The global IT Service Management Market size is expected to grow from USD 10.5 billion in 2023 to USD 22.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, according to research report by MarketsandMarkets™.

With the increasing adoption of cloud-based technologies, there are now more opportunities for cloud-based ITSM vendors. Organizations want to obtain IT services externally at a cost that aligns with their usage of IT services rather than building and maintaining these services on-premises. Large enterprises opt for cloud-based ITSM solutions to better manage their IT resources and align their IT services with real-world business needs.

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By solution, Service Desk Software will grow at the highest CAGR during the forecast period.

The primary functions of the service desk are incident control, event management, life cycle management of all service requests, and communicating with end users of those IT services. These solutions offer various benefits, such as increased accessibility to assistance/help through a single point of contact, communication, and information; better quality and quicker turnaround of user requests; improved IT support resources and increased productivity; and better-managed infrastructure and control.

By services, the professional services segment will have a higher market share during the forecast period.

Professional services comprise education, training and certification, consulting, planning, implementation, and support and maintenance necessary to implement ITSM solutions successfully. In this ITSM service, providers thoroughly evaluate the project life cycle, help staff, and assign the right person for the correct process. Professionals also ensure that the solution supports business goals with better communication services. Various software solutions are installed, and departments are integrated in real-time to provide better resource visibility. As part of these services, vendors cover all phases of solution implementation, from planning, deploying, and support to ongoing optimization.

By region, the Asia Pacific region recorded the highest CAGR during the forecast period.

Rising rates of urbanization, technical developments, and government backing for the digital economy are significant drivers of technological advancements in the region. Many firms use cloud-based strategies due to the quick results in cloud computing, IoT, and telecommunications. Throughout the projected period, the area is anticipated to increase significantly. The adoption of ITSM solutions has risen substantially due to the growing volume of business processes and the growing use of cloud technologies. The complexity of manually managing workloads and applications results from the ever-increasing usage of cloud technologies and massive data sets, which will primarily drive the adoption of cloud ITSM solutions among businesses in this region. The primary motivators behind organizations' adoption of cloud technologies would be the low cost and simple implementation of ITSM solutions. The growing preference for cloud-based solutions is anticipated to propel the ITSM market's rapid expansion in this area.

Some of the key players operating in the ITSM market are – ServiceNow (US), BMC Software (US), Broadcom (US), Ivanti (US), ManageEngine (India), SolarWinds (US), GoTo (US), Atlassian (Australia), OpenText (Canada) and Zendesk (US).

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Key Dynamic Factors For IT Service Management Market:

Initiatives for Digital Transformation: As businesses look for effective and cutting-edge ways to match IT services with corporate goals, a major component driving the IT Service Management (ITSM) market is the growing emphasis on digital transformation across all industries.

Cloud Adoption: The market for ITSM is shifting towards cloud-based ITSM solutions as a result of the broad adoption of cloud computing. Because cloud deployment provides accessibility, scalability, and flexibility, the market is expanding.

Integration of Automation and AI: An important dynamic component in ITSM solutions is the integration of automation and artificial intelligence (AI) technologies. While AI helps with predictive analysis, intelligent decision-making, and problem-solving, automation improves operational efficiency.

Trends in Remote Work: The need for ITSM solutions that facilitate the management of distributed IT resources and guarantee smooth service delivery and support regardless of employees' physical locations has increased due to the emergence of remote and hybrid work patterns.

Security Concerns: Organisations are investing in ITSM solutions that prioritise security features and compliance, addressing the changing landscape of cyber risks. This is due to growing cybersecurity threats and the necessity for strong IT security measures.

Service Integration and Management (SIAM): As businesses look to manage many service providers and guarantee smooth cooperation and coordination across a range of IT services, there is an increasing need for efficient SIAM solutions.

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Competitive and Segmentation Analysis:

Vendors are deliberately positioning themselves in the highly competitive ITSM market to take advantage of the dynamic trends that are reshaping the sector. Both well-established companies and creative upstarts are present in the market, competing to provide all-inclusive solutions that meet the changing requirements of businesses going through digital transformation. Major firms are concentrating on improving their products by incorporating cutting-edge technology like automation, cloud computing, and artificial intelligence. Moreover, addressing certain market verticals, guaranteeing regulatory compliance, and providing better user experiences are frequently the focal points of competing tactics. Typically, deployment models (on-premises, cloud), organisation size, and industry verticals are used to segment the market.

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