Global Cloud-Based ITSM Market was valued at US$ 3.23Bn in 2019 and is expected to reach US$ 10.02Bn by 2027, at a CAGR of 15.02% during a forecast period.
The cloud-based ITSM market is driven by factors such as the widespread implementation of Bring Your Own Device (BYOD) policies & increasing the mobile workforce, advent of advanced technologies like big data and IoT, and benefits of agile implementation, easy deployment, and subscription-based pricing of global cloud-based ITSM solutions.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The main restrains faced by global cloud-based ITSM market is increased business analysis and complexity. Nowadays, because of substantial implementation of the internet of things for various cloud-based applications and excess use of the remote application, most of the organizations are facing problem like compliance which causes complexity in business.
Based on the Service segment, Professional services segment is projected to dominate the global cloud-based ITSM market and is projected to contribute the largest market share, whereas managed services segment is projected to produce at the highest rate during the forecast period. Global Cloud-based ITSM solutions are expected to grow with the highest CAGR in the SMEs segment, as these solutions help SMEs to handle their business efficiently with improved customer satisfaction.
On the basis of Industry Vertical segment, the healthcare & life sciences sector is projected to grow with the highest rate in 2026. This is so because global cloud-based ITSM solutions increase the visibility and transparency in the organizational processes through powerful reporting and dashboard solutions. Need for advanced skills has led organizations in the telecom and IT sector to focus more on cloud-based services and on improving customer satisfaction. This has led the telecom and IT sector to dominate the cloud-based ITSM market with the highest market share in 2026.
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In terms of region, North America is projected to have the largest market share and dominate the cloud-based ITSM market from 2019 to 2027, because of the presence of a large number of solution vendors in the U.S. and increasing implementation of BYOD policies in the region. Latin America offers potential growth opportunities, as there is a rise in technology penetration in the region and organizations there are focusing on offering better customer experience in order to differentiate themselves from the competitors.
This report focuses on the Global Cloud-Based ITSM Market rank, future forecast, growth opportunity, key market, and emerging players. The study objectives are to present the Cloud-Based ITSM growth in Key regions. In instruction to provide valuable insight by each key element of the market, the highest and slowest growing market segment in the study is described. Innovative market participants are emerging and are accelerating the transition in the antistatic market. Merger and achievement activities are projected to change the market environment for this industry.
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