Global Cloud-Based ITSM Market Analysis and Forecast to 2022 | Growth Opportunity Assessment

Princeton, NJ -- (SBWire) -- 06/13/2018 --Research Cosmos forecasts the cloud-based IT Service Management (ITSM) market to grow from USD 4.41 Billion in 2016 to USD 8.78 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.8% from 2016 to 2021. In the last 5 years, cloud computing has gained much publicity and there has been a growing enterprise acceptance with Software as a Service (SaaS). Cloud-based solutions are being viewed as an immediate opportunity to quickly and flexibly deliver business-enabling IT services at lower cost. The cloud-based ITSM market is driven by factors such as the widespread adoption of Bring Your Own Device (BYOD) policies & increasing mobile workforce, advent of advanced technologies such as big data and IoT, and benefits of agile implementation, easy deployment, and subscription-based pricing of cloud-based ITSM solutions.

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The scope of this report covers the cloud-based ITSM market by solution, service, organization size, vertical, and region. The operations and performance management solution is expected to have the largest market share and dominate the market from 2016 to 2021, due to the everyday need to maintain and manage organizational IT infrastructure and services. The dashboard, reporting, and analytics solution is expected to play a key role in changing the cloud-based ITSM landscape and is expected to grow at the highest CAGR during the forecast period, as BYOD adoption in enterprises will continue to grow.

Professional services segment is expected to dominate the cloud-based ITSM market and is expected to contribute the largest market share, whereas managed services segment is expected to grow at the highest rate during the forecast period. Cloud-based ITSM solutions are expected to grow with the highest CAGR in the SMEs segment, as these solutions help SMEs to handle their business efficiently with enhanced customer satisfaction.

The cloud-based ITSM solutions are being increasingly adopted in various verticals, such as healthcare & life sciences, travel & hospitality, telecom & IT, manufacturing, and education, which have led to the growth of the market across the globe. The healthcare & life sciences sector is expected to grow with the highest rate from 2016 to 2021 in the market. This is so because cloud-based ITSM solutions increase the visibility and transparency in the organizational processes through powerful reporting and dashboard solutions. Need for advanced technologies have led organizations in the telecom and IT sector to focus more on cloud-based services and on improving customer satisfaction. This has led the telecom and IT sector to dominate the cloud-based ITSM market with the highest market share in 2016.

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North America is expected to have the largest market share and dominate the cloud-based ITSM market from 2011 to 2021, due to the presence of a large number of solution vendors in the U.S. and increasing adoption of BYOD policies in the region. Latin America offers potential growth opportunities, as there is rise in technology penetration in the region and organizations there are focusing on offering better customer experience in order to differentiate themselves from the competitors.

However, security and privacy concerns associated with the cloud and high network bandwidth requirements are acting as the restraining factors for the market growth. Though cloud-based ITSM solutions have evolved in the recent years, data security capabilities of such solutions have always been a major challenge for this market. The major vendors in the market include BMC Software, Inc., CA Technologies, ServiceNow, Cherwell Software, LLC, Hewlett Packard Enterprise Company, and HEAT Software USA, Inc., along with others. These players adopted various strategies such as new product launches, partnerships, agreements, collaborations, mergers & acquisitions, and business expansions to cater to the needs of the cloud-based ITSM market. The report also includes key innovators in the market, such as CloudHealth Technologies, SysAid Technologies Ltd., ManageEngine (Zoho Corporation), Serena Software, Inc., and LANDesk Software, Inc.

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