CHICAGO, Dec. 10, 2020 /PRNewswire/ -- According to a new market research report "Cloud ITSM Market by Components ( Solutions (Service Portfolio Management, Configuration & Change Management, Service Desk Software) And Services), Vertical (BFSI, IT & ITeS, Retail & Consumer Goods), Organization Size, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Cloud ITSM Market size is expected to grow from USD 4.7 billion in 2020 to USD 12.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.
The flexibility and agility of cloud-based models would support the IT service needs of enterprises. The leading CSPs/hyperscalers—Microsoft, IBM, and AWS—are expected to increase their CAPEX primarily for data center expansion to support the increasing workload for their internal and external stakeholders. The increasing volume of data generation in websites and mobile apps, rising focus on delivering customer-centric applications for driving customer satisfaction, and growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are a few factors driving the growth of the emerging technologies. The emerging technologies, such as big data, Artificial Intelligence (AI), and Machine Learning (ML) are gaining traction, which is ultimately leading to the growth of the Cloud ITSM Market globally.
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The sudden shutdown of offices, schools, colleges, and physical retail stores has massively disrupted operations; this has led to an increase in the demand for digital workplace tools and services, such as Zoom, Slack, Blackboard, Lynda, Canvas, Google Classroom, AnyMeeting, and Moodle. AWS, Microsoft, and Google host and manage all applications in a public cloud environment. Increased spend on cloud services by select industries due to COVID-19. Industries, such as IT and ITeS, telecom, online retail/commerce, media, and BFSI, are expected to increase spending on cloud-based services to sustain their business. Highly regulated and cash-rich industries, such as BFSI, are also expected to move selective workloads to public cloud environments.
The market is expected to be driven by the need of operations and performance management solutions
The operations and performance management solution caters to the needs of day-to-day maintenance and management of organizational IT infrastructures and services. This solution ensures smooth delivery of IT services and their compliance with the predefined parameters. Organizations across verticals use these ITSM solutions for enhanced visibility as well as to prevent service outages and achieve maximized operational agility.
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Increased cloud adoption of cloud among SMEs is driving the Cloud ITSM Market
The major driving factors favoring the adoption of cloud ITSM solutions among SMEs include reliability, scalability, integration, flexibility, and improved productivity. The Cloud ITSM Market for SMEs is expected to gain traction as it provides flexibility and scalability along with reduced costs. The implementation of cloud-based technologies is expected to result in increased revenues, desired outcomes, and improved business efficiency for SMEs. However, SMEs face three critical challenges: capital, skills, and scalability. To overcome these issues, SMEs adopt the pay-as-you-go model, which offers flexibility to manage their IT infrastructure according to their requirements. SMEs face intense competition from large enterprises, thus to gain a competitive edge, SMEs are adopting cloud ITSM solutions, which would enable quick responses, timely decisions, and overall enhanced business productivity. The adoption of cloud ITSM is further expected to increase in coming as more organizations are migrating workloads on cloud-based environment.
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North America to dominate the global Cloud ITSM Market in 2020
North America has always been technologically ahead in terms of the adoption of advanced technologies due to high awareness among the enterprises regarding the benefits and presence of expertise among the workforce to develop innovative solutions across all technology segments. Cloud ITSM is another technological segment where enterprises in North America had stayed ahead in the curve to fulfil business continuity needs. This growth can be attributed to organizations' shift from on-premises to cloud-based solutions and services, along with the adoption of digital business strategies. The trend is expected to continue during the forecast period. North America is a developed market due to the presence of many players offering cloud ITSM solutions. Moreover, enterprises are increasing their budgets to accommodate cloud ITSM solutions. The increasing budgets are favoring the growth of the Cloud ITSM Market in North America. The US and Canada are the top countries in North America, which contribute to the Cloud ITSM Market.
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