Market Overview
IT service management is considered a process-based service. It has widespread uses because it provides software solutions in various sectors. It is specially designed for delivering IT-related services to business professionals to meet the need of consumers. The robust growth of IT sectors and companies is highly demanding for IT services and management solutions. The rise in the number of IT employees and the use of IT devices and services are propelling the growth of the IT Service Management Market.
IT Service Management Market is Anticipated to Reach US$ 18.3 billion by 2030 Registering a CAGR of 23.10%.
The major growth factors are responsible for emerging the trends of the market. The rise in the adoption of cloud-based technologies for the high security of data in huge IT companies is acting as a key driving factor. Most organizations are opting for IT service management solutions as a feasible option in companies' workplaces.
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Due to the frequent changes in advanced technology and features and dynamicity in technology, businesses and enterprises are highly demanding cloud-based solutions. The growth of different enterprises such as small and medium-sized enterprises and large enterprises are chiefly driving the IT Service Management Market. Due to these huge growth opportunities are emerging, which is accelerating the market trends. Therefore, the IT Service Management Market is estimated to witness a healthy CAGR of 9.10 % during the forecast period.
Market Segmentation
The IT Service Management Market is segmented into various segments based on end-users, deployment, and type. These segments play an effective role with their respective services to enhance the demand of the global market. The market size is wide and diverse, and it is fragmented into various types due to the business and enterprises.
The IT Service Management Market is sub-divided into IT asset management, network management, configuration management, application performance management, and DBMS management based on the type segment. Further, in the deployment segment, it comprises on-premise and cloud-based. The cloud-based segment is emerging due to its integration, development, and processing solutions.
The end-user segment is the vast section of the market, as it consists of various sectors such as manufacturing, BFSI, telecommunication, media, healthcare, entertainment, retail services, and much more. The market has huge applications in these sectors.
Regional Analysis
According to the geographical status of the IT Service Management Market, it shows the market's growth in the major regions of the world such as North America, Europe, Asia Pacific, and the rest of the regions. Among the above major regions, the Asia Pacific is expected to reach the highest CAGR during the forecast period.
Meanwhile, North American is considered to hold the largest market share due to the presence of major developed countries like the USA and Canada. The enterprises of these regions provide affordable solutions for the users. They are also known for providing platforms for software applications to develop IT solutions on the requirement. As discussed earlier, the Asia Pacific will grow rapidly in the future days. The other regions will even show significant growth during the review period.
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Top Key Players
- Microsoft (US)
- IBM (US)
- HPE (US)
- ServiceNow (US)
- ITSM (Australia)
- BMC Software (US)
- Hornbill (UK)
- Broadcom (US)
- LeanIX (Germany)
- InfraSight Labs (Sweden)
- Electric (US)
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