Cloud ITSM Market Size Worth $26.18 Billion by 2032 | CAGR: 13.5%

The global cloud ITSM market size is expected to reach USD 26.18 billion by 2032, according to a new study by Polaris Market Research. The report “Cloud ITSM Market, Size, Share, Trends, Industry Analysis Report – By Offering (Solutions and Services), Deployment Mode, Organization Size, Vertical, and Region; Market Forecast, 2024–2032” gives a detailed insight into current market dynamics and provides analysis on future market growth

The ability to provide real-time surveillance of business operations during unexpected global conflicts stimulates the cloud ITSM market growth. Information technology service management is constantly changing its position with the emergence of new technologies and software in the marketplace. The rising convenience, scalability, and flexibility associated with cloud systems and the increasing product innovations by firms are expected to boost the cloud ITSM market growth. For instance, in July 2023, Cireson launched a new enterprise plan, Microsoft 365 (M365) ITSM, for Tikit, a cloud-based service desk.

The emergence of generative artificial intelligence (AI) technology across the world is prompting companies to enhance the availability of Internet services with strategic partnerships. For instance, in April 2024, Microsoft signed an eight-year partnership agreement with the Cloud Software Group to promote generative AI and cloud solution services to over 100 million people. Furthermore, the rising integration of AI and growing demand for data-driven decision-making create significant demand for cloud ITSM solutions and services. As per the Hitachi Vantara Report in 2023, around 55% of the companies are facing challenges to gain meaningful insights from their data, and over 40% of the enterprises are anticipated to lose their revenue due to cloud complexity.

Do you have any questions? Would you like to request a sample or make an inquiry before purchasing this report? Simply click the link below: https://www.polarismarketresearch.com/industry-analysis/cloud-itsm-market/request-for-sample

Rising strategic activities implemented by companies to promote their cloud portfolios with additional features propel the cloud ITSM market growth. In August 2023, Eficode, a Finland-based firm, announced the acquisition of Avoset to enhance its market position as an Atlassian partner in Finland and drive the expansion of cloud services.

Cloud ITSM Market Report Highlights

• In terms of the offering, the solutions segment is anticipated to witness a higher growth rate during the forecast period. It is due to the increasing demand for automated workflows, enhanced IT service management capabilities, and integration of AI and machine learning for improved operational efficiency.
• The public cloud segment, based on deployment mode, accounted for the largest market share in 2023 due to its scalability, cost-efficiency, and ease of deployment for businesses of all sizes.
• Based on organization size, the small and medium enterprises segment held a larger revenue share in 2023 due to the increasing adoption of cloud-based ITSM solutions for cost-effective IT management and streamlined operations.
• APAC is projected to register the fastest growth during the forecast period, attributable to the growing adoption of cloud solutions.
• 4ME, Aisera, Alemba, Atlassian, BMC Software, Broadcom, EasyVista, Efecte, Freshworks, GOTO, HaloITSM, Hornbill, IBM, and IFS are among the global market players.

Polaris Market Research has segmented the cloud ITSM market report on the basis of offering, deployment mode, organization size, vertical, and region:

By Offering Outlook (Revenue – USD Billion, 2019–2032)

• Solutions
  • Service Portfolio Management
  • Configuration & Change Management
  • Service Desk Software
  • Operations & Performance Management
  • Dashboard, Reporting & Analytics
• Services
  • Professional Services
  • Managed Services

By Deployment Mode Outlook (Revenue – USD billion, 2019–2032)

• Public Cloud
• Private Cloud
• Hybrid Cloud

By Organization Size Outlook (Revenue – USD billion, 2019–2032)

• SMEs
• Large Enterprises

    By Vertical Outlook (Revenue – USD billion, 2019–2032)

• BFSI
• Education
• Energy & Utilities
• Government & Public Sector
• Healthcare & Life Science
• IT & ITeS
• Manufacturing
• Media & Entertainment
• Retail & Consumer Goods
• Telecommunications
• Other Verticals

    By Regional Outlook (Revenue – USD Billion, 2019–2032)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of LA
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA

Cloud ITSM Market Report Scope