Cloud Information Technology Service Management (ITSM) Market Size (2024 - 2029)

Cloud Information Technology Service Management (ITSM) Market Analysis

The Cloud Information Technology Service Management Market size is estimated at USD 4.88 billion in 2024, and is expected to reach USD 5.47 billion by 2029, growing at a CAGR of 2.33% during the forecast period (2024-2029).

The emergence of cloud computing has significantly impacted the way businesses are being operated. The increasing adoption rate of cloud solutions has brought changes in the operating models by reducing IT infrastructure cost. The deployment of cloud solutions enables enterprises to focus on core business competencies.

• The broad availability of cloud services to support various generalized and specialized business applications is fuelling companies' transformations into digital enterprises. When utilizing cloud services, the service provider's Information Technology Service Management (ITSM) processes become an extension of an organization creating an essential process dependency that must be carefully integrated and managed to avoid introducing time delays, unnecessary complexity, security vulnerabilities, and risk to the company's IT operation.
• The growing usage of cloud-based applications among startups and small and medium-sized businesses drives the cloud IT service management industry. Cloud-based apps help firms reduce IT infrastructure running expenses and increase scalability, collaboration efficiency, work process flexibility, company stability, and other benefits.
• Integration of cloud ITMS solutions and services with advanced artificial intelligence (AI) platforms is one of the developing cloud IT service management (ITSM) industry trends. The AI platform enables enterprises to automate a wide range of IT and enterprise management services while also providing a scalable cloud platform.
• Although the fact that cloud ITMS provides several benefits, the majority of end users are unaware of its availability. Moreover, security concerns for personal data and corporate operations in developing countries where cyber-attacks are on the increase are projected to hinder market expansion.
• The COVID-19 pandemic had a beneficial impact on the market, owing to the rise in remote working and the expanding digital transformation of enterprises. Businesses are looking for business processes that are seamless, efficient, and accessible from any location. Further, many businesses completed their digital transformation, and some have decided to remain fully remote or operate on a digital and in-office hybrid model. Thus, IT teams can expect a sharp rise in the need for internal IT support and cloud ITSM, thereby boosting the studied market growth.
• Overall, the pandemic has fueled the cloud ITSM market, and the market is also expected to witness prolific growth post-pandemic, with most organizations shifting to a hybrid workplace model. The enhancing support and services from deploying the cloud ITSM tool would also remain a significant factor in boosting the studied market post-pandemic.

Cloud Information Technology Service Management (ITSM) Industry Segmentation

The Cloud ITSM (Information Technology Service Management) is a practice that is designed to deliver IT services to enterprises with the support of cloud technology. These tools aid the growth of an organization by aligning their IT processes and services with the business objectives. Enterprises are investing heavily in the cloud ITSM applications that can replace their existing legacy systems, depending on the features and capabilities. The competitive upgrades and replacements are expected to have a profound impact on changing the widespread market share in the future.

The Cloud Information Technology Service Management (ITSM) Market is segmented by Application (Configuration Management, Performance Management, Network Management, Database Management System), by End-User Industry (BFSI, IT and Telecommunication, Retail, Travel and Hospitality, Healthcare), by Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.