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The shift toward Software-as-a-Service (SaaS) in the IT service management is revolutionizing the industry. It offers organizations the flexibility to access ITSM solutions as cloud-based services, reducing the need for extensive on-premises infrastructure and making ITSM more scalable & cost-effective. This trend aligns with the broader move toward cloud computing, enabling quicker deployment, updates, and accessibility. SaaS ITSM solutions are particularly attractive to businesses seeking agility, cost savings, and the ability to adapt to evolving technology needs, driving market growth.
Integrated service management is an emerging trend in the IT service management market, emphasizing the alignment of ITSM with broader enterprise service functions. This approach breaks down silos within organizations, enhancing cross-functional collaboration and providing a holistic view of services. ISM promotes a unified strategy for managing all service-related activities, streamlining workflows, and improving the end-user experience. By integrating ITSM with areas such as HR, facilities, and customer service, ISM enables organizations to deliver more efficient, cohesive & customer-centric services, making it a key trend in the ITSM landscape.
The market valuation of the information technology service management was exceeded USD 7.8 billion in 2022 and is estimated to register a CAGR of over 10% between 2023 and 2032.
North America information technology service management market held a share of around 38% in 2022 and is expected to register significant growth through 2032, as the region is home to numerous technologically advanced enterprises that are increasingly adopting ITSM to streamline operations, enhance customer experiences, and improve efficiency.
The large enterprises segment accounted for a market share of around 75% in 2022 and is expected to witness significant growth through 2032, as these organizations have complex IT infrastructures, necessitating comprehensive ITSM solutions for efficient management.
Atlassian, BMC Software, Inc., Freshworks Inc., EasyVista, IFS, Ivanti, Open Text, ManageEngine, ServiceNow, and SysAid.