Cloud IT Service Management Market– By Component (Solution and Services), By Organi-zation Size (Large Enterprises and Small & Medium-Sized Enterprises), By Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), By End User (Manufacturing , Transportation and Logistics , Construction and Real Estate, Energy and Utilities, Healthcare and Life Sciences , Retail and Consumer Goods , Banking, Financial Services, and Insurance, Telecommunication and IT, and Others), By Region – Glob

Cloud-based IT service management market size was valued at USD 5917.8 billion in 2020 and is expected to reach USD 28445.6 billion by 2030. The estimated growth rate will be approximate CAGR of 17% during the forecast period. Cloud-based IT service management is an organized and systematic system that provides support to all IT infrastructure. Owing to an increased used of complex data on day to day basis has raised the requirement for a system which can store large data and should be readily available at the time of requirement. The rise in artificial based systems and fast computing has raised the requirement for the flawless system which can deliver the data at fastest speed. Implementation of cloud-based ITSM (IT Service Management) has also reduced the additional infrastructural cost within the organization, which proved to be one of the key factors for the growth of this market. Other approaches like Bring your Own Device (BYOD) system has also praised cloud-based ITSM structure within the organization. Cloud-based ITSM provides a precise value of data at low cost within the affordable price in comparison to the on-premise storage system.

Market Segmentation:

Global cloud-based IT service management market is segmented by type into solution and services.  Solutions is further divided into scheduling and dispatch, mobile field service management, reporting and analytics, service project management, work order management, inventory management, warranty management, and others. Services are further bifurcated into training, education, and consulting, integration and migration, support and maintenance. By organization type, cloud-based IT service management the market is organized into enterprises and small & medium-sized enterprises. By deployment model the market is categorized into public cloud, private cloud, and hybrid cloud. By end user the market is classified into manufacturing, transportation and logistics, construction and real estate, energy and utilities, healthcare and life sciences, retail and consumer goods, banking, financial services, and insurance, telecommunication and information technology, and others.  By region the cloud-based IT service management market is segmented into, Latin America, North America, Asia- Pacific, Europe and RoW.

Market Dynamics and Factors:

Owing to the use of BYOD, work from the home structure, smartphones, and development in the sectors like education, healthcare, manufacturing and information technology has resulted in the growth of cloud-based ITSM industry. However, concerns related to security and protection of confidential data has become a restraint in the growth of cloud-based ITSM market. Shifting of on-premises technology to cloud-based has been a major factor for the growth of market and will propel the future market growth. Also, due to the rise in demand for online streaming in the entertainment industry has projected to drive cloud-based IT service management market growth. Moreover, due to strict data privacy issues, there will be constraints in the cloud-based IT service management market growth.

Geographic Scenario

North America is considered to be the largest market due to the emergence of AI, Machine Learning technologies and BYOD policies. The cloud-based IT service management structure proved to be cost-effective in many organizations and has resulted in growth within the developed nations. Latin America is also considerably growing fast due to advancement in technology and infrastructure. Asia Pacific region is expected to grow at the fastest rate by an approximate CAGR of 10% due to the presence of growing nations India, China, Australia and Japan. The North America region holds a share of 40% in the revenue growth rate during 2019 and is expected to reach USD 6 billion markets by 2024. Europe also holds a considerable growth rate due to its developed infrastructure. 

Competitive Scenario:

The key players in the cloud-based IT service management industry are IBM Corporation, BMC Software, Inc., Citrix Systems, Inc., CA Technologies, Axios Systems PLC, Servicenow, Inc., Heat Software USA, Inc., Cherwell Software, LLC, Hornbill Corporate Limited, and Hewlett Packard Enterprise Company.

Cloud IT Service Management Market Report Scope