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Cloud IT Service Management (ITSM) Market Size
- Report ID: GMI9806
- Published Date: Jun 2024
- Report Format: PDF
Cloud IT Service Management Market Size
Cloud IT Service Management Market size was valued at USD 8.8 billion in 2023 and is estimated to register a CAGR of over 12.5% between 2024 and 2032. Cloud ITSM solutions offer scalability and flexibility, allowing organizations to easily scale their IT services up or down based on their requirements without significant infrastructure investments. This scalability is particularly valuable for businesses experiencing growth or fluctuations in demand.
With the increasing prevalence of remote work, cloud ITSM solutions provide remote access to IT services and support, allowing employees to perform their tasks from anywhere with an internet connection. This capability is crucial for maintaining productivity and ensuring seamless collaboration among distributed teams. For instance, in April 2024, Cloud Software Group and Microsoft signed a long-term partnership of 8 years to bring cloud solutions and generative AI together. The partnership aims at strengthening the go-to-market agreement for Citrix.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Cloud IT Service Management Market Size in 2023: | USD 8.8 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 12.5% |
| 2032 Value Projection: | USD 25.4 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 300 |
| Segments covered: | Component, Organization Size, Deployment Model and End-User Industry |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Cloud ITSM solutions typically operate on a subscription-based model, eliminating the need for upfront hardware and software investments. This cost-effective approach enables organizations to reduce capital expenditure and optimize IT budgets by paying only for the resources and services they consume. Cloud IT service management platforms often integrate advanced automation capabilities, such as workflow automation, AI-driven chatbots, and self-service portals. These automation features streamline IT service delivery processes, reduce manual intervention, and enhance operational efficiency by enabling faster issue resolution and response times.
For instance, in June 2024, Freshworks fully acquired Device42. This purchase marks a milestone for Freshworks, stimulating its commitment to fortifying IT teams with IT Asset Management (ITAM) solutions.
Despite advancements in cloud security measures, many organizations remain hesitant to migrate sensitive IT operations and data to the cloud due to concerns about data security and privacy. Issues like data breaches, unauthorized access, and compliance with industry regulations can pose significant challenges for organizations considering cloud IT service management adoption.
Frequently Asked Questions (FAQ) :
Cloud IT Service Management Market Scope
