Cloud Based ITSM Market — Global Industry Analysis, Trends and Forecast | Growth Market Reports
The global Cloud Based ITSM market was valued at USD 4,743.3 million in 2020 and is projected to reach USD 16,202.4 million by 2028, expanding at a CAGR of 16.8% during the forecast period. Increasing adoption of online facilities and advancement in technology are anticipated to drive the market during the forecast period. The Cloud Based ITSM market is segmented into components, solutions, organization size, industry verticals, and regions.
Increasing number of strategies such as mergers & acquisitions, agreements, partnerships, and product launches among companies to establish themselves as providers of cloud based ITSM are anticipated to create lucrative opportunities in the market in the near future. Rising adoption of various strategies by market players to increase their presence and share in the market is expected to create growth opportunities in the market.
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Market Dynamics
Market Driver- Increasing demand for Cloud Based ITSM in Small and Medium-sized Organizations
Adoption of advanced digital technology in small and medium-sized organizations is expected to fuel the market. Support of governments for digitalization in various economies is anticipated to boost the market in the near future. The market has grown significantly in recent years as a result of increased demand for Cloud Based ITSM in emerging industries and start-up organizations such as online education courses, electronics, railways, industries, food processing, and others. Employees can create, design, and upgrade the portals and dashboards on cloud based ITSM making them attractive and user-friendly. Moreover, the development of various economies is considered to drive the market during the forecast period.
Market Driver- Adoption of Operations and Performance Management (OPM) Solutions
Maintenance and management of organizational IT infrastructure and services are easily achieved by OPM solutions. OPM solutions ensure smooth delivery of IT services and their agreement with the predefined parameters. OPM solutions are used to offer smooth IT services. It helps in preventing service outages and achieving maximized operational agility. OPM solutions are adopted to reach timelines for clients. The issues faced by the customers are converted into tickets. Issued tickets are prioritized according to the customers need. The managerial properties offered by OPM are considered to drive the market share.
Market Restraint- Security and Data Privacy Concerns for Business Processes
Data privacy poses serious concerns. Remote access is expected to be disadvantageous in Cloud Based services. Organizations related to banking and finance store sensitive data and are the major targets for cybercriminals. Maintaining the privacy and confidentiality of organizational data plays a vital role in organizations. Rising hacking techniques such as decryption of coded data cause leakage of confidential and private data, which in turn, is considered to impede the market.
Market Opportunity- Increasing demand for Chatbot in different industries
Call traffic is easy to manage by using a chatbot. Many organizations use a chatbot for registration of issues faced by customers. Employment of chatbot services offers 24 hours services to clients. Issues registered by the chatbot are converted into trouble tickets and displayed in the dashboard of employees for resolution. Emergence of coronavirus encouraged social distancing and lockdown of several business units. Use of chatbots helped prevent interaction amongst humans. Introduction of chatbots in small and medium-sized organizations is expected to drive the market during the projected period. Key players and domestic players are expected to use chatbots in the coming years.
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Regional Outlook
Based on regions, the market is divided into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to hold a significant share of the market, owing to emergence of key players in the region. Asia Pacific is considered as a promising region in the Cloud Based ITSM market, owing to the support of governments in the region for adoption of digital technologies.
North America accounted for a significant share of the market in 2020 and the market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period. China accounts for a significant market share, due to increasing demand for Cloud Based ITSM in small and medium-sized domestic organizations and financial applications, which in turn, drives the market in Asia Pacific. The Cloud Based ITSM market is growing in North America, owing to increasing investments in modifications of Cloud Based ITSM in the region.
Competitive Landscape
- Manufacturers operating in the global Cloud Based ITSM market include Alemba, Atlassian, Axios Systems, BMC Software, Broadcom, SolarWinds Worldwide, LLC., Citrix Systems, EasyVista, HPE, IBM, Ivanti, Marval, Micro Focus, Microsoft, and ServiceNow
- Key players operating in the global Cloud Based ITSM market include ServiceNow, BMC Software , Ivanti, Broadcom , and Microsoft. These companies are considered as key developers of Cloud Based ITSM based on their revenue, research & development (R&D) activities, presence, and value chain management system.
- The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the cloud based ITSM market.
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