The Cloud ITSM market is set to grow at a 17% CAGR from 2021-2026, driven by COVID-19, BYOD trends, and advanced technologies.
According to the latest report by IMARC Group, titled “Cloud ITSM Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global cloud ITSM market exhibited strong growth during 2015-2020. Looking forward, the market is expected to grow at a CAGR of around 17% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Cloud IT service management (ITSM) designs, deploys, delivers, supports, and manages the IT services of an organization. It constitutes of hardware and software devices, cloud storage, computing resources, web and mobile applications, and virtual servers. Cloud ITSM provides a fast, agile, and appropriate solution to unaccustomed events, opportunities, and competitive threats. It also aids in enhancing the productivity of small or mid-sized businesses with limited resources.
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Market Trends
Cloud-based technology has emerged as a cost-effective and advanced technique to manage the data of an organization by implementing various solutions and services, thereby driving the demand for cloud ITSM. Furthermore, the sudden outbreak of the COVID-19 pandemic has impelled several governments to impose lockdown regulations and encourage social distancing measures to curb the disease transmission. This has led to the adoption of work-from-home models which is currently augmenting the need for cloud ITSM. Moreover, the prevalent trend of bring-your-own-device (BYOD) has enabled employees to remotely access the organizational data and resources, thereby bolstering the demand for advanced ITSM solutions. Additionally, the advent of several technologies, such as Big Data, blockchain, machine learning, Internet of Things (IoT), predictive analytics, augmented reality (AI), and virtual reality (VR), is further anticipated to propel the market growth in the coming years.
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Breakup by Component:
Breakup by End User:
Breakup by Vertical:
Breakup by Geography:
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Axios Systems, BMC Software Inc., CA Technologies (Broadcom Inc.), Cherwell Software LLC, Citrix Systems Inc., Hewlett Packard Enterprise, International Business Machines Corporation (IBM), Micro Focus International Plc, Microsoft Corporation, Oracle Corporation, ServiceNow and SysAid Technologies Ltd.
Key highlights of the report:
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The article discusses the growth and trends of the Cloud ITSM market from 2021 to 2026.
COVID-19 has accelerated the adoption of cloud ITSM due to increased remote work and digital transformation.
Technologies like AI, IoT, and blockchain are significantly influencing the Cloud ITSM market.
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