Global IT Service Management Software Market Size by Deployment Mode (On-Premises, Cloud-Based), By End-User Industry (Healthcare, Retail, Manufacturing), By Functionality (Incident Management, Problem Management, Change Management), By Geographic Scope and Forecast
Report ID: 9355|No. of Pages: 202
Global IT Service Management Software Market Size by Deployment Mode (On-Premises, Cloud-Based), By End-User Industry (Healthcare, Retail, Manufacturing), By Functionality (Incident Management, Problem Management, Change Management), By Geographic Scope and Forecast
Global IT Service Management Software Market Size and Forecast
The Global IT Service Management Software Market was valued at 3.6 USD Billion in 2024 and is projected to reach USD 7.81 Billion by 2031, growing at a CAGR of 11.23% from 2024 to 2031.
- IT Service Management (ITSM) software is a collection of tools and methods for efficiently managing and supporting an organization’s IT services.
- It is used to improve IT service delivery, automate workflows, manage problems and guarantee that IT services meet business requirements.
- Advancements in AI, automation and analytics will expand the capabilities of ITSM software, allowing for predictive maintenance and proactive IT management.
Global IT Service Management Software Market Dynamics
The key market dynamics that are shaping the global IT service management software market include:
Key Market Drivers:
- Increasing Digital Transformation Efforts: Organizations are implementing digital transformation to improve efficiency and customer experience, resulting in increasing demand for ITSM software to manage complex IT infrastructures and services.
- Growing Need for Automation: As businesses attempt to decrease costs and improve service delivery, the demand for automated IT processes and workflows is driving ITSM software adoption.
- Rising Importance of IT Compliance: With severe regulatory requirements, organizations demand ITSM software to ensure compliance, manage risks and maintain IT security, hence driving market growth.
- Expansion of Remote Work: The adoption of remote and hybrid work styles has boosted the demand for ITSM solutions that provide seamless remote access and efficient IT service management.
Key Challenges:
- Integration with Legacy Systems: Many organizations face difficulties integrating ITSM software with outdated legacy systems, which can lead to data silos and hinder seamless IT service management.
- High Implementation Costs: The initial costs of implementing ITSM software, including customization, training and ongoing maintenance, can be substantial, deterring small and medium-sized businesses from adopting these solutions.
Key Trends:
- Adoption of AI and Machine Learning: Organizations are increasingly integrating AI and machine learning into ITSM software to enhance automation, predict issues and provide proactive support, improving overall service efficiency.
- Shift to Cloud-Based Solutions: The preference for cloud-based ITSM solutions is growing due to their scalability, cost-effectiveness and ability to support remote work environments, making them attractive to organizations of all sizes.
- Focus on User Experience (UX): There is a rising emphasis on improving the user experience in ITSM software through intuitive interfaces and personalized services, ensuring better user adoption and satisfaction.
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Global IT Service Management Software Market Regional Analysis
Here is a more detailed regional analysis of the global IT service management software market:
North America:
- According to Verified Market Research, North America is expected to dominate the Global IT service management software market.
- North America leads in adopting advanced ITSM solutions due to technological innovation and a strong IT infrastructure.
- The presence of major ITSM software vendors in North America drives market dominance.
- Significant investment in digital transformation across various North American industries.
- Growing demand in North America for efficient IT service management to enhance business operations.
Asia-Pacific:
- According to Verified Market Research, Asia Pacific is the fastest growing region in global IT service management software market.
- The Asia-Pacific region is seeing increasing IT investments and digitalization efforts across emerging markets.
- Rapid growth of small and medium-sized enterprises in Asia-Pacific adopting ITSM solutions.
- Rising demand in Asia-Pacific for cloud-based ITSM solutions to support remote work.
- Expanding awareness and adoption of ITSM practices in Asia-Pacific to improve service delivery.
Global IT Service Management Software Market: Segmentation Analysis
The Global IT Service Management Software Market is segmented on the basis of Deployment Mode, End-User Industry, Functionality and Geography.
Global IT Service Management Software Market, by Deployment Mode
- On-Premises
- Cloud-Based
Based on Deployment Mode, the IT service management software market is segmented into On-Premises and Cloud-Based. On-premises ITSM offers greater control and customization within an organization’s infrastructure, often requiring significant investment. Cloud-based ITSM provides scalability, remote access and lower infrastructure costs, making it a popular choice for its flexibility and cost-effectiveness.
