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Cloud ITSM Market Expected to Reach USD 15.66 Billion by 2026 | Top Players such as -Citrix, HPE and IBM

Cloud ITSM Market

Cloud ITSM Market

The cloud-based implementation among organizations due to technological advancements will drive the growth of the Cloud ITSM Market.

PORTLAND, PORTLAND, OR, UNITED STATE, April 1, 2023 /EINPresswire.com/ -- Allied Market Research published a new report, titled, "Cloud ITSM Market Expected to Reach USD 15.66 Billion by 2026 | Top