According to a new report published by Global QYResearch titled “IT Service Management (ITSM) Software Market (Types: Cloud-based, On-Premises; Application: SMEs, Large Enterprises)”, the global market for IT Service Management (ITSM) Software is estimated to grow at a significant rate of around 12% and reach the market value over $3.5 billion by 2023. The IT service management (ITSM) software market has been experiencing stable growth since past few years. During 2017-2023, the global market for IT service management (ITSM) software is anticipated to imitate twice the growth as compared to current revenue. In 2018 the global IT service management (ITSM) software market was valued nearly $2 Billion and by the end of the assessment year (2023), it is estimated to reach more than $3.5 Billion mounting at a CAGR of around 12% in the forecast period.
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Cloud-Based ITSM Software Will Grow Significantly
Cloud-based ITSMs software increases privacy concerns, security anxieties, and mobile workforce. In the business enterprise application, the slither towards cloud technology has formed enormous impact on cloud-based ITSM market which helps to improve reliability, security of data, and delivery of services. Cloud-based solutions deliver business enabling IT services flexibly and quickly at an inferior cost. Business enterprises are choosing advent advanced technologies such as Big-data and internet of things. Due to its advanced features like agile implementation, subscription based pricing and easy deployment, cloud-based ITSM is practiced by large and medium business organizations.
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IT Risks and Government Policies
Handling a threat is an important part of deploying services in an IT service management environment. IT risk can arise in numerous areas during service delivery, including operational, financial, and legal risks. Moreover, various government and regulatory agencies usually update organizational risk management norms and responses which could curb the ITSM software market.
Company Mergers and Acquisitions
Company mergers, acquisitions, and inter-company collaborations have positive effect on ITSM market as there is continued need for these services in business operations. The IT industry is highly sensitive to economic altercations; hence it is significant to keep an eye on economic index. With the global economic upturn, the necessity of IT service management (ITSM) software will augment in near future.
The key players covered in this study Axios Systems, ServiceNow, Cherwell Software, Ivanti (HEAT Software), IBM, Atlassian, CA Technologies, ASG Software, SAP, BMC Software,Micro Focus (Formerly HPE), and Others.
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