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Cloud IT Service Management (ITSM) Market Trends

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

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Cloud IT Service Management Market Trends

The demand for Cloud IT service management is increasing due to the rapid adoption of digital transformation initiatives across various industries. Businesses are striving to modernize their IT operations to support new digital services and customer experiences. Additionally, the proliferation of IoT devices and the growing reliance on big data analytics require robust and scalable ITSM solutions to manage the expanded IT landscape effectively.

The increased focus on business continuity and disaster recovery catapults the demand, as cloud IT service management provides enhanced resilience and uptime. The trend towards DevOps and agile methodologies necessitates flexible and adaptive ITSM frameworks that cloud-based solutions offer. For instance, in April 2024, BMC acquired Netreo which is an award-winning vendor of smart and secure IT network and app observability solutions. This purchase agreement of Netreo solidifies BMC’s leadership in AIOps and observability.

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.