ITSM Market to reach $28,683.68 million, Globally, by 2032 at 12.4% CAGR: Allied Market Research

Rise in adoption of its infrastructure across the end user industries and surge in digital business transformation drive the growth of the global ITSM market.

WILMINGTON, Del., Jan. 16, 2024 /PRNewswire/ --  Allied Market Research published a report, titled, "ITSM Market by Component (Solution and Services), Function (Network Management, Performance Management, Configuration Management, and Database Management System), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprise, and Small & Medium-sized Enterprise), End User (BFSI, Healthcare, Retail & E-commerce, IT & Telecom, Manufacturing, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032" According to the report, the global ITSM market generated $9,142.48 million in 2022, and is estimated to reach $28,683.68 million by 2032, witnessing a CAGR of 12.4% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. 

Drivers, Restraints, and Opportunities-

The ITSM market is expected to witness notable growth owing to rising adoption of its infrastructure across the end user industries, surge in digital business transformation, and increasing demand for a unified platform. Moreover, the need for improved it service delivery is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, implementation and lack of quality standards in service-level limits the growth of the ITSM market.

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Report coverage & details:

COVID-19 scenario-

• The COVID-19 pandemic has significantly impacted IT Service Management (ITSM) by reshaping the way organizations approach and implement IT services. One of the most notable changes has been the acceleration of digital transformation initiatives.
• The sudden shift to remote work necessitated the rapid adoption of cloud-based ITSM tools to ensure seamless service delivery and support for remote teams. This shift not only emphasized the importance of scalable and flexible ITSM solutions but also highlighted the need for agility and adaptability in the face of unforeseen disruptions.
• Incident management faced unprecedented challenges as the number of remote users surged, requiring IT teams to navigate complex issues related to connectivity, security, and user support.
• The demand for quick and effective problem resolution underscored the importance of robust ITSM frameworks that could handle the increased strain on IT resources.

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The solution segment is expected to lead the market in 2032.

By component, the solution segment held the major share in 2022, garnering nearly one-third of the global ITSM market revenue, owing to the organizations leverage the scalability, flexibility, and cost-effectiveness of cloud platforms to host their ITSM tools, enabling easier remote access, streamlined updates, and improved collaboration among distributed teams. However, the services segment would also showcase the fastest CAGR of 14.9% during the forecast period, owing to the increasing emphasis on user-centric services, driven by the recognition that positive user experiences are essential for organizational success. This involves not only delivering reliable and efficient IT services but also ensuring they align with the needs and expectations of end-users.

The network management segment to dominated the market in 2022.

By function, the network management segment held the major share in 2022, garnering nearly two-fifths of the global ITSM market revenue, owing to the increased adoption of software-defined networking (SDN) and network virtualization. These technologies provide greater flexibility, scalability, and agility in managing network resources, aligning with the dynamic needs of organizations. However, the database management system segment would also showcase the fastest CAGR of 15.0% during the forecast period, owing to the emphasis on hybrid and multi-cloud database management, recognizing the diverse IT environments that modern organizations operate in. This trend ensures seamless data integration and accessibility across different platforms.

The cloud segment to dominate the market by 2032

The cloud segment would dominate the market as well as display the fastest CAGR of 13.5% throughout the forecast period, owing to the adoption of artificial intelligence (AI) and machine learning (ML) within cloud-based ITSM solutions. These technologies enhance automation, predictive analytics, and intelligent decision-making, improving the overall efficiency of IT service delivery.

The large enterprise segment to dominate by 2032

By enterprise size, the large enterprise segment accounted for two-thirds of the global ITSM market share in 2022, and is expected to rule the boost by 2032, owing to the evolving landscape of technology, organizational needs, and the ever-increasing complexity of IT environments. However, the small and medium-sized enterprise segment would also display the fastest CAGR of 14.5% throughout the forecast period, owing to growing focus on accessibility, affordability, and agility. One notable trend is the increased adoption of cloud-based ITSM solutions among SMEs.

The IT and telecom segment to dominate by 2032

By end user, the IT and telecom segment accounted for around one-fourth of the global ITSM market share in 2022, and is expected to rule the boost by 2032, owing to the integration of artificial intelligence (AI) and machine learning within ITSM frameworks is to automate routine tasks to predict and prevent service issues and enhance overall operational efficiency. This trend aligns with the telecom industry's pursuit of more intelligent and proactive service management. However, the healthcare segment would also display the fastest CAGR of 17.2% throughout the forecast period, owing to growing reliance on advanced technologies and data-driven solutions to enhance patient care and operational efficiency. Moreover, increasing adoption of telehealth and remote patient monitoring, driven by the need for flexible and accessible healthcare services.

North America garnered the major share in 2022

By region, North America garnered the highest share in 2022, holding nearly two-third of the global ITSM market revenue in 2022, and is projected to retain its dominance by 2032, owing to surge in the integration of artificial intelligence (AI) and machine learning (ML) within ITSM frameworks, aimed at automating routine tasks, improving predictive analytics, and enhancing overall service delivery. The Asia-Pacific region would also portray the fastest CAGR of 16.3% during the forecast period, owing to the organizations leveraging ITSM to navigate through digital transformation by adopting machine learning algorithms and integration of artificial intelligence within digital technologies. Cloud computing is a prevailing trend, offering scalability and flexibility for IT service delivery.

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Leading Market Players-

• Atlassian
• BMC Software, Inc.
• Broadcom
• Cloud Software Group, Inc.
• Freshworks Inc.
• Hewlett Packard Enterprise Development LP
• IBM Corporation
• Ivanti, Inc.
• Open Text Corporation.
• ServiceNow, Inc.

The report analyzes these key players in the global ITSM market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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