Cloud ITSM Market to Reach $15.66 Bn, Globally, by 2026 at 17.4% CAGR: Allied Market Research

Cloud ITSM Market to Reach $15.66 Bn, Globally, by 2026 at 17.4% CAGR: Allied Market Research

PR Newswire

PORTLAND, Oregon, March 2, 2020

Surge in adoption of cloud-based technologies and integration of AI-Enabled tools with ITSM solutions drive the global cloud ITSM market

PORTLAND, Oregon, March 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Cloud ITSM Market by Component (Solutions and Services), Organization Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (IT & Telecommunication, BFSI, Healthcare, Manufacturing, Retail, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2026." According to the report, the global cloud IT service management (ITSM) industry generated $4.32 billion in 2018, and is expected to reach $15.66 billion by 2026, growing at a CAGR of 17.4% from 2019 to 2026.

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Drivers, restraints, and opportunities

Surge in adoption of cloud-based technologies and integration of AI-Enabled tools with ITSM solutions drive the global cloud ITSM market. However, security and privacy concerns related to confidential data and business processes hinder the market growth. On the other hand, widespread adoption of BYOD trend, rise in mobile workforce, and increase in demand among SMEs create new opportunities in coming years.

The solution segment to maintain its dominance during the forecast period

Based on component, the solution segment contributed to nearly two-thirds of the total share of the global cloud ITSM market in 2018, and is expected to maintain its dominance during the forecast period. This is due to rise in need to manage IT operations and management in order to design, operate, plan, deliver, and control cloud and IT services. However, the services segment is expected to grow at the highest CAGR of 18.9% from 2019 to 2026, owing to effective functioning offered by these software and platforms during the process.

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The IT & telecommunications segment to maintain its leadership status by 2026

Based on industry vertical, the IT & telecommunications segment held the largest share of the global cloud ITSM market, accounting for more than one-third of the total market in 2018, and is expected to maintain its leadership status during the forecast period. This is attributed to ITSM solutions offering numerous benefits such as lowered operating costs, rise in revenues, infrastructure sharing, and others. However, the retail segment is estimated to register the highest CAGR of 24.3% from 2019 to 2026, owing to rise in need for streamlining business operations and supply chains to support and refocus on IT resources.

North America to lead in terms of revenue throughout the forecast period

Based on region, North America held the highest market share in terms of revenue, accounting for more than two-fifths of the global cloud ITSM market in 2018, and is expected to lead in terms of revenue during the forecast period. This is attributed to the presence of major market players, increase in investment in cloud technologies, and surge in focus on automation and end-user services. However, Asia-Pacific is expected to register the fastest CAGR of 22.5% from 2019 to 2026, owing to increase in number of startups and adoption of artificial intelligence (AI) technologies including image processing, machine learning, and others.

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