IT Service Management (ITSM) Market

Emerging Trends in Global IT Service Management (ITSM) Market: Cloud Adoption, AI Integration, and More

The ITSM market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, to reach USD 22.1 billion by 2028 from USD 10.5 billion in 2023. An urge for convenient deployment in disaster-prone areas, adherence to regulatory compliance and government-led reporting standards across verticals and regions, and demand for enterprise service management across verticals are expected to drive the growth of the global ITSM market.

Emerging trends in the global IT Service Management (ITSM) Market are:

  • Shift towards Cloud-based ITSM Solution
  • Adoption of AI and Machine Learning
  • Focus on Employee Experience (EX)
  • Integration with DevOps and Agile Practices
  • Shift towards Value Stream Management (VSM)
  • Rise of Enterprise Service Management (ESM)
  • Emphasis on Security and Compliance
  • Focus on Service Experience Management (SXM)
  • Hybrid IT Management
  • Sustainability and Green IT

These emerging trends reflect the evolving nature of ITSM and the imperative for organizations to embrace innovation, collaboration, and agility in delivering IT services that drive business value and support digital transformation efforts.

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Shift towards Cloud-based ITSM Solution:

  • There is a growing preference for cloud-based ITSM solutions due to their scalability, flexibility, and cost-effectiveness.
  • Cloud-based ITSM platforms enable organizations to access IT services from anywhere, streamline service delivery, and leverage advanced capabilities such as AI-driven automation and analytics.

Adoption of AI and Machine Learning:

  • AI and machine learning technologies are increasingly being integrated into ITSM tools to automate routine tasks, improve service desk efficiency, and enhance decision-making processes.
  • AI-powered chatbots, virtual agents, and predictive analytics help resolve incidents faster, anticipate service disruptions, and optimize resource allocation.

Focus on Employee Experience (EX):

  • Organizations are placing greater emphasis on improving the employee experience by enhancing the usability and accessibility of ITSM solutions.
  • User-centric design, self-service portals, and intuitive interfaces empower employees to resolve issues independently, boosting productivity and satisfaction levels.

Integration with DevOps and Agile Practices:

  • ITSM practices are converging with DevOps and Agile methodologies to support faster delivery of IT services and applications.
  • Integrated ITSM and DevOps platforms enable seamless collaboration between development and operations teams, accelerate service delivery, and ensure alignment with business objectives.

Shift towards Value Stream Management (VSM):

  • Value stream management is gaining traction as organizations seek to optimize the end-to-end delivery of IT services and products.
  • VSM tools provide visibility into value streams, identify bottlenecks, and enable continuous improvement across the entire IT value chain, from ideation to deployment.

Rise of Enterprise Service Management (ESM):

  • ESM extends ITSM principles and practices beyond IT departments to other business functions, such as HR, finance, and facilities management.
  • By centralizing service delivery and standardizing processes across the organization, ESM enhances efficiency, collaboration, and service quality enterprise-wide.

Emphasis on Security and Compliance:

  • With the increasing frequency and sophistication of cyber threats, security and compliance have become top priorities for organizations.
  • ITSM solutions are incorporating robust security features, such as incident response workflows, vulnerability management, and compliance reporting, to mitigate risks and ensure regulatory compliance.

Focus on Service Experience Management (SXM):

  • Service Experience Management encompasses the holistic management of customer, employee, and operational experiences across IT services.
  • SXM tools leverage data analytics, sentiment analysis, and feedback mechanisms to measure and improve service satisfaction, drive loyalty, and optimize service delivery processes.

Hybrid IT Management:

  • As organizations adopt hybrid IT environments comprising on-premises, cloud, and edge infrastructure, there is a need for unified management and governance of IT resources.
  • Hybrid ITSM solutions provide visibility and control across diverse IT environments, enabling organizations to optimize resource utilization, ensure performance, and maintain security.

Sustainability and Green IT:

  • Sustainable IT practices are gaining importance as organizations strive to reduce their environmental footprint and energy consumption.
  • ITSM solutions are incorporating features for monitoring and optimizing energy usage, managing electronic waste, and promoting eco-friendly IT initiatives to support corporate sustainability goals.

Related Reports:

IT Service Management (ITSM) Market by Offering (Solutions (Change & Configuration Management, Operations & Performance Management) and Services), Deployment Model, Organization Size, Vertical and Region - Global Forecast to 2028

IT Service Management (ITSM) Market Size,  Share & Growth Report
Report Code
TC 8906
RI Published ON
4/4/2024
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