Cloud ITSM Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Cloud ITSM Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : August, 2020 | Technology & Media | PPT format

Report Digest

Global Cloud ITSM Market: Overview 

The growth of the global cloud ITSM market is growing on account of advancements in the organizational structure of large MNCs. The advent of next-generation platforms for employee management and information sourcing has necessitated the need for IT platforms.  As companies embrace digital transformations, the need for cloud-based platforms has become indispensable. Moreover, the high reliance of large firms on IT systems and technologies has created a boatload of possibilities for market growth. The unprecedented requirement for managing the complexities of organizations has also given a thrust to market growth. Henceforth, it is safe to expect that the global cloud ITSM market would accumulate large-scale revenues in the years to follow. 

A syndicate review by TMR Research (TMR) outlines several key dynamics pertaining to the global cloud ITSM market. The global cloud ITSM market can be segmented on the basis of end-user, application, service-type, and region. On the basis of application, the demand for cloud ITSM for managing hierarchical structures across organizations has aided market growth. 

Global Cloud ITSM Market: Notable Developments 

The growth of digitalization across multiple industries has paved way for multiple developments across the global cloud ITSM market. 

ServiceNow provides value-added services for cloud ITSM, and has emerged as a key vendor in the market. The agility and speed of cloud ITSM services provided by the company have helped it in attracting a large consumer base. Furthermore, the success stories of the company’s services have played an integral role in its popularity. A number of businesses that previously underscored ServiceNow’s services have now become regular consumers to the company. 

The need for developing a strong net of security across large businesses has played to the advantage of the market players. The market vendors are focusing on developing effective cloud-based solutions that can help in garnering the attention of the masses. It is also true that the need for improved monitoring of stored data is an indispensable requirement across large companies.

Some of the leading vendors in the global cloud ITSM market are:

  • Cherwell Software (US)
  • CA Technologies (US)
  • Ivanti (US)
  • Hornbill (UK)
  • Citrix Systems (US)
  • Axios Systems 

Global Cloud ITSM Market: Growth Drivers

  • Rising Incidence of Cyber Attacks

The need for a common portal to access sharable information has necessitated the presence of cloud hosting platforms. There is tremendous demand for securing key assets and information of companies, individuals, and entities. Information stored on hardware devices is at a risk of being lost to cyberattacks and unanticipated system failures. Hence, cloud ITSM has emerged as a panacea for the commercial and industrial sectors. The rapid digitalization of processes within key industries is a key standpoint from the perspective of market growth. Moreover, rising incidence of cyberattacks and intrusions have also driven companies towards the use of cloud ITSM platforms. 

  • Business Growth and Corporate Ethics 

There is a large playfield of opportunities floating in the global cloud ITSM market. The market vendors are projected to tie up with large business units in order to develop a permanent consumer base. Moreover, the relentless efforts made by government authorities to standardize business processes has also aided market growth. State-level planning authorities have been quick to adopt digital platforms for accelerated integration of key services. Besides, development of databases for analytic testing across business entities has also driven market demand.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.