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Cloud IT Service Management (ITSM) Market Share

Report ID: GMI9806
Published Date: Jun 2024
Report Format: PDF

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Cloud IT Service Management Market Share

ServiceNow Inc. and IBM Corporation hold a high market share of over 15% in the cloud IT service management industry. ServiceNow focuses on understanding and addressing the specific needs of its customers. By offering tailored solutions and excellent customer service, it maintains high customer satisfaction and loyalty, which drives growth through customer retention.

IBM Corporation uses its expertise in hybrid cloud and AI technologies to enhance its ITSM offerings. By integrating its ITSM solutions with IBM Cloud and Watson AI, the company provides advanced, intelligent IT service management capabilities that cater to a broad range of customers.

Cloud IT Service Management Market Companies

Major players operating in the cloud IT service management industry are:

Atlassian Inc.
BMC Software Inc.
Broadcom Inc
Freshworks
IBM Corporation
Ivanti Inc.
Microsoft Corporation
Open Text Corporation
ServiceNow
Solarwinds

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of cloud IT service management reached USD 8.8 billion in 2023 and is set to witness 12.5% CAGR between 2024 and 2032, owing to its scalability and flexibility.

The BFSI segment of the cloud IT service management industry accounted for 22% share in 2023, as the scalability of cloud ITSM solutions enables BFSI organizations to manage fluctuating demands and integrate new technologies without heavy upfront costs.

North America market recorded 38% revenue share in 2023, due to the scalability and flexibility offered by cloud ITSM solutions.

BMC Software Inc, Broadcom Inc, Freshwork, IBM Corporation, Ivanti Inc, Microsoft Corporation, Open Text Corporation, ServiceNow, and Solarwinds among others.