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Cloud-Based Technologies has Generated Rapid Requirement for Cloud-Based IT Service Management (ITSM) Solutions
To cater to the needs of diverse and complex IT environment, the focus of IT service management is changing. Increasing adoption of cloud-based technologies has generated rapid requirement for cloud-based IT Service Management (ITSM) solutions. Being accessible from anywhere, cloud-based ITSM solutions satisfy business needs by providing greater flexibility, more cost-effectiveness, faster deployment, improved productivity, and better customer experience. Cloud-based ITSM includes five solutions, namely service portfolio management, configuration & change management, service desk software, operations & performance management, and dashboard, reporting, & analytics. The global cloud-based ITSM market is estimated to grow from USD 4.41 Billion in 2016 to USD 8.78 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.8% from 2016 to 2021.
Companies such as ServiceNow, BMC Software, Inc., Cherwell Software LLC, Hewlett Packard Enterprise, and HEAT Software USA Inc. are the key players in the cloud-based ITSM market. These key players are engaging in new product launches and partnerships, as they help the companies to expand in new areas to increase their sales and product reach. Another important strategy adopted by the market players is expansion, which allows the companies to strengthen their foothold in the untouched markets. This enables them to invest more in research and development to innovate new products for new customers in new regions and gain traction in the cloud-based ITSM market.
BMC Software, Inc. is a key player in the cloud-based ITSM market. The solutions provided by BMC Software are gaining high traction in the market due to the strong brand presence of the company and also because of the better quality and upgraded technological benefits. The company continuously focuses on expanding its business with existing customers by investing in value-added products and services. It periodically launches new products and upgrades its existing products in the cloud-based ITSM product portfolio. In December 2015, BMC upgraded its product, BMC Remedy Suite with updates such as problem management and change management. In December 2013, BMC expanded its reach in the region of Africa with the help of one of its customers, Gijima. Gijima selected BMC Remedy 8.1 to deliver customer-centric service management to clients. In the same year, the company also partnered with Macquarie Telecom, a provider of end-to-end business communication platform to deliver regulatory cloud-based ITSM in Australia.
ServiceNow is another top company catering to the cloud-based ITSM market and has been a prominent provider of comprehensive offerings of cloud-based ITSM solutions. The company’s key strategic focus is on maintaining its position in the cloud-based ITSM market by enhancing its products with new features and functionalities through multiple upgrades each year to benefit its customers with the on-going innovation. In June 2014, ServiceNow released an upgraded version of its product ServiceNow IT Service Management with capabilities such as facility service management and visual task boards. It has also been focusing on partnerships to strengthen its market in the untouched regions. In February 2013, ServiceNow partnered with Hitachi Solutions Ltd., which enabled ServiceNow to expand its footprints in Japan.
Cloud-Based ITSM Market by Solution (Service Portfolio Management, Change & Configuration Management, Service Desk Software, Operations & Performance Management, Dashboard, Reporting, & Analytics), Service, Vertical, & Region - Global Forecast to 2021
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