MarketsandMarkets forecasts the global cloud ITSM market size to grow from USD 4.4 billion in 2019 to USD 10.4 billion by 2024, at a CAGR of 18.6% during 2019–2024. Major growth factors for the market include increasing shift to cloud based technology and integration of AI-enabled tools with ITSM solutions.
The cloud ITSM market by organization size comprises two subsegments, viz., SMEs and large enterprises. The cloud ITSM SMEs segment is expected to grow at a higher CAGR during the forecast period. The deployment of cloud ITSM solutions is more common in large enterprises as it provides remote control on the processes and the activities going on. The present market size for large enterprises is greater than that of SMEs, but the adoption of cloud ITSM solutions and services in SMEs is expected to experience a higher growth rate than large enterprises, as a major percentage of large enterprises have already implemented cloud ITSM solutions for their business processes. The increasing trend of BYOD policies and the need for cost-effective solutions are the top driving factors for organizations to adopt cloud ITSM solutions.
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The major cloud ITSM vendors operating globally include ServiceNow (US), HPE (US),IBM (US), BMC Software (US), CA Technologies (US),Cherwell Software (US), Ivanti (US),Citrix Systems (US), Hornbill (UK), Axios Systems (US),Efecte (Finland), ManageEngine (US), EasyVista (US),Atlassian (Australia), Alemba (UK),SysAid (Israel),Microsoft (US),LogMein (US), Micro Focus (UK), and Freshworks (US).
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