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 : January, 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 reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

The regional analysis covers:

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

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.

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