NEW YORK, United States, Aug. 18, 2024 (GLOBE NEWSWIRE) — The global information technology services management market size is expected to reach USD 37.1 billion by 2033 from USD 9.8 billion in 2023, growing at a compound annual growth rate (CAGR) of 14.2% during the forecast period.
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Information Technology Service Management (ITSM) is the process of planning, delivering, managing, and enhancing IT services within an enterprise. ITSM ensures that IT services efficiently meet the needs of the business and customers. It includes various processes and practices to manage IT infrastructure and services more effectively. The main goal of ITSM is to align IT services with business requirements and support business objectives. This includes managing incidents (such as system failures), problems (root causes of problems), changes (updating the IT environment), and service requests (such as new hardware or software). ITSM is often guided by frameworks such as ITIL (Information Technology Infrastructure Library), which provide best practices for managing IT services. By using ITSM practices, businesses can improve service quality, increase efficiency, and use IT resources effectively. Ultimately, ITSM helps businesses deliver better user experience and achieve their goals through efficient IT service management. Globalization, increased competition, and demand for customized products make it essential for organizations to focus on their core business functions. Disruptions in the IT department affect the entire business and resources are needed to resolve issues. Service management automates processes such as system recovery and network fault management, reducing the workload of system administrators and enabling real-time problem resolution. While human input is initially required to set guidelines and policies, automating these processes can streamline operations and minimize disruptions. However, organizations often face challenges due to a shortage of skilled labor in cloud computing, which prevents them from fully leveraging cloud solutions and impacts their growth.
Read 240 pages of key industry insights with 110 market data tables and figures from the “Global Information Technology Services Management Market Size, Share, and COVID-19 Impact Analysis, By Component (Solutions and Services), By Technology (Configuration Management, Performance Management, Network Management, Database Management Systems, Others), By Deployment (Cloud and On-Premise), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2023-2033” report.
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The solutions segment will dominate the market, accounting for the largest market share in the information technology services management market during the forecast period.
Based on component, the information technology service management market is bifurcated into solutions and services. Of these, the solutions segment dominates the market, accounting for the highest market share in the information technology service management market during the forecast period. As businesses across industries realize the value of effective IT service management (ITSM) tools, the global revenue of these solutions is on the rise. Increased reliance on technology is driving the demand for ITSM solutions that simplify operations and often incorporate automation to reduce costs and accelerate service delivery. Automation improves the efficiency, accuracy, and consistency of IT services, reducing downtime and improving customer satisfaction. Cloud-based ITSM solutions offered by providers such as ServiceNow, BMC, Cherwell Software, Ivanti, Broadcom, and IBM are gaining popularity due to their integrated capabilities and benefits for organizations of all sizes.
The network management segment will be the fastest growing in the information technology services management market during the forecast period.
Based on technology, the information technology service management market is categorized into configuration management, performance management, network management, database management systems, and others. Of these, the network management segment is growing fastest in the information technology service management market during the forecast period. Network management solutions help organizations identify and resolve network issues, optimize performance, and enhance security. Network management solutions provide critical network visibility, enable problem diagnosis and mitigation, and address the growing demand for network security in the face of evolving cyber threats.
The cloud segment will be the fastest growing in the information technology services management market during the forecast period.
Based on deployment, the information technology service management market is categorized into cloud and on-premise. Of these, the cloud segment is growing fastest in the information technology service management market during the forecast period. The growth of the ITSM market is driven by cloud-based solutions that offer scalability, flexibility, and cost-efficiency, making them attractive for businesses of all sizes. Widespread adoption of cloud computing is driving the demand for these solutions. Moreover, the growing popularity of DevOps and agile development methodologies has significantly expanded the cloud ITSM market as these approaches require more adaptable and scalable ITSM solutions.
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North America is expected to account for the largest share of the information technology services management market during the forecast period.
North America is expected to hold the largest share of the information technology service management market during the forecast period. The leadership in the North American region is led by developed countries such as Canada and the United States, which have been pioneers in ITSM practices and continue to invest in ITSM solutions. ITSM solutions are becoming increasingly important for North American organizations looking to improve IT service delivery and cost efficiencies. Moreover, the presence of leading ITSM vendors headquartered in North America strengthens the market competitiveness in this region.
Asia Pacific is projected to grow at the fastest pace in the information technology service management market during the forecast period. Enterprises of all sizes are investing heavily in IT to support their growth, increasing the demand for effective ITSM solutions. To meet the growing demand, key players in the Asia Pacific ITSM market are expanding their product offerings, increasing investments, and forming strategic alliances. Rapid economic growth, rising IT spending, growing awareness of the benefits of ITSM among businesses, and government support for the IT sector are all contributing to the thriving of the global information technology service management market in this region.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market along with a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. The report also provides a detailed analysis focusing on the current news and developments of the companies, including product developments, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances, which allows one to evaluate the overall competition within the market. The key vendors in the Information Technology Service Management market are ServiceNow, BMC Software, Broadcom, Ivanti, Efecte, SymphonyAI Summit, ManageEngine, SolarWinds, GoTo, Atlassian, OpenText, Zendesk, Microsoft, IBM, Freshworks, and other key vendors.
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Recent developments
In November 2023, Broadcom acquired VMware. This $61 billion acquisition sees VMware joining Broadcom's engineering-first, innovation-centric team and marks a significant step in the company's evolution as a leading global infrastructure technology company. Broadcom's focus going forward is on enabling enterprise customers to build and modernize private and hybrid clouds. Broadcom is primarily investing in VMware Cloud Foundation, the foundational software stack for private and hybrid clouds.
Market Segments
The study forecasts global, regional and country-level revenue from 2020 to 2033. Spherical Insights segments the Information Technology Services Management market on the basis of the following segments:
Global IT Service Management Market, by Component
Global IT Service Management Market, by Technology
Configuration Management Performance Management Network Management Database Management Systems Others
Global Information Technology Service Management Market, by Deployment
Global Information Technology Service Management Market, Regional Analysis
North America Europe Germany UK France Italy Spain Russia Rest of Europe Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific South America Brazil Argentina Rest of South America Middle East and Africa United Arab Emirates Saudi Arabia Qatar South Africa Rest of Middle East and Africa
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