The ITSM Market Size Soar to USD 28.7 Billion by 2032 – Driving Innovation with a 12.4% CAGR

WILMINGTON, DE, UNITED STATES, February 19, 2025 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, " The ITSM Market Size Soar to USD 28.7 Billion by 2032 – Driving Innovation with a 12.4% CAGR. " The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global ITSM market size was valued at $9.1 billion in 2022, and is projected to reach $28.7 billion by 2032, growing at a CAGR of 12.4% from 2023 to 2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 479 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A14718

The ITSM market is segmented on the basis of component, function, deployment mode, enterprise size, end user, and region. On the basis of component, the market is categorized into service management solution and services. On the basis of function, the market is divided into configuration management, performance management, network management, and database management system. By deployment mode, it is divided into on-premise and cloud. On the basis of enterprise size, the market is classified into large enterprise and small & medium-sized enterprise. On the basis of end user, the market is segregated into BFSI, healthcare, retail & e-commerce, IT & telecom, manufacturing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Additionally, the information technology service management market is expected to witness notable growth owing to rising adoption of its infrastructure across the end user industries, surge in digital business transformation, and increasing demand for a unified platform. Moreover, the need for improved it service delivery is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, implementation and lack of quality standards in service-level limits the growth of the information technology service management market.

On the basis of function, network management dominated the ITSM market size in 2022, owing to the increased adoption of software-defined networking (SDN) and network virtualization. These technologies provide greater flexibility, scalability, and agility in managing network resources, aligning with the dynamic needs of organizations. However, the database management system is expected to witness the fastest growth, owing to the emphasis on hybrid and multi-cloud database management, recognizing the diverse IT environments that modern organizations operate in. This trend ensures seamless data integration and accessibility across different platforms.

Region-wise North America dominated the ITSM market share in 2022, owing to the surge in the integration of artificial intelligence (AI) and machine learning (ML) within ITSM frameworks, aimed at automating routine tasks, improving predictive analytics, and enhancing overall service delivery. However, Asia-Pacific is expected to witness the fastest growth in the upcoming year, owing to the organizations leveraging ITSM to navigate through digital transformation by adopting machine learning algorithms and integration of artificial intelligence within digital technologies. Cloud computing is a prevailing trend, offering scalability and flexibility for IT service delivery.

The key players profiled in the ITSM industy analysis are Atlassian, BMC Software, Inc., Broadcom, Cloud Software Group, Inc., Freshworks Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Ivanti, Inc., Open Text Corporation, and ServiceNow, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the ITSM industry.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A14718

𝑹𝒆𝒄𝒆𝒏𝒕 𝑷𝒂𝒓𝒕𝒏𝒆𝒓𝒔𝒉𝒊𝒑 𝒊𝒏 𝒕𝒉𝒆 𝑴𝒂𝒓𝒌𝒆𝒕

● On October 2022, Atlassian partnered with Company, a global professional services company with leading capabilities in digital, cloud and security, to help organizations drive more value from technology investments, improve customer and employee experiences, embrace change and create new business value with enterprise agility services.

● On October 2020, IBM partnered with ServiceNow to help companies reduce operational risk and lower costs by applying AI to automate IT operations by combining IBM's AI-powered hybrid cloud software and professional services to ServiceNow's intelligent workflow capabilities and market-leading IT service and operations management products.

● On November 2023, Ivanti, the tech company that elevates and secures everywhere work partnered with Securin Inc. a leading provider of tech-enabled cybersecurity solutions and recipient of the SINET16 Innovators award. The partnership integrates Securin's Vulnerability Intelligence into Ivanti Neurons for vulnerability knowledge base, enriching the feed through input from numerous trusted sources.

● On June 2023, Cloud Software Group partnered with Midis Group through its subsidiary MiCloudSW Ltd. The partnership provides Cloud Software Group with the local resources customers need to support their transformative technology journey and the scale required to expand its reach in these regions.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A14718

𝑹𝒆𝒄𝒆𝒏𝒕 𝑷𝒓𝒐𝒅𝒖𝒄𝒕 𝑳𝒂𝒖𝒏𝒄𝒉 𝒊𝒏 𝒕𝒉𝒆 𝑴𝒂𝒓𝒌𝒆𝒕

● On September 2023, ServiceNow, the leading digital workflow company making the world work better for everyone launched Now Assist for IT Service Management (ITSM), Customer Service Management (CSM), HR Service Delivery (HRSD), and Creator embed the power of generative AI across all workflows on the Now Platform to help accelerate productivity, improve experiences, and increase agility for customers.

𝑹𝒆𝒄𝒆𝒏𝒕 𝑨𝒄𝒒𝒖𝒊𝒔𝒊𝒕𝒊𝒐𝒏 𝒊𝒏 𝒕𝒉𝒆 𝑴𝒂𝒓𝒌𝒆𝒕

● On July 2020, Freshworks acquired Flint, an IT orchestration and cloud management platform based in India. The acquisition will help Freshworks strengthen its Freshservice IT support service by bringing a number of new automation tools to it.

● On December 2020, Ivanti, Inc., which automates IT and security operations to discover, manage, secure and service from cloud to edge acquired MobileIron, a leading provider of mobile-centric unified endpoint management solutions, to deliver intelligent and secure experiences across all devices in the everywhere enterprise.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 (479 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/itsm-market/purchase-options

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𝑶𝒕𝒉𝒆𝒓 𝑻𝒓𝒆𝒏𝒅𝒊𝒏𝒈 𝑹𝒆𝒑𝒐𝒓𝒕𝒔:

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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