IT Service Management (ITSM) Market worth $22.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 18, 2024 /PRNewswire/ -- Integration with developing technologies, an emphasis on the employee experience, and the shift towards enterprise service management (ESM) are all important factors for the future of the IT service management (ITSM) market. The integration of Agile and DevOps, improved security protocols, cloud-based solutions adoption, and AI-driven predictive analytics integration are among the trends that optimise IT service delivery and support changing business needs. An emphasis on resilience, sustainability, and customer experience metrics also characterises the market's expected trajectory for ITSM.

The ITSM Market size is expected to grow from USD 10.5 billion in 2023 to USD 22.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, according to a new report by MarketsandMarkets™. With the increasing adoption of cloud-based technologies, there are now more opportunities for cloud-based ITSM vendors. Organizations want to obtain IT services externally at a cost that aligns with their usage of IT services rather than building and maintaining these services on-premises. Large enterprises opt for cloud-based ITSM solutions to better manage their IT resources and align their IT services with real-world business needs.

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Scope of the Report

By solution, Service Desk Software will grow at the highest CAGR during the forecast period.

The primary functions of the service desk are incident control, event management, life cycle management of all service requests, and communicating with end users of those IT services. These solutions offer various benefits, such as increased accessibility to assistance/help through a single point of contact, communication, and information; better quality and quicker turnaround of user requests; improved IT support resources and increased productivity; and better-managed infrastructure and control.

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By services, the professional services segment will have a higher market share during the forecast period.

Professional services comprise education, training and certification, consulting, planning, implementation, and support and maintenance necessary to implement ITSM solutions successfully. In this ITSM service, providers thoroughly evaluate the project life cycle, help staff, and assign the right person for the correct process. Professionals also ensure that the solution supports business goals with better communication services. Various software solutions are installed, and departments are integrated in real-time to provide better resource visibility. As part of these services, vendors cover all phases of solution implementation, from planning, deploying, and support to ongoing optimization.

By region, the Asia Pacific region recorded the highest CAGR during the forecast period.

Rising rates of urbanization, technical developments, and government backing for the digital economy are significant drivers of technological advancements in the region. Many firms use cloud-based strategies due to the quick results in cloud computing, IoT, and telecommunications. Throughout the projected period, the area is anticipated to increase significantly. The adoption of ITSM solutions has risen substantially due to the growing volume of business processes and the growing use of cloud technologies. The complexity of manually managing workloads and applications results from the ever-increasing usage of cloud technologies and massive data sets, which will primarily drive the adoption of cloud ITSM solutions among businesses in this region. The primary motivators behind organizations' adoption of cloud technologies would be the low cost and simple implementation of ITSM solutions. The growing preference for cloud-based solutions is anticipated to propel the ITSM Market's rapid expansion in this area.

Top Key Companies in IT Service Management (ITSM) Market:

Some of the key players operating in the ITSM Market are – ServiceNow (US), BMC Software (US), Broadcom (US), Ivanti (US), ManageEngine (India), SolarWinds (US), GoTo (US), Atlassian (Australia), OpenText (Canada) and Zendesk (US).

Recent Developments

• In November 2023, Broadcom acquired VMware. With this milestone acquisition in a deal size of USD 61 billion, VMware joins Broadcom's engineering-first, innovation-centric team, which is another crucial step forward in building one of the world's leading infrastructure technology companies. Broadcom's focus moving forward is to enable enterprise customers to create and modernize their private and hybrid cloud environments. Fundamentally, Broadcom will invest in VMware Cloud Foundation, the software stack that serves as the foundation of private and hybrid clouds. VMware Cloud Foundation fits Broadcom's vision of helping customers convert the typically heterogeneous enterprise IT infrastructure into a virtualized and containerized environment, enabling private and hybrid clouds.
• In October 2023, ServiceNow partnered with ANSR. With this deal, ANSR will establish ServiceNow Centers of Excellence in more than 60 Global Capability Centers (GCCs) to train 3,500 people across India on the ServiceNow platform. ANSR aims to power its internal GCC service delivery on ServiceNow, including Now Assist generative AI (GenAI) capabilities.
• In November 2022, BMC Software acquired Remedy. Combining Remedy's industry-leading service management and problem resolution capabilities with BMC Software's performance and availability management solutions will provide customers with robust, integrated service management solutions as the business(es) deliver outcomes.
• In March 2021, Ivanti acquired Cherwell. The deal will leverage the Ivanti Neurons hyper-automation platform to provide end-to-end service from IT across business lines and from every endpoint to the IoT edge, resulting in personalized, contextual employee experiences and outcomes.

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IT Service Management (ITSM) Market Advantages:

•  ITSM increases overall operational efficiency by automating and streamlining IT procedures, which decreases manual labour. Better resource utilisation and quicker service delivery result from this.
• Organisations may raise the calibre of their IT services and guarantee that they either meet or surpass client expectations by putting ITSM standards into effect. Higher levels of client satisfaction and loyalty are a result of this.
• ITSM offers organised approaches for managing issues and occurrences. This minimises interruptions to corporate activities by facilitating the quicker detection, handling, and prevention of problems.
• ITSM encourages the development of standardised procedures for the provision and maintenance of IT services. Consistency, fewer errors, and a more predictable IT environment are the results of standardisation.
• Strong change management procedures included in ITSM assist businesses in controlling and monitoring system changes while taking risks to minimise their negative effects on business operations.
• Self-service portals and service catalogues are common components of ITSM solutions, enabling users to freely request and access IT services. User satisfaction increases and response times for service requests are shortened as a result.
• Proactive monitoring of IT services and infrastructure is made easier by ITSM technologies. This contributes to a more stable IT environment by enabling organisations to identify and resolve possible problems before they have an impact on end users.

Report Objectives

• To define, describe, and forecast the global ITSM Market based on offering, deployment model, organization size, vertical, and region.
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments for individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze macro and micro-markets for growth trends, prospects, and their contributions to the overall market
• To analyze industry trends, patents and innovations, and pricing data related to the ITSM Market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile key players in the market and comprehensively analyze their market share/ranking and core competencies
• To track and analyze competitive developments, such as mergers & acquisitions, product developments, and partnerships & collaborations in the market.

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