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Cloud ITSM Market set to emerge growth phase at a CAGR of 18.41% during the forecast period [2020-26]

Cloud ITSM Market se

iCrowdNewswire   Nov 5, 20195:00 AM ET

OG Analysis forecasts the Cloud ITSM Market during the forecast period 2020-2026 and estimates market growth at a healthy CAGR of 18.41%. The market size is driven by emergence of digital transformation and mobile workforce as well as cloud migration along with security concerns.

Cloud migration across medium to large enterprises thrust a huge impact on the cloud- based ITSM market with wide adoption of ESM environment. The cloud ITSM widens the scope of services across organizations to streamline IT processes and can be deployed with ease and cheaper maintenance costs.

In addition, Cloud ITSM market players are launching integrated cloud course for trainers to create awareness through training and service centers. For instance, in 2019, ITSM Zone launched EXIN Cloud computing foundation e-learning course to provide knowledge about architecture, design, and cloud deployment models.

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The surge to improvise smartphones and meet consumers’ demand for next-generation devices with customized IT services drives the cloud ITSM market value across IT organizations. Furthermore, the AI convergence with IT and IT service management is an emerging cloud ITSM market trend.

Solutions segment set to emerge with major market share, key market participants are delivering analytical, intelligent service management to meet costumers demand for hybrid models and multi-cloud environments.  

However, adoption of cloud ITSM technology is limited by lack of standard procedures and skilled professionals and hence challenges the cloud ITSM market growth in coming years.

By Vertical, IT & Telecommunication emerges with strong market growth during the forecast period

IT & telecommunication segment set to proceed growth phase driven by high adoption of cloud ITSM solutions and services to attain various assistance such as increased efficiency, higher ROI, and cost-effectiveness.

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Further, IT & ITES companies investing to focus on business process outsourcing, infrastructure sharing, IT outsourcing, and revenue assurance to reduce their operating costs opens huge market growth opportunities in the long run.

Cloud ITSM surges as an emerging sector across North America during the forecast period

Based on region synopsis by OG Analysis, the market growth is reaching strong market value for North America during 2020-2026. The exceptional market growth is driven by competitive landscape of key market participants, growing economic outlook and the availability of huge customer potential.

Furthermore, the market size is set to witness expansion across the region with strong presence of key manufacturing companies including IBM, BMC Software, CA Technologies, and ServiceNow expanding their cloud business and ITSM services on the global platform.

Whereas, the market growth is forecast to emerge across Asian countries and Latin America is driven by efforts of market players to capitalize on market growth opportunities through strategic partnerships. For instance, recently, ServiceAide, Inc., announced availability of cloud service management to enterprises in China through a partnership with Alibaba’s Alibaba Cloud and Zhuyun.

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Key players to focus on advanced cloud ITSM solutions and strategic collaborations during the forecast period

Market participants are entering into strategic alliances or agreements to innovate and expand market footprints. For example, in 2019, ServiceNow partnered with Google for its google cloud platform to increase competitiveness and agility to accelerate innovation and reduce IT costs. In addition, in 2019, BMC Software partnered with IBM, to integrate AI capabilities of IBM Watson with BMC Helix and BMC Software’s Cognitive service management.

With cloud ITSM market being in the nascent stage, key market players are exploring market growth opportunities by investing in R&D activities. For instance, in 2019, ServiceNow set up a new R&D center in India to focuses on improving AI and mobile capabilities of the ITSM offerings that enhance the customer experience.

Furthermore, key companies including Atlassian, Axios Systems, BMC Software, CA Technologies, Cherwell Software, Citrix Systems, Efecte, EasyVista, IBM, and Microsoft are contributing to the cloud ITSM market share.

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