IT Service Management (ITSM) Market

Market Leadership - IT Service Management (ITSM) Market

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.

Major vendors in this market are based in North America, Asia Pacific, and Europe. Some of the key players operating in the ITSM market are – ServiceNow (US), Broadcom (US), Ivanti (US), ManageEngine (India), BMC Software (US), Efecte (Finland), SymphonyAI Summit (US), among others. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the ITSM market.

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ServiceNow

ServiceNow is a California-based company that was founded in 2003. It provides global enterprise cloud computing services for digital workflows with a service model that structures, automates, and defines work processes. This allows for smooth delivery and management of services for businesses. The company offers various products for ITSM, service management, ITOM (IT Operations Management), business management, and application development. ServiceNow integrates multiple business applications on the ServiceNow platform. The company's ITSM on the cloud provides end-to-end visibility into ITIL processes. ServiceNow serves various industries, including financial services, healthcare, higher education, life sciences, IT, and the public sector.

ServiceNow is a significant player in the ITSM market and offers a robust portfolio of products and solutions. Its cloud-based, intelligent, and intuitive Now Platform provides several benefits to clients, including work automation and a seamless delivery experience. The platform offers capabilities such as flow designer, IntegrationHUB, mobile studio, application development, CMDB (Configuration Management Database), and performance analytics. ServiceNow's ITSM products enable customers to deliver scalable, flexible services to enhance productivity and improve user experience. ServiceNow's IT Service Management seamlessly integrates with remote desktop support products, authentication, and productivity tools.

BMC Software

BMC Software is a leading system and service management solutions company. Founded in 1980 and based in Texas, US, it offers ITSM, SaaS, cloud computing, virtualization, analytics, mobility, and data center automation solutions to help enterprises gain a competitive advantage. The company serves various industries, including healthcare, financial services, retail, telecommunications, manufacturing, and the public sector. In October 2018, KKR and Company Inc., an American investment firm, acquired it. With around 9,600 employees, BMC Software serves over 10,000 customers across North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America.

BMC Software offers a comprehensive portfolio of solutions and services in the ITSM market. Its offerings help clients in several aspects, including predictive service management, integrations with DevOps tools like Jira, and cognitive email analysis. The company provides products and solutions that allow customers to deliver predictive service management through cognitive automation and integrate incident and change management with leading agile development solutions. BMC Software's platform, BMC Helix ITSM, is an integrated product of digital and cognitive automation technologies that offers service management across multi-cloud environments. The company's solution portfolio in the ITSM market includes BMC Helix ITSM, BMC Helix Digital Workplace, BMC Helix Remedyforce, BMC Helix Discovery, BMC Helix Business Workflows, BMC Helix Chatbot, Client Management, and FootPrints Service Desk.

Broadcom

Broadcom is a company that supplies semiconductor and infrastructure software solutions. In November 2018, Broadcom acquired CA Technologies, which was a landmark acquisition that bolstered Broadcom's IT infrastructure and software solution offerings. CA Technologies is a global provider of software solutions that enables customers to plan, develop, manage, and secure their application and enterprise environments across distributed, cloud, mobile, and mainframe platforms.

The company divides its operations into mainframe solutions, enterprise solutions, and services. Mainframe and enterprise solutions include software offerings and platforms on which products operate, while the services segment comprises product implementation, consulting, customer education, and customer training services. The company serves the market through resellers, global service providers, global system integrators, Managed Service Providers (MSPs), and international technology partners.

CA Technologies generates most of its revenue from the US. Still, it has a global footprint that spans North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. The company operates in over 15 countries with a global workforce of over 19,000. It provides products, solutions, and services to a vast client base across verticals, including automotive, education, BFSI, healthcare, retail, and government.

CA Technologies used to be one of the prominent providers of ITSM services and solutions. However, Broadcom acquired CA Technologies in November 2018, and now CA Technologies operates as a subsidiary of Broadcom. Broadcom offers robust products and solutions in the ITSM market space. Its product portfolio includes CA Service Management, CA Service Desk Manager, AIOps and Observability, Operational Intelligence, Infrastructure Monitoring, Network Monitoring Software, IT Process Automation Management, and Clarity.

Broadcom's ITSM products and solutions offer a modern and comprehensive approach to ITSM, providing different benefits such as visibility into assets, enhanced IT services and operations, improved customer and end-user relationships, increased value of IT, and reduced IT cost.

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

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IT Service Management (ITSM) Market Size,  Share & Growth Report
Report Code
TC 8906
RI Published ON
1/10/2024
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