Cloud ITSM Market Growing at a CAGR 21.2% | Key Player ServiceNow, BMC Software, Cherwell Software, Broadcom, HPE

ServiceNow (US), BMC Software (US), Cherwell Software (US), Broadcom (US), HPE (US), IBM (US), Axios Systems (US), Ivanti (US), Citrix Systems (US), Hornbill (UK), Microsoft (US), EasyVista (US), Micro Focus (UK), Atlassian (Australia), Alemba (UK), SysAid (Israel), Freshworks (US), LogMeIn (US), ManageEngine (US), Efecte (Finland), EZOfficeInventory (US).
Cloud ITSM Market by Components ( Solutions (Service Portfolio Management, Configuration & Change Management, Service Desk Software) And Services), Vertical (BFSI, IT & ITeS, Retail & Consumer Goods), Organization Size, and Region – Global Forecast to 2025

The global Cloud ITSM market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period, to reach USD 12.2 billion by 2025 from USD 4.7 billion in 2020. Increased adoption of cloud, reduced time and costs, and enhanced focus on IT operations and infrastructure are expected to spur the demand for Cloud ITSM offerings across the globe. The Cloud ITSM market includes major vendors, such as ServiceNow (US), BMC Software (US), Cherwell Software (US), Broadcom (US), HPE (US), IBM (US), Axios Systems (US), Ivanti (US), Citrix Systems (US), Hornbill (UK), Microsoft (US), EasyVista (US), Micro Focus (UK), Atlassian (Australia), Alemba (UK), SysAid (Israel), Freshworks (US), LogMeIn (US), ManageEngine (US),  Efecte (Finland), EZOfficeInventory (US), Mint Service Desk (Poland), Device42 (US), LeanIX (Germany), Aisera (US), ITSM (Australia), Electric (US), InfraSight Labs (Sweden), Symphony SummitAI (US), and ITarian (US). The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as ServiceNow, BMC Software, Cherwell Software, Broadcom, and Ivanti have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the Cloud ITSM market.

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The market is expected to be driven by the need of operations and performance management solutions

The operations and performance management solution caters to the needs of day-to-day maintenance and management of organizational IT infrastructures and services. This solution ensures smooth delivery of IT services and their compliance with the predefined parameters. Organizations across verticals use these ITSM solutions for enhanced visibility as well as to prevent service outages and achieve maximized operational agility.

Increased cloud adoption of cloud among SMEs is driving the cloud ITSM market

The major driving factors favoring the adoption of cloud ITSM solutions among SMEs include reliability, scalability, integration, flexibility, and improved productivity. The cloud ITSM market for SMEs is expected to gain traction as it provides flexibility and scalability along with reduced costs. The implementation of cloud-based technologies is expected to result in increased revenues, desired outcomes, and improved business efficiency for SMEs. However, SMEs face three critical challenges: capital, skills, and scalability. To overcome these issues, SMEs adopt the pay-as-you-go model, which offers flexibility to manage their IT infrastructure according to their requirements. SMEs face intense competition from large enterprises, thus to gain a competitive edge, SMEs are adopting cloud ITSM solutions, which would enable quick responses, timely decisions, and overall enhanced business productivity. The adoption of cloud ITSM is further expected to increase in coming as more organizations are migrating workloads on cloud-based environment.

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 ServiceNow is one of the leading players in the Cloud ITSM market. The company has been working extensively toward becoming an exclusive cloud-based ITSM and ITOM service provider. It primarily intends to improve the experience of technology usage for both personal and commercial clients. The company aims at providing customers with economical and convenient product offerings integrated with the latest technology solutions and services. ServiceNow has a strong presence in the cloud ITSM market, with robust solutions and services and a strong ecosystem of technology partners. These providers include IBM, Microsoft, AWS, SAP, Adobe, and Cisco. The company focuses on developing new and efficient solutions through huge investments in R&D, thus increasing its product offerings. Its ITSM-specific customer base is spread across verticals, including IT and ITeS, BFSI, education, government, healthcare, and telecom.

BMC Software is an eminent player in the cloud ITSM market, as it provides strong cloud-based offerings to enhance IT services and operations. The company has a strong brand presence that helps its products gain traction in the market. The company continuously helps its customers transform into digital businesses. The company has global programs for its clientele at the Executive Briefing Center (EBC) in Houston (US), Customers Experience Center (CEC) in Pune (India), and virtually. With the growing demand for cloud-based solutions and services for ITSM, the adoption of cloud-based ITSM is gaining traction and benefitting strong players, such as BMC Software. The organization continuously focuses on expanding its market share in the highly competitive ITSM landscape across the globe.

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