Global IT Service Management Software Market, by End-User Industry
- IT and Telecom
- BFSI (Banking, Financial Services and Insurance)
- Healthcare
- Retail
- Manufacturing
- Education
- Government
- Others
Based on End-User industry, the IT Service Management (ITSM) market is segmented into IT and Telecom, BFSI, Healthcare, Retail, Manufacturing, Education, Government and others. Each industry utilizes ITSM software to address specific needs, such as managing complex networks in IT and Telecom or ensuring compliance and data security in BFSI, enhancing operational efficiency across diverse sectors.
Global IT Service Management Software Market, by Functionality
- Incident Management
- Problem Management
- Change Management
- Service Request Management
- Asset Management
- Configuration Management
Based on Functionality, the IT Service Management (ITSM) Market is segmented into Incident Management, Problem Management, Change Management, Service Request Management, Asset Management and Configuration Management. Each functionality targets specific IT service needs, such as automating incident resolution, managing changes, handling service requests and overseeing IT assets, thereby optimizing overall IT operations and service delivery.
Global IT Service Management Software Market, by Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Based on Geography, the IT Service Management (ITSM) Market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Each region is having unique demands and growth drivers, with North America leading in adoption, Asia-Pacific experiencing rapid growth and other regions developing their ITSM capabilities to enhance service management and operational efficiency.
Key Players
The Global IT Service Management Software Market study report will provide valuable insight with an emphasis on the global market. The major players in the IT Service Management (ITSM) market include ServiceNow, BMC Software, IBM, Cherwell Software, Axios Systems, Freshservice, Broadcom, Ivanti, Micro Focus, ManageEngine and SolarWinds.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
IT Service Market Recent Developments
- In October 2023, ServiceNow announced a partnership with ANSR to establish ServiceNow Centers of Excellence in over 60 Global Capability Centers (GCCs) across India. This initiative aims to train 3,500 individuals on the ServiceNow platform, enhancing internal service delivery and incorporating generative AI capabilities.
- In November 2023, Broadcom completed its acquisition of VMware for $61 billion. This acquisition aims to enhance Broadcom’s capabilities in building a leading infrastructure technology company, focusing on enabling enterprise customers to modernize their private and hybrid cloud environments.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | ServiceNow, BMC Software, IBM, Cherwell Software, Axios Systems, Freshservice, Broadcom, Ivanti, Micro Focus, ManageEngine and SolarWinds. |
| SEGMENTS COVERED | By Deployment Mode, By End-User Industry, By Functionality And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
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Frequently Asked Questions
1. Introduction
· Market Definition
· Market Segmentation
· Research Methodology
2. Executive Summary
· Key Findings
· Market Overview
· Market Highlights
3. Market Overview
· Market Size and Growth Potential
· Market Trends
· Market Drivers
· Market Restraints
· Market Opportunities
· Porter’s Five Forces Analysis
4. IT Service Management (ITSM) Software Market, By Deployment Mode
• On-premises
• Cloud-based (SaaS)
5. IT Service Management (ITSM) Software Market, By End-User Industry
• IT and Telecommunications
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare
• Retail
• Manufacturing
6. IT Service Management (ITSM) Software Market, By Functionality
• Incident Management
• Problem Management
• Change Management
• Asset Management
• Configuration Management
7. Regional Analysis
· North America
· United States
· Canada
· Mexico
· Europe
· United Kingdom
· Germany
· France
· Italy
· Asia-Pacific
· China
· Japan
· India
· Australia
· Latin America
· Brazil
· Argentina
· Chile
· Middle East and Africa
· South Africa
· Saudi Arabia
· UAE
8. Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Impact of COVID-19 on the Market
9. Competitive Landscape
· Key Players
· Market Share Analysis
10. Company Profiles
• ServiceNow
• BMC Software
• Microsoft
• Atlassian
• Ivanti
• ManageEngine
• SolarWinds
• Freshworks
• Hornbill
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
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Data Collection Matrix
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Econometrics and data visualization model
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Industry Analysis Matrix
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