ID: MRFR/ICT/0427-HCR | February 2021 | Region: Global | 100 pages
IT service management is a practice that is process-based. This service has been designed to deliver IT-related services to businesses as well as cater to the need of the consumers. The IT service management market is all set to experience a major boost in widening its operation owing to the increased number of employees making use of the IT devices and services at their workplace.
The global IT Service Management Market is expected to grow at a CAGR of approximately 12% during the forecast period 2021-2027. This expectation is for the forecasted period of 2021 to 2027. The major factors for the same are considered to be the rise in the growth are the opportunities in the way for cloud solutions as well as digitization.
Covid 19 Analysis
The coronavirus global pandemic of 2020 was unexpected and many businesses around the globe had to shift to remote workspaces instead of the traditional ones. However, many businesses, as well as IT organizations, were seen as largely driven along with sustaining.
Owing to the pandemic, many questions related to the budget, salaries, and efforts. The government is gearing up for providing opportunities, investments, and support of a similar kind to the companies providing IT services and management.
IT Service Management Forecast Market Dynamics
There has been an increased rate of adoption of cloud-based technologies. Hence, most organizations are looking for IT services at a rate that well aligns with the use of these services. This is a much feasible option in comparison to the built and maintenance of these services in the working premises of any company.
Security and privacy are important when it comes to the life of any business. The world today needs services that protect the data prone to misuse and leaking. Businesses are prone to sensitivity while conversing about the communication channels as it can have a direct impact on the privacy of the company’s data. This is substantial as many businesses are dependent on the customers’ data.
Connecting a minimum of 2 or more IT systems is done through the process of integration. But, this is one major challenge that is being faced by organizations these days. There is a lack of standard procedures and processes for integration in their various IT systems as well as protocols for communication. Shifting to the cloud and other IT-related services are turning into challenges for many companies merging.
With the frequent changes and owing to the dynamicity in the field of technology, businesses and enterprises out there are looking for cloud-based solutions. These help in the reduction of the CAPEX as well as POEX of the enterprises and hence, there is an emerging demand for these amongst many startups as well as small and medium-sized enterprises. The IT services market management trends are all set to offer assistance in the IT infrastructure, business applications, and components along with their associated processes, helping them grow in the forecasted period.
Segment Overview of the Global IT Service Management Market Trends
Owing to the different sizes of the firms like small, medium, and large enterprises, the IT service management market has been segmented. The end-users, deployment, and type are the factors through which the segmentation for the IT service market is done.
The IT service management market size is diverse and wide. Owing to the same, there are bifurcations in the market for businesses and enterprises. It has been segmented into IT asset management, network management, configuration management, application performance management, as well as, DBMS management.
The IT service management market segmentation on the basis of deployment is into the on-premises as well as the cloud-based ones. With the changing times, enterprises have to opt for cloud-based solutions for integration, development, and processing.
The IT service management market extends its services to users belonging to different fields of operations. Hence, the market is segmented on the basis of the ned user who is being benefitted by the services. There are different end-users like manufacturing, BFSI, telecommunication, media, healthcare, entertainment, retail services, and much more.
Asia Pacific expected highest CAGR in the forecasted period
The global IT service management market forecast for the year 2023 is studied for many countries like the Asia Pacific, North American regions, Europe, and other countries of the world. North America having the USA and Canada holds the largest market share. The enterprises that are functioning in that region are known to offer ITSM solutions that are very pocket-friendly. Also, they are known for offering platforms for software applications thus enabling the developers to get at hand at developing and building customized IT solutions on the requirement.
With the correct implementation of advanced IT services and technology, the Asia Pacific region is expected to have rapid growth in the forecasted period. There are going to be great opportunities for the services providers by the end of the forecasted period 2017-2023.
The key market players dominating the IT service management market are as follows:
These enterprises have an improved functioning for a business that will help in reducing the operational expenses. These are going to act as major driving forces and help in reaching a high CAGR of 12% by the end of the forecasted period of 2017-2023.
IBM Corporation is an emerging clear player and is expected to expand its customer base. Also, it is aiming to establish a wider geographical footprint with the help of its distribution channels helping in increasing the quantum of revenues.
Recent Developments in the IT Service Management market size
Report Overview of the IT service management market trends
The IT service management market report talks cover the following dimensions:
This report covers the IT service management market, the services provided by them, and how various businesses and enterprises are turning to have the ITSM solutions on board. The COVID 19 pandemic has changed the way of working and providing IT solutions. The way companies are finding their way back with the boost is discussed as well.
Frequently Asked Questions (FAQ) :
The technology investors, IT service providers, research and consultancy firms, government bodies, as well as, technology solution providers are termed as the intended audience.
The IT service management market for 2020 was valued at USD 2627.07 million. However, for the forecast period, the revenue collection is expected to reach approximately USD 4246.82 million by 2027.
The Asia Pacific regions like China and Japan, India as well as South Korea, North American regions like the USA and Canada, Europe are the major contenders. North America has the largest share in the IT service management market sector. All these countries are undergoing a rise in investments and interests in their IT services.