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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
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
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.