Servicenow Store Apps Market Size was valued at USD 6.2 Billion in 2022. The Servicenow Store Apps market industry is projected to grow from USD 8.3 Billion in 2023 to USD 82.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 33.30% during the forecast period (2023 - 2032). Rising digitization, increased use of cloud computing, and uptake of newer technology, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Increased adoption of cloud computing is driving the market growth
It is projected that the market for servicenow store apps would grow in response to the market for cloud-based solutions. Cloud computing usage has been rising, and through 2020, it is predicted that spending on the technology would grow at a rate that is more than six times faster than spending on general IT. Today, numerous big and small businesses have successfully integrated specialized software-as-a-service (SaaS)Â solutions or have decided to build new systems with the cloud in mind first. This has tremendously accelerated the uptake of servicenow store apps. Additionally, businesses are utilizing the full potential of servicenow store apps when thinking about these options as a part of a complete strategy to achieve digital transformation rather than as isolated tactical choices. Additionally, a modern security posture, working in an automated agile operating model, and utilizing new capabilities to propel innovative business solutions will significantly speed up the market expansion during the forecast period. Open API architecture for standardization and automation of the IT environment.
The primary market driver for the growth of the servicenow store application market is the increase in digitalization and surge in customer use of smart technology. The COVID-19 pandemic accelerated a hunt of digital transformation operations across multiple industries as customers adopted web and digital services. Digital adoption, which is promoted by the servicenow store, is symbolized by enterprises using all of their available digital technologies to the utmost extent possible. Additionally, the servicenow store accelerates a wider cultural transition toward digital businesses in addition to providing the essential capabilities. Additionally, businesses are now finding it harder to generate digital user experiences outside of web and mobile app experiences. Therefore, organizations need to use servicenow store apps to change more than only their consumers' digital customer experiences. Any company that cherishes its consumers must keep in mind that convenience and personalisation are essential components of customer service. During the forecast period, the market's growth rate will be more positively impacted by the requirement for the implementation of new technologies.
The market for servicenow store apps is expanding because to rising digitization, increased cloud computing adoption, and the uptake of newer technologies. But high licensing fees prevent this sector from expanding. On the other hand, it is projected that increased retail investment would present a number of chances for market expansion throughout the projection period. As the company achieves considerable cost savings and enhanced employee productivity across many divisions, the servicenow store apps are becoming more and more well-liked and are demonstrating positive growth. As a result of antiquated working practices, disruptive forces of technology, increased service demands, and many other factors, organizations face several difficulties. Through improved connectivity, collaboration, and real-time information sharing, Servicenow addresses these issues, enabling better issue discovery, reduced disruption, and increased productivity for both customers and staff. Thus, driving the Servicenow Store Apps market revenue.
The Servicenow Store Apps Market segmentation, based on type, includes cloud-based and web-based. Cloud-based segment accounted for the largest revenue share in 2022. This is due to the fact that they make it possible for users to connect via the internet to software programs that are running on shared computer resources. By utilizing the platform's single data architecture and common services, the cloud-based servicenow app also enables IT and other departments throughout the company to develop, test, and deploy apps in an integrated development environment.
The Servicenow Store Apps Market segmentation, based on enterprise size, includes small and medium enterprises (SMEs) and large enterprises. Large enterprises segment dominated the Servicenow Store Apps Market in 2022. This is because global corporations in developed and emerging nations are increasingly using the servicenow platform for IT business management, IT operations management, IT service management, and IT security and risk management, which stimulates market growth. However, due to increased usage of the ServiceNow store app platform to automate and consolidate corporate operations comprising people, data, technology, and procedures, the small and medium-sized businesses (SMEs) category is anticipated to experience the largest growth in the projected year.
