Global IT Service Management (ITSM) Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

 IT service management (ITSM) refers to the set of practices, policies, and processes implemented by organizations. These provide a structured approach for organizations to design, deliver, manage, and improve IT services offered to internal and external customers.


Sizing and Forecast
The IT service management (ITSM) market size has grown rapidly in recent years. It will grow from $10.77 billion in 2023 to $12.43 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%.  The growth in the historic period can be attributed to increased overall service quality, increased operational effectiveness, increased complexity of it infrastructure, rise in priority for compliance and security in IT operations, increased expenditure to support cloud ITSM solutions.

The IT service management (ITSM) market size is expected to see rapid growth in the next few years. It will grow to $22.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.  The growth in the forecast period can be attributed to rising adoption of updated IT infrastructure across the end-user industries, increasing digital business transformation, increasing demand for unified platform, increasing demand for improved IT service delivery, growing reliance of modern enterprises on IT. Major trends in the forecast period include integration of AI and automation technology, adoption of digital business strategies by enterprises, technology adoption, transition from on-premises to cloud-based solutions and services, adoption of ITSM software.

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Segmentation & Regional Insights
The IT service management (ITSM) market covered in this report is segmented –
1) By Component: Solution, Services
2) By Technology:  Performance Management, Configuration Management, Network Management, Database Management System, Other Technologies
3) By Deployment : Cloud , On-Premise
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
5) By End-User: Banking, Financial Services, And Insurance (BFSI), Manufacturing, Government And Education, Information Technology And Telecommunication, Retail, Travel And Hospitality, Healthcare, Other End-Users

North America was the largest region in the it service management (ITSM) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IT service management (ITSM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increased adoption of cloud-based platforms is expected to propel the growth of the IT service management market going forward. Cloud-based platforms, often referred to as cloud platforms or cloud computing platforms, are online environments that provide a range of computing services over the internet. The adoption of cloud-based platforms is due to digital transformation, cost-effectiveness, security and compliance, integration and interoperability, and disaster recovery. ITSM principles and practices are crucial in effectively managing cloud-based platforms by aligning IT services with business needs, ensuring service quality and availability, promoting continual improvement, and addressing security and compliance requirements. For instance, in December 2023, according to the European Union, a Netherlands-based international organization, the percentage of European Union businesses that bought cloud computing services increased by 4.2 percentage points in 2023 compared to 2021. Therefore, the increased adoption of cloud-based platforms is driving the growth of the IT service management market.

Key Industry Players
Major companies operating in the IT service management (ITSM) market are Microsoft Corporation, IBM Corporation, Broadcom Inc., Hewlett Packard Enterprise Co., ServiceNow Inc., Open Text Corporation, Atlassian Corporation Plc, Micro Focus International Plc, BMC Software Inc., Epicor Software Corporation, ManageEngine, SolarWinds Worldwide LLC, Ivanti Inc., Freshworks Inc., ASG Technologies Group Inc., TOPdesk Nederland B.V., EasyVista Inc., Matrix42 AG, Spiceworks Ziff Davis Inc, Axios Systems Plc, SysAid Technologies Ltd, SunView Software Inc., InvGate Inc., Cherwell Software LLC, CA Technologies Inc.

The it service management (itsm) market report table of contents includes:
1. Executive Summary

2. IT Service Management (ITSM) Market Characteristics

3. IT Service Management (ITSM) Market Trends And Strategies

4. IT Service Management (ITSM) Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market

4.2. Ukraine-Russia War Impact On The Market

4.3. COVID-19 Impact On The Market

5. Global IT Service Management (ITSM) Market Size and Growth

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32. Global IT Service Management (ITSM) Market Competitive Benchmarking

33. Global IT Service Management (ITSM) Market Competitive Dashboard

34. Key Mergers And Acquisitions In The IT Service Management (ITSM) Market

35. IT Service Management (ITSM) Market Future Outlook and Potential Analysis

35.1 IT Service Management (ITSM) Market In 2028 - Countries Offering Most New Opportunities

35.2 IT Service Management (ITSM) Market In 2028 - Segments Offering Most New Opportunities

35.3 IT Service Management (ITSM) Market In 2028 - Growth Strategies

35.3.1 Market Trend Based Strategies

35.3.2 Competitor Strategies

36. Appendix


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