The global Cloud ITSM market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period, to reach USD 12.2 billion by 2025 from USD 4.7 billion in 2020. Increased adoption of cloud, reduced time and costs, and enhanced focus on IT operations and infrastructure are expected to spur the demand for Cloud ITSM offerings across the globe. The Cloud ITSM market includes major vendors, such as ServiceNow (US), BMC Software (US), Cherwell Software (US), Broadcom (US), HPE (US), IBM (US), Axios Systems (US), Ivanti (US), Citrix Systems (US), Hornbill (UK), Microsoft (US), EasyVista (US), Micro Focus (UK), Atlassian (Australia), Alemba (UK), SysAid (Israel), Freshworks (US), LogMeIn (US), ManageEngine (US), Efecte (Finland), EZOfficeInventory (US), Mint Service Desk (Poland), Device42 (US), LeanIX (Germany), Aisera (US), ITSM (Australia), Electric (US), InfraSight Labs (Sweden), Symphony SummitAI (US), and ITarian (US). The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as ServiceNow, BMC Software, Cherwell Software, Broadcom, and Ivanti have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the Cloud ITSM market.
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ServiceNow is one of the leading players in the Cloud ITSM market. The company has been working extensively toward becoming an exclusive cloud-based ITSM and ITOM service provider. It primarily intends to improve the experience of technology usage for both personal and commercial clients. The company aims at providing customers with economical and convenient product offerings integrated with the latest technology solutions and services. ServiceNow has a strong presence in the cloud ITSM market, with robust solutions and services and a strong ecosystem of technology partners. These providers include IBM, Microsoft, AWS, SAP, Adobe, and Cisco. The company focuses on developing new and efficient solutions through huge investments in R&D, thus increasing its product offerings. Its ITSM-specific customer base is spread across verticals, including IT and ITeS, BFSI, education, government, healthcare, and telecom.
BMC Software is an eminent player in the cloud ITSM market, as it provides strong cloud-based offerings to enhance IT services and operations. The company has a strong brand presence that helps its products gain traction in the market. The company continuously helps its customers transform into digital businesses. The company has global programs for its clientele at the Executive Briefing Center (EBC) in Houston (US), Customers Experience Center (CEC) in Pune (India), and virtually. With the growing demand for cloud-based solutions and services for ITSM, the adoption of cloud-based ITSM is gaining traction and benefitting strong players, such as BMC Software. The organization continuously focuses on expanding its market share in the highly competitive ITSM landscape across the globe.
Cloud ITSM Market by Components ( Solutions (Service Portfolio Management, Configuration & Change Management, Service Desk Software) And Services), Vertical (BFSI, IT & ITeS, Retail & Consumer Goods), Organization Size, and Region - Global Forecast to 2025
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