Global Cloud IT Service Management Market Size, Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts to 2030

The Global Cloud-based IT service management market size was valued at USD 5917.8 billion in 2020 and is expected to reach USD 28445.6 billion by 2030. The estimated growth rate will be approximate CAGR of 17% during the forecast period.Cloud-based IT service management is an organized and systematic system that provides support to all IT infrastructure. Owing to an increased used of complex data on day to day basis has raised the requirement for a system which can store large data and should be readily available at the time of requirement. The rise in artificial based systems and fast computing has raised the requirement for the flawless system which can deliver the data at fastest speed. Implementation of cloud-based ITSM (IT Service Management) has also reduced the additional infrastructural cost within the organization, which proved to be one of the key factors for the growth of this market. Other approaches like Bring your Own Device (BYOD) system has also praised cloud-based ITSM structure within the organization. Cloud-based ITSM provides a precise value of data at low cost within the affordable price in comparison to the on-premise storage system.
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Market Dynamics and Factors:
Owing to the use of BYOD, work from the home structure, smartphones, and development in the sectors like education, healthcare, manufacturing and information technology has resulted in the growth of cloud-based ITSM industry. However, concerns related to security and protection of confidential data has become a restraint in the growth of cloud-based ITSM market. Shifting of on-premises technology to cloud-based has been a major factor for the growth of market and will propel the future market growth. Also, due to the rise in demand for online streaming in the entertainment industry has projected to drive cloud-based IT service management market growth. Moreover, due to strict data privacy issues, there will be constraints in the cloud-based IT service management market growth.
Market Segmentation:
Global Cloud IT Service Management Market – By Component
Solutions
Services
Global Cloud IT Service Management Market– By Deployment Model
Public Cloud
Private Cloud
Hybrid Cloud
Global Cloud IT Service Management Market – By Organization Size
Large Enterprises
Small and Medium-Sized Enterprises
Global Cloud IT Service Management Market – By End User
Manufacturing
Transportation and Logistics
Construction and Real Estate
Energy and Utilities
Healthcare and Life Sciences
Retail and Consumer Goods
Banking, Financial Services, and Insurance
Telecommunication and IT
Others
Global Cloud IT Service Management Market – By Region
North America
USA
Mexico
Canada
Europe
UK.
Rest of Europe
Italy
Germany
France
Asia-Pacific
Japan
Rest of Asia-Pacific
Australia
India
China
RoW
Latin America
Africa
Middle East
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Geographic Scenario:
North America is considered to be the largest market due to the emergence of AI, Machine Learning technologies and BYOD policies. The cloud-based IT service management structure proved to be cost-effective in many organizations and has resulted in growth within the developed nations. Latin America is also considerably growing fast due to advancement in technology and infrastructure. Asia Pacific region is expected to grow at the fastest rate by an approximate CAGR of 10% due to the presence of growing nations India, China, Australia and Japan. The North America region holds a share of 40% in the revenue growth rate during 2019 and is expected to reach USD 6 billion markets by 2024. Europe also holds a considerable growth rate due to its developed infrastructure.
Competitive Scenario:
The key players in the cloud-based IT service management industry are IBM Corporation, BMC Software, Inc., Citrix Systems, Inc., CA Technologies, Axios Systems PLC, Servicenow, Inc., Heat Software USA, Inc., Cherwell Software, LLC, Hornbill Corporate Limited, and Hewlett Packard Enterprise Company.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Cloud IT Service Management industry, although key threats, opportunities and disruptive technologies that could shape the Global Cloud IT Service Management Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Cloud IT Service Management Market most.
The data analysis present in the Global Cloud IT Service Management Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Cloud IT Service Management Market business.
The 2021 Annual Global Cloud IT Service Management Market offers:
100+ charts exploring and analysing the Global Cloud IT Service Management Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Cloud IT Service Management Market type
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