Global IT Service Management (ITSM) Market: Introduction
IT service management can be defined as a process of designing, delivering, managing, and improving the IT services that an organization provides to its end-users. IT service management helps in regularizing operations through structured delivery and documentation.
Global IT Service Management (ITSM) Market – Dynamics
Increase in adoption of cloud-based technologies
In the current scenario, adoption of cloud-based technology has increased extensively across the globe. Cloud-based deployment of software is expected to hold approximately 80% share of the global information & communication technology industry by 2023. Companies are increasing their investments in cloud technology with the increasing need to manage IT resources and to reduce operational and maintenance costs. This in turn is driving the global IT service management market.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
Constant Security Concerns and Network Issues Restricting the Market
Cloud security and network transmission issues
The current IT service management (ITSM) models rely heavily on cloud services and are susceptible to service impairment or control loss, data leakage, service loss including service interruption, and, in worse cases, monetary loss. The user experience may also be affected by unstable network transmissions at some places, which may limit the reach of cloud-based services including cloud-based and hybrid services/solutions in the affected areas.
North America Expected to Dominate the Global IT Service Management (ITSM) Market
In terms of region, the global IT service management (ITSM) market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global IT service management (ITSM) market during the forecast period, due to increased adoption of cloud-based technologies, specifically by small & medium enterprises (SMEs), in the region.
COVID-19 Impact on the Global IT Service Management (ITSM) Market
The outbreak of COVID-19 and the subsequent lockdown implemented by several countries across the globe is expected to moderately impact the adoption of IT service management (ITSM) worldwide in the near future. Companies are likely to avoid investing in new technologies in the next few years, due to the anticipated economic recession across the globe.
Global IT Service Management (ITSM) Market – Competition Landscape
- In January 2020, Incentive Technology Group (ITG) was acquired by ICF International Inc. for US$ 255 Mn to gain expertise in the fields of IT consulting, ITSM, and cloud services in the U.S.
- In April 2019, GrowthOps acquired Entrago, a partner of ServiceNow, to expand in the IT service management (ITSM) market in Australia and Asia Pacific
ICF International Inc.
ICF International Inc. was established in 2006, with an aim to provide professional services and technology-based solutions to government and commercial sectors. The company offers management, technology, and policy consulting and implementation services. The company serves industries such as healthcare, education, energy, environment, and infrastructure.
Looking for Regional Analysis or Competitive Landscape in IT Service Management market, ask for a customized report
Global IT Service Management (ITSM) Market: Segmentation
The global IT service management (ITSM) market can be segmented based on:
- Enterprise Size
Global IT Service Management (ITSM) Market, by Component
Based on component, the global IT service management (ITSM) market can be divided into:
Global IT Service Management (ITSM) Market, by Enterprise Size
In terms of enterprise size, the global IT service management (ITSM) market can be segmented into:
- Small & Medium Enterprises
- Large Enterprises
Global IT Service Management (ITSM) Market, by Industry
Based on industry, the global IT service management (ITSM) market can be classified into:
- IT & Telecommunication
- Healthcare & Life Sciences
- Retail & Consumer Goods
- Media & Entertainment
- Government & Public
- Travel & Hospitality
Regional Analysis of Global IT Service Management (ITSM) Market:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.