ITSM Software Market Size, Share, Growth, and Industry Analysis, By Type (Cloud-based and On-premises), By Application (SMEs and Large Enterprises) and Regional Forecast to 2032

Updated On: 02 September 2024

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ITSM SOFTWARE MARKET REPORT OVERVIEW

The global ITSM Software Market size was USD 11.6 billion in 2023 and the market is projected to touch USD 55.32 billion by 2032, exhibiting a CAGR of 16.7% during the forecast period.

ITSM (Information Technology Service Management) refers to a technology that assists firms in gaining, delivering, and managing IT services effectively. Some processes include incident, service request management, change, and asset management, to guarantee IT service delivery underpins the business mandate. Using ITSM software, the amount of time taken to complete a task is reduced, downtime is minimized for a service and the customer gets more satisfaction when a service is delivered with a disciplined ITSM approach.

ITSM software distributes at a global level as businesses adopt digital transformation seminars and there is a high demand for cloud solutions as they are flexible and cheap. Currently, forces are driving the industry such as organizations’ desire to improve the efficiency and effectiveness of IT, to reduce cost, and to wake regulatory compliance. Other interesting sectors that are driving development are the healthcare sector, banking, retail, and manufacturing sectors because they all require better healthcare services and better IT.

COVID-19 Impact: The Pandemic Increased the Market Growth Due to Increased Remote Work Culture

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic extended the use of IT Service Management (ITSM) software programs as businesses at some point in the arena moved to faraway work environments. This flow increased the call for cloud-primarily based ITSM solutions, which permit establishments to maintain seamless IT operations and offer far-flung help. The requirement for efficient incident control, faraway IT guide, and automated provider transport became important, propelling a boom inside the ITSM market. The pandemic also underlined the significance of virtual transformation, prompting businesses to put money into modern ITSM answers to improve their IT infrastructure and resilience.

LATEST TRENDS

"Integration of Advanced Technologies Leads to Market Growth"

Today's trend inside the ITSM (IT Service Management) software enterprise is the developing use of AI and machine mastering to automate everyday strategies, improve carrier transport, and enhance patron experiences. There is likewise a growing trend in the direction of cloud-primarily based answers, pushed by way of the requirement for scalability and far off get admission to. Furthermore, integration with different employer equipment and platforms is becoming more common, enabling smooth workflows across several business departments. As corporations prioritize virtual transformation, ITSM software program evolves to assist greater agile, adaptable, and person-centric IT operations.

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MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Cloud-based and On-premises

• Cloud-based: Cloud-based ITSM software allows organizations to access and manage their IT services through remote servers, offering flexibility, scalability, and reduced infrastructure costs.
• On-premises: On-premises ITSM software is installed and managed locally on the organization’s servers, providing greater control and security, but often requiring higher upfront costs and maintenance.

 By Application

Based on application the market is classified into SMEs and Large Enterprises.

• SMEs: Small and medium-sized organizations (SMEs) use ITSM software to optimize IT operations, improve service delivery, and increase customer satisfaction while working with limited resources.
• Large enterprises: To manage intricate IT infrastructures, guarantee compliance, and uphold high standards of effectiveness and service quality throughout a variety of broad and varied operations, large organizations need ITSM software.

DRIVING FACTORS

"Increased Adoption of Cloud Computing Drives the Market Growth"

Cloud computing is one of the key factors enhancing the adoption ITSM software market. ITSM solutions in particular have such advantages as flexibility, cost of operations, and use of the product from any geographical location. Such advantages enable businesses to be able to manage their IT more efficiently, reduce costs incurred in creating IT infrastructure, and be in a position to deliver services efficiently. Most enterprises today are moving to cloud environments and that has increased the demand for cloud-based ITSM solutions which in turn is driving the market forward.

"Need for Enhanced IT Service Management Efficiency Leads to Market Expansion"

Organizations are constantly looking for techniques to improve the effectiveness of their IT provider management approaches. ITSM software automates mundane chores, improves incident and hassle management, and offers more visibility into IT operations. The growing emphasis on improving IT operations to sell productivity and decrease downtime is a widespread driver of the ITSM software program market. As businesses try to improve operational efficiency and service first-rate, the usage of ITSM solutions is projected to boom.

RESTRAINING FACTORS

"High Cost Impedes Market Growth"

One of the foremost impediments to the ITSM software market growth is the high fee for deployment and renovation, especially for small and medium-sized businesses (SMEs). The preliminary investment required to buy licenses, combine the software with existing systems, and train people might be prohibitively luxurious. Additionally, non-stop charges for enhancements, assistance, and customization can increase the monetary strain. This value barrier regularly inhibits the adoption of ITSM solutions with the aid of smaller corporations, which may additionally pick less highly-priced or manual techniques rather.

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ITSM SOFTWARE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America to Dominate the Market due to its Region’s Technological Advancement"

Largely influenced by the US, North America holds the largest ITSM software market share. This dominance is attributed to the fact that the region uses modern technologies, numerous large ITSM suppliers, and a push towards digitalization in most sectors. Businesses situated in North America buy efficient IT management solutions because of the competence, spectrum, and swiftly changing IT structures in the region thus making North America have a strong market share in the global ITSM market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Major technology businesses are key gamers within the ITSM software program marketplace, providing a whole lot of IT carrier management answers meant to streamline operations and increase productiveness. These corporations offer cloud-based totally and on-premise answers to meet a whole lot of corporate demands. They concentrate on integrating ITSM strategies with different corporate processes, inclusive of talents like incident control, change management, and asset management. Their solutions are often outstanding using their scalability, adaptability, and capability to enhance universal provider quality.

List of Market Players Profiled

• ServiceNow (U.S.)
• Atlassian (Australia)
• Ivanti (HEAT Software) (U.S.)
• IBM (U.S.)
• Broadcom (U.S.)
• BMC Software(U.S.)
• ASG Software(U.S.)
• Axios Systems (U.K.)
• SAP (Germany)
• Cherwell Software (U.S.)
• Micro Focus (Formerly HPE) (U.K.)
• Freshworks (U.S.)
• Ultimo (Netherlands)
• Epicor (U.S.)
• TOPdesk (Netherlands)
• Samanage (U.S.)
• Agiloft Service (U.S.)
• Symantec (U.S.)
• SysAid (Israel)
• SolarWinds (U.S.)
• Autotask (U.S.)

INDUSTRIAL DEVELOPMENT

May 2024: SolarWinds, a leading provider of easy, powerful, and secure observability and IT management software, today announced the debut of SolarWinds AI, which will transform IT operations and enable tech professionals to manage the complexities of modern digital environments. 

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence the market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.