IT Service Management (ITSM) Market Set to Experience a Massive 17% CAGR During 2024-2030

The implementation of essential technology that is being actively promoted by the government through various initiatives is one of the growth opportunities driving the Global IT Service Management (ITSM) Market.

According to MarkNtel Advisors study, The Global IT Service Management (ITSM) Market size was valued at USD 9.98 billion in 2023 and is estimated to grow at a CAGR of around 17% during the forecast period, i.e., 2024-30.

Corporations are now more fixated on safeguarding data than ever before due to the rising occurrence of prominent security breaches. For instance, in 2024, according to a survey conducted by INAP, over 36% of companies consider cybersecurity as a top priority. In more than 52% of instances, development teams dedicate excessive time to addressing numerous critical patches & updates. Moreover, the temperature ranges can be susceptible to vulnerabilities due to the intricate dependencies & integrations within the interface. Therefore, hindrances to the IT Service Management Market growth may arise due to the complexities involved in regulating the temperature levels within ITSMs.

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Key Findings in IT Service Management (ITSM) Market:

Historical Years	2019-2022
Base Years	2023
Forecast Years	2024-2030
Key Report Highlights	·         Market Dimensions & Projections ·         Pricing Evaluation, ·         Recent Strategic Moves by Companies, ·         Primary Stakeholders, ·         Analysis of Import and Export Trends, ·         Competitive Landscape Assessment, ·         Emerging Opportunities, ·         Market Trends and Indicators
Reports Delivery Format	Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address.

 

IT Service Management (ITSM) Market Key Players:

ServiceNow, BMC Software, Oracle, Boardcom, ManageEngine, Ivanti, ZenDesk, GoTo, Solar Winds, Atlassian, OpenText, Symphonyai Summit, Efecte, Microsoft, IBM, Others

Market Segmentation Overview:

By Organization Size

-Large Enterprises

-SMEs

By Deployment Model

-On-premises

-Cloud

By Offering

-Solutions

–Service Desk Software

–Operations & Performance Management

–Dashboard, Reporting & Analytics

-Services

–Managed Services

–Professional Services

Operations & Performance Management is expected to dominate the ITSM Market by capturing the largest share during 2024-30. This solution encompasses a variety of tools, such as application management, data center management, and network performance management, that help organizations manage their IT infrastructure effectively on a day-to-day basis. By using these solutions, end-users can enhance system performance & gain better insights into business services within their organization while still adhering to predetermined parameters, ensuring seamless provision of necessary support for maximum customer satisfaction.

Moreover, the popularity of this service among businesses from diverse industries lies in its ability to improve operational transparency, which minimizes possible disruptions while allowing optimal flexibility where required, thereby generating value at every instance through open communication channels with all stakeholders involved.

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By Region

North America

South America

Europe

The Middle East & Africa

Asia-Pacific

The IT Service Management (ITSM) Industry Recent Development:

2023: Broadcom acquired VMware for a whopping USD 61 billion to mark an incredible achievement. This strategic move, combined with the exceptional expertise and innovative power possessed by Broadcom’s engineering team, positions VMware to soon become one of the leading infrastructure technology companies across the globe.

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We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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