IT Service Management (ITSM) Market

IT Service Management Market Size & Share - Future Growth Expectations

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.

The IT Service Management (ITSM) market is poised for substantial growth in the coming years, driven by several key factors:

  • Increasing Demand for IT Services
  • Rising Complexity of IT Environments
  • Focus on Customer-Centric Service Delivery
  • Embrace of Cloud Computing
  • Integration with Emerging Technologies
  • Adoption of Agile and DevOps Practices
  • Regulatory Compliance and Governance Requirements
  • Growing Awareness of ITIL Framework
  • Expansion of Enterprise Service Management (ESM)
  • Focus on Business Continuity and Resilience

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Increasing Demand for IT Services:

  • With digital transformation initiatives gaining momentum across industries, there is a growing demand for IT services to support business operations, enhance productivity, and drive innovation.
  • This demand fuels the adoption of ITSM solutions to efficiently manage and deliver IT services.

Rising Complexity of IT Environments:

  • The complexity of IT landscapes, characterized by diverse technologies, hybrid infrastructures, and distributed workforces, necessitates robust ITSM solutions.
  • Organizations seek tools and platforms that provide visibility, control, and automation to streamline service delivery and optimize IT operations.

Focus on Customer-Centric Service Delivery:

  • Customer expectations for seamless, personalized, and responsive IT services are on the rise.
  • ITSM solutions enable organizations to prioritize customer needs, improve service quality, and enhance satisfaction through features such as self-service portals, omnichannel support, and proactive incident management.

Embrace of Cloud Computing:

  • The widespread adoption of cloud computing drives the need for cloud-based ITSM solutions that can support the management of cloud services, infrastructure, and applications.
  • Cloud-based ITSM platforms offer scalability, agility, and cost-effectiveness, making them attractive options for organizations of all sizes.

Integration with Emerging Technologies:

  • Integration of emerging technologies such as artificial intelligence (AI), machine learning (ML), automation, and analytics enhances the capabilities of ITSM solutions.
  • AI-powered chatbots, predictive analytics, and automation workflows streamline service desk operations, improve decision-making, and enable proactive problem resolution.

Adoption of Agile and DevOps Practices:

  • Organizations adopting agile methodologies and DevOps practices seek ITSM solutions that can align with their agile development workflows, facilitate collaboration, and accelerate service delivery.
  • Integrated ITSM and DevOps platforms support continuous integration, continuous delivery (CI/CD), and rapid response to changing business requirements.

Regulatory Compliance and Governance Requirements:

  • Compliance with industry regulations, security standards, and governance frameworks drives the adoption of ITSM solutions with robust governance, risk, and compliance (GRC) capabilities.
  • Organizations prioritize tools that ensure adherence to regulatory requirements, mitigate risks, and maintain data privacy and security.

Growing Awareness of ITIL Framework:

  • The Information Technology Infrastructure Library (ITIL) framework serves as a best practice framework for ITSM processes and governance.
  • Organizations recognize the value of aligning ITSM practices with ITIL guidelines to improve service quality, efficiency, and alignment with business objectives.

Expansion 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.
  • The expansion of ESM drives the adoption of comprehensive ITSM platforms that can support enterprise-wide service delivery and process standardization.

Focus on Business Continuity and Resilience:

  • The COVID-19 pandemic has underscored the importance of business continuity and resilience planning.
  • Organizations prioritize ITSM solutions that enable remote service delivery, incident management, and disaster recovery to ensure business continuity in challenging circumstances.

These growth factors collectively contribute to the increasing adoption and expansion of the IT Service Management market, as organizations recognize the strategic importance of efficient and effective IT service delivery in driving business success and competitive advantage.

IT Service Management (ITSM) Market Share - Global Industry Landscape

The IT Service Management (ITSM) market is characterized by the presence of several key players competing for market share. Some of the leading companies in the biomarkers industry include:

  • GoTo (US)
  • Atlassian (Australia)
  • OpenText (Canada)
  • Zendesk (US)
  • ManageEngine (India)

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.

GoTo (US):

  • Market Share: GoTo (formerly known as LogMeIn) holds a significant share in the ITSM market, particularly in the United States.
  • Key Offerings: GoTo offers ITSM solutions that focus on remote support, collaboration, and communication tools. Their key offerings include remote desktop control, screen sharing, video conferencing, and IT ticketing capabilities, aimed at improving IT service delivery and support.

Atlassian (Australia):

  • Market Share: Atlassian is a prominent player in the ITSM market globally, known for its suite of collaboration and development tools.
  • Key Offerings: Atlassian's ITSM offerings, including Jira Service Management (formerly Jira Service Desk), provide comprehensive IT service desk and incident management capabilities. Their solutions integrate with other Atlassian products such as Jira Software and Confluence, enabling seamless collaboration and workflow automation.

OpenText (Canada):

  • Market Share: OpenText is a leading provider of enterprise information management solutions, including ITSM offerings.
  • Key Offerings: OpenText's ITSM solutions focus on service desk management, incident and problem resolution, change management, and asset management. They provide robust capabilities for ITIL-based processes, knowledge management, and service level agreements (SLAs), helping organizations streamline IT service delivery and optimize operations.

Zendesk (US):

  • Market Share: Zendesk is a well-known player in the ITSM market, particularly in the realm of customer service and support solutions.
  • Key Offerings: Zendesk's ITSM platform offers service desk management, ticketing, and self-service capabilities, aimed at improving customer support and IT service delivery. Their solutions emphasize ease of use, automation, and omnichannel support, enabling organizations to deliver exceptional customer experiences.

ManageEngine (India):

  • Market Share: ManageEngine, a division of Zoho Corporation, is a key player in the ITSM market, with a strong presence in India and globally.
  • Key Offerings: ManageEngine offers a comprehensive suite of ITSM solutions, including ServiceDesk Plus, aimed at IT service desk management, incident and problem resolution, change management, and asset management. Their solutions cater to organizations of all sizes and industries, with features for ITIL compliance, automation, and integration with other IT management tools.

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
4/3/2024
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