DUBLIN, June 9, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Cloud-Based ITSM Market by Solution, Service, Vertical, & Region - Global Forecast to 2021" report to their offering.

The cloud-based IT Service Management (ITSM) market is forecast to grow from USD 4.41 Billion in 2016 to USD 8.78 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.8% from 2016 to 2021. In the last 5 years, cloud computing has gained much publicity and there has been a growing enterprise acceptance with Software as a Service (SaaS).

Cloud-based solutions are being viewed as an immediate opportunity to quickly and flexibly deliver business-enabling IT services at lower cost. The cloud-based ITSM market is driven by factors such as the widespread adoption of Bring Your Own Device (BYOD) policies & increasing mobile workforce, advent of advanced technologies such as big data and IoT, and benefits of agile implementation, easy deployment, and subscription-based pricing of cloud-based ITSM solutions.

North America is expected to have the largest market share and dominate the cloud-based ITSM market from 2011 to 2021, due to the presence of a large number of solution vendors in the U.S. and increasing adoption of BYOD policies in the region. Latin America offers potential growth opportunities, as there is 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.

However, security and privacy concerns associated with the cloud and high network bandwidth requirements are acting as the restraining factors for the market growth. Though cloud-based ITSM solutions have evolved in the recent years, data security capabilities of such solutions have always been a major challenge for this market.

Companies Mentioned:

• Axios Systems PLC
• BMC Software, Inc.
• CA Technologies
• Cherwell Software, LLC
• Citrix Systems, Inc.
• Heat Software USA, Inc.
• Hewlett Packard Enterprise Company
• Hornbill Corporate Limited
• IBM Corporation
• Servicenow, Inc.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Cloud-Based ITSM Market Analysis, By Solution

8 Cloud-Based ITSM Market Analysis, By Service

9 Cloud-Based ITSM Market Analysis, By Organization Size

10 Cloud-Based ITSM Market Analysis, By Industry Vertical

11 Geographic Analysis

12 Competitive Landscape

13 Company Profiles

14 Key Innovators

For more information visit http://www.researchandmarkets.com/research/pxtmpr/cloudbased_itsm

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SOURCE Research and Markets