Global IT Service Management Market was valued US$ XX Bn in 2019 and is expected to reach US$ 14.7 Bn by 2027, at a XX % CAGR of around during a forecast period.
Global IT Service Management Market
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Global IT Service Management Market Definition:
IT Service Management (ITSM) refers to all the activities involved in creating, designing, supporting, managing and delivering the lifecycle of IT services. With the introduction of the latest technologies, the initiatives are looking to implement them in the quest to improve their services to benefit their consumers. Such as AI (Artificial Intelligence) has been included with ITSM.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
The IT Environment for ITSM:
As IT environments continue to develop more dynamic and complex, the traditional boundaries among these different disciplines are closing. AIOps, in particular, offers a vivid illustration of the power that can be appreciated through integration across these segments. Such as, establishing AIOps solutions can deliver helpful insights for IT operations management. However, by using this intelligence to fuel automation, teams can begin to truly exploit the value grown from these insights, and in the process, realize breakthroughs in operational efficiency and SLA compliance. Likewise, on the ITSM side, teams can employ AI and ML to establish automated workflows for incident management, automating all from ticket generation to ticket close.
The top IT service management software vendors in 2018 and their market growth and recent development:
Global IT Service Management Market
Global IT Service Management Market Dynamics:
The report contains a detailed list of factors that will drive and restrain the growth of the ITSM market. The emergent technologies in the IT field are the major growth drivers of the global IT Service management market. Also, the growing requirement of industries for remote solutions that can be accessed from anywhere is playing a significant role in fueling the market for ITSM. Likewise, the expanding demand for cost-effective & flexible solutions for better consumer satisfaction will have a positive impact on the market.
However, the major challenge for ITSM is the lack of quality standards in SLA (Service level agreement). Similarly, privacy and certain security issues related to the technologies and growing need for high network bandwidth are some challenges in the IT service management market globally.
Global IT Service Management Market Segmentation:
The report provides an in-depth segment analysis of the global IT service management market, thereby providing valuable insights at the macro as well as micro levels. The market is segmented into Deployment, End-Use, and Application. By End-use, the BFSI segment held the largest market share of XX.2% in 2019 and is projected to grow at the highest CAGR of XX.5% to reach US$ XX Mn by 2027 because of the higher demand of IT service management tools.
Banks around the world are undergoing a main digital transition and have observed enormous innovations in the past few years, particularly in the IT segment within the BFSI environment. IT is now an energetic part of every bank and it has achieved this by including pro-active means, like strengthening and instituting bank infrastructure correlated to communication, security, and networking, achieving inter-branch connectivity, among many other functions.
Regional analysis of Global IT Service Management Market:
The report offers a brief analysis of the major regions in the ITSM market, namely, APAC, Europe, North America, South America, and the Middle East & Africa. North America is projected to witness the fastest growth during the forecast period because of the rapid adoption of BYOD policies. The Asia Pacific market will be the fastest increasing ITSM market. South America offers potential growth opportunities in the ITSM market owing to the rise in technologies and organizations which proposals better customer experience.
Country wise Analysis of Global IT Service Management Market:
When looking at ITSM adoption in the U.S and Canada, both countries are similar in the context of their adoption of ITSM, with Canada having started a bit earlier than the US.
Major economies like India, China, South Korea and Japan are witnessing high investor interest in IT and ITSM. Similarly, thanks to the rise in the number of internet users in Asia and technologies like 4G LTE are also driving the growth in APAC region.
The objective of the report is to present a comprehensive analysis of the Global IT Service Management Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global IT Service Management Market dynamics, structure by analyzing the market segments and project the Global IT Service Management Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global IT Service Management Market make the report investor’s guide.
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Scope of the Global IT Service Management Market: Inquire before buying
Global IT Service Management Market, By Deployment
• Cloud
• On-premise
Global IT Service Management Market, By Application
• Configuration Management
• Performance Management
• Network Management
• Database Management System
• Other Applications
Global IT Service Management Market, By End-Use
• BFSI
• Manufacturing
• Government and Education
• IT and Telecommunication
• Retail
• Travel and Hospitality
• Healthcare
• Other End-user Industries
Global IT Service Management Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global IT Service Management Market
• Atlassian
• BMC Software
• Ivanti (HEAT Software)
• IBM
• SAP
• Broadcom
• Axios Systems
• ASG Software
• Samanage
• Symantec
• Agiloft Service
• Micro Focus (Formerly HPE)
• Epicor
• Ultimo
• SolarWinds
• TOPdesk
• Freshworks
• SysAid
• Autotask
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