Figure 1: Servicenow Store Apps Market, by Enterprise Size, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America servicenow store apps market dominated this market in 2022 (45.80%). The United States is the region's main market as a result of organizations' growing adoption of servicenow store apps for creating and developing enterprise service catalogs and evolving the IT service model to service domains both inside and outside the company. Furthermore, the market in North America is anticipated to grow as a result of the presence of reputable vendors supplying servicenow store apps. Further, the U.S. servicenow store apps market held the largest market share, and the Canada servicenow store apps market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SERVICENOW STORE APPS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe servicenow store apps market accounted for the healthy market share in 2022. This might be attributed to organizations' growing use of servicenow store apps to create and develop corporate service catalogs and advance the IT service model. Further, the German servicenow store apps market held the largest market share, and the U.K servicenow store apps market was the fastest growing market in the European region
The Asia Pacific servicenow store apps market is expected to register significant growth from 2023 to 2032. This is due to the rising investment in the creation of cloud infrastructure and the incorporation of cutting-edge technologies like AI and ML. Moreover, China’s servicenow store apps market held the largest market share, and the Indian servicenow store apps market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the servicenow store apps market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Servicenow Store Apps industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Servicenow Store Apps industry to benefit clients and increase the market sector. In recent years, the Servicenow Store Apps industry has offered some of the most significant advantages to medicine. Major players in the Servicenow Store Apps market, including International Business Machines Corporation, Okta, Inc., PagerDuty, teamviewer, Dynatrace LLC, xMatters, Inc., SAILPOINT TECHNOLOGIES INC., Talkdesk, Inc., Cisco Systems Inc., and Microsoft Corporation, are attempting to increase market demand by investing in research and development Types.
International Business Machines Corp. (IBM) provides products and services related to information technology (IT). The company also offers infrastructure, hosting, and consulting services in addition to developing and marketing computer hardware and software. IBM's product line includes tools for software development, cybersecurity, blockchain, cloud computing, automation, analytics, and automation. The company also offers services in networking, security, technology consulting, application services, business resilience services, cloud computing, and tech support. It helps the automotive, banking and financial markets, electronics, energy and utilities, healthcare, insurance, life sciences, manufacturing, metals and mining, retail and consumer goods, and telecommunications industries. The corporation also has operations throughout the Americas, Europe, the Middle East, and Africa in addition to Asia-Pacific. IBM is based in the US city of Armonk, New York.
Cisco Systems Inc. (Cisco) integrates intent-based solutions for networking, security, collaboration, apps, and the cloud. The business offers for sale controllers, access points, switches, modules, routers, and interfaces for wireless networks. The company's technology and tools let its clients manage extra network connections from gadgets, users, and other entities. Among the various industries that Cisco helps are oil and gas, financial services, government, healthcare, mining, sports, media, entertainment, retail, utilities, and transportation. It offers its solutions through its direct sales staff and channel partners, which include distributors, resellers, service providers, and system integrators. The corporation has business and operational presence throughout the Americas, Europe, the Middle East, Africa, Asia-Pacific, Japan, and China. The corporate headquarters of Cisco are located in the US state of California.
January 2021: The well-known APEX low-code development platform from Oracle is now accessible as a managed cloud service, enabling developers to create data-driven business apps fast and efficiently. Oracle APEX Application Development is a straightforward, browser-based solution for creating cutting-edge Web and mobile apps, building on the 20 years of APEX capability that has already been utilized by 500,000 developers.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 6.2 Billion |
| Market Size 2023 | USD 8.3 Billion |
| Market Size 2032 | USD 82.4 Billion |
| Compound Annual Growth Rate (CAGR) | 33.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Enterprise Size, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | International Business Machines Corporation, Okta, Inc., PagerDuty, teamviewer, Dynatrace LLC, xMatters, Inc., SAILPOINT TECHNOLOGIES INC., Talkdesk, Inc., Cisco Systems Inc., and Microsoft Corporation |
| Key Market Opportunities | The increasing demand for servicenow Store apps from various enterprises to meet new business requirements |
| Key Market Dynamics | Increased adoption of cloud computing and rise in digitalization and adoption of new age technology |
Servicenow Store Apps Market Highlights:
Frequently Asked Questions (FAQ) :
The Servicenow Store Apps Market size was valued at USD 6.2 Billion in 2022.
The global market is projected to grow at a CAGR of 33.30% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are International Business Machines Corporation, Okta, Inc., PagerDuty, teamviewer, Dynatrace LLC, xMatters, Inc., SAILPOINT TECHNOLOGIES INC., Talkdesk, Inc., Cisco Systems Inc., and Microsoft Corporation
The Cloud-Based Type dominated the market in 2022.
The Large Enterprises, Enterprise Size had the largest share in the global market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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