According to a new report Global Cloud IT Service Management (ITSM) Market, published by KBV Research, The Global Cloud IT Service Management (ITSM) Market size is expected to reach $14.6 billion by 2025, rising at a market growth of 20.3% CAGR during the forecast period. Increased adoption of cloud-based technology and incorporation of AI-enabled applications with ITSM solutions are key factors driving market growth for the ITSM cloud industry. Nonetheless, security and privacy issues for confidential data and business processes hinder the growth of the cloud IT service management (ITSM) market.
North America is anticipated to hold the largest market share in the global ITSM cloud market by 2025 because as competition increases in the region's cloud IT service management industry will bring professional services across vertical lines to competitive advantage. That being said, the APAC region is expected to proliferate at the highest growth rate during the forecast period. The rapid growth rate can be associated with a swift increase in cloud-based ITSM solutions.
Based on component, the solutions segment gained significant market share in Cloud IT services management in 2018 and is anticipated to remain dominant over the forecast period. The growth of this segment is primarily attributable to the increased need to manage IT operations and to manage the design, planning, delivery, and control of cloud and IT services, which is the main driver of the market.
By organization size, the large enterprise segment led the cloud IT service management (ITSM) market in 2018 and is projected to remain prominent over the forecast period. The growth of this segment is mainly associated with the increased demand for automation and streamlining business processes, which deal with large volumes of customer requests and promote personal customer engagement.
Structural Insights: https://www.kbvresearch.com/cloud-it-service-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Microsoft Corporation, Hewlett Packard Enterprise Company, Citrix Systems, Inc., ServiceNow, Inc., BMC Software, Inc. (KKR & Co., Inc.), Atlassian Corporation PLC, Serviceaide, Inc., Cherwell Software, LLC, and Freshworks, Inc.
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