional and global levels.

By Component Outlook (Sales, USD Billion, 2017-2030)

• Solutions
• Services

By Organization Size Outlook (Sales, USD Billion, 2017-2030)

• Large Enterprises
• Small and medium organizations

By End User Outlook (Sales, USD Billion, 2017-2030)

• Banking, Financial Services, and Insurance
• Government and Public Sector
• Healthcare and Life Sciences
• Telecommunications, IT and ITes
• Manufacturing
• Media and Entertainment
• Retail and Consumer Goods
• Travel and Hospitality
• Others

By Solution Outlook (Sales, USD Billion, 2017-2030)

• Service portfolio management
• Configuration and change management
• Service desk software
• Operations and performance management
• Dashboard, reporting, and analytics

By Service Outlook (Sales, USD Billion, 2017-2030)

• Managed Services
• Professional Services

By Region Outlook (Sales, USD Billion, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • the Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Solutions segment is projected to account for the largest market by components

Solutions segment dominated the cloud IT service management market by component and is expected to continue to do so during the forecast period. The increased need to manage IT operations and management to design, plan, operate, deliver, and control the cloud and IT services is the main factor affecting demand for cloud ITSM solutions. Moreover, an increase in demand among developers to manage an organization's size after production to ensure performance and availability in accordance with service level objectives (SLOs) or service level agreements (SLAs) drives demand for cloud ITSM solutions. As a result of the aforementioned factors, the solutions segment is expected to dominate the market.

Large enterprise segment is projected to account for the largest market by Organization Size

Large enterprise segment dominated the cloud IT service management (ITSM) market. The increased demand for automation and streamlining business processes, which deal with large volumes of customer queries and facilitate personal customer engagement, is primarily responsible for the segment's growth. However, the small and medium-sized enterprise segment is expected to grow at the fastest rate during the forecast period, owing to the growing popularity of cloud services among these businesses, which has compelled organizations to migrate on-premises ITSM to the cloud.

North America accounts for the highest CAGR during the forecast period

Based on the regions, the Global Cloud ITSM Market has been analyzed across five major regions: North America, Asia Pacific, the Middle East & Africa, Europe, and Latin or South America. North America dominated the global cloud IT service management (ITSM) market due to the presence of major market players and increased investment and spending on cloud technologies. Furthermore, the increased emphasis on automation and end-user services increases the adoption of cloud ITSM solutions and services in North America.

Key Market Players in Cloud ITSM Market

The cloud ITSM market is mildly concentrated in nature, with few numbers of global players operating in the market, such as:

• Axios Systems
• Cherwell Software
• Citrix Systems, Inc.
• Hewlett Packard Enterprise Development Lp
• IBM Corporation
• Ivanti
• Microsoft Corporation
• Servicenow
• BMC Software
• CA Technologies
• ManageEngine
• Micro Focus

Recent Developments

• In September 2020, Serviceaide, Inc announced Luma 2.5, the industry's first virtual service and support agent optimised for easy, conversational access to enterprise knowledge and automation services, which will be available.
• In June 2020, ServiceNow expanded its data center capacity in the United Kingdom and Ireland. ServiceNow is building new data centers in two cities: Newport, UK, and Dublin, Ireland. This expansion will increase the company's presence in Europe while also ensuring the scalability of its cloud services.
• In February 2019, BMC Software and IBM Corporation announced a partnership to integrate BMC Helix and BMC Software's cognitive service management with IBM Watson's AI capabilities.

Key Issues Addressed

• What is the market size by various segmentation of the cloud ITSM by region and its respective countries?
• What is the customer buying behavior, key takeaways, and Porter's five forces of the cloud ITSM market?
• What are the key opportunities and trends for manufacturers involved in the cloud ITSM supply chain?
• What are the market's fundamental dynamics (drivers, restraints, opportunities, and challenges)?
• What and how are regulations, schemes, patents, and policies impacting the market's growth?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of cloud ITSM in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.