The provision of IT service management solutions via cloud computing platforms is referred to as cloud ITSM. Organizations can use ITSM tools and capabilities online, doing away with the requirement for infrastructure on-site. Users using cloud ITSM solutions can access them from any location with an internet connection because they are housed on cloud servers. In addition to other features, they provide incident, issue, and change management. Cloud ITSM offers advantages over traditional on-premises solutions in terms of cost-effectiveness, scalability, and customization. It frees up organizations to concentrate on providing services rather than worrying about the upkeep of their infrastructure.

The global Cloud ITSM Market size was valued at USD 8,150.12 million in 2022. It is projected to reach USD 34,030.18 million by 2031, registering a CAGR of 17.2% during the forecast period (2023-2031). 

Competitive Landscape

Some of the prominent players operating in the Cloud ITSM Market are

1. Axios Systems
2. BMC Software
3. CA Technologies
4. Citrix Systems
5. Hewlett Packard Enterprise
6. International Business Machines Corporation (IBM)
7. ManageEngine
8. Micro Focus
9. Microsoft Corporation
10. ServiceNow

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Latest Trends in the Cloud ITSM Market

• Adoption of Cloud Service Management: Cloud-based ITSM solutions are becoming more and more popular; 94% of businesses use cloud services.
  The growing popularity of cloud ITSM solutions can be attributed to their affordability, scalability, and flexibility when compared to on-premises systems.
  As businesses look to organize the expanding cloud use, they are focusing more and more on the management and integration of cloud services.
• A Better Experience with Remote Access: The necessity for safe and effective access to services and support for remote work is driving the trend toward better remote access experiences in ITSM.
  To maximize the remote user experience, self-service portals, automation, and cloud-based solutions are providing improved remote access and processes.
• Eco-friendliness and Green IT: By maximizing the administration of IT resources and infrastructure, ITSM is significantly contributing to the alignment of IT operations with business sustainability objectives.
  ITSM, which monitors and controls the lifecycle of IT equipment, is positioned as a performance lever and a cornerstone of businesses' sustainable strategy.
• Integration of Enterprise Service Management (ESM): By integrating with numerous business processes, ITSM is going beyond conventional IT service management to provide enterprise-wide service management.
  Organizations can use ITSM capabilities to improve service delivery throughout the enterprise by integrating ITSM with ESM.
• Automation and Artificial Intelligence: AI and automation are starting to play a major role in ITSM initiatives, resulting in improved responsiveness, efficiency, and proactive problem prevention.
  With zero-touch IT capabilities, technologies like virtual agents, intelligent ticket assignment, and predictive analytics are revolutionizing ITSM.

Global Cloud ITSM Market: Segmentation

As a result of the Cloud ITSM Market segmentation, the market is divided into sub-segments based on product type, application, as well as regional and country-level forecasts.

1. By Component
   1. Solutions
   2. Services
2. By Organization Size
   1. Large Enterprises
   2. Small and Medium Enterprises
3. By Industry Vertical
   1. IT and Telecommunication
   2. BFSI
   3. Healthcare
   4. Manufacturing
   5. Retail
   6. Education
   7. Others 

The report forecasts revenue growth at all geographic levels. It provides an in-depth analysis of the latest industry trends and development patterns from 2022 to 2030 in each of the segments and sub-segments. Some of the major geographies included in the market are given below:

• North America (U.S., Canada)
• Europe (U.K., Germany, France, Italy)
• Asia Pacific (China, India, Japan, Singapore, Malaysia)
• Latin America (Brazil, Mexico)
• Middle East & Africa

Regional Analysis

• North America: From 2024 to2031, the North American cloud ITSM market is anticipated to expand at a CAGR of 9.8%.
  With more than 75% of the regional market share, the United States is by far the largest market in North America.
  Significant contributions to the North American cloud ITSM market come from Canada and Mexico.
• Europe: From 2024 to 2031, the European cloud ITSM market is anticipated to expand at a CAGR of 8.5%.
  With a combined market share of more than 60% in the region, the UK, Germany, and France are the three largest European marketplaces.
• Asia-Pacific: The cloud ITSM market in Asia-Pacific is anticipated to grow at the fastest rate, 12.2%, between 2024 and 2031.
  The biggest markets in the area are in China, Japan, and India, with Australia and South Korea following closely behind.
  Accelerated digitization, expanding cloud computing use, and rising IT infrastructure investments are driving the Asia-Pacific cloud ITSM market.
• The remainder of the world: From 2024 to 2031, the cloud ITSM market in the Rest of the World (RoW) area, which includes Latin America, the Middle East, and Africa, is anticipated to expand at a compound annual growth rate (CAGR) of 7.9%.
  The UAE, Saudi Arabia, and South Africa are the main markets in the Middle East, while Brazil, Argentina, and South Africa are the primary markets in Latin America.

This Report is available for purchase on Buy Cloud ITSM Market Report

Key Highlights

• In order to explain Cloud ITSM Market the following: introduction, product type and application, market overview, market analysis by countries, market opportunities, market risk, and market driving forces
• The purpose of this study is to examine the manufacturers of the Cloud ITSM Market, including profile, primary business, news, sales and price, revenue, and market share.
• To provide an overview of the competitive landscape among the leading manufacturers in the world, including sales, revenue, and market share of Cloud ITSM Market percent
• To illustrate the market subdivided by kind and application, complete with sales, price, revenue, market share, and growth rate broken down by type and application
• To conduct an analysis of the main regions by manufacturers, categories, and applications, covering regions such as North America, Europe, Asia Pacific, the Middle East, and South America, with sales, revenue, and market share segmented by manufacturers, types, and applications.
• To investigate the production costs, essential raw materials, production method, etc.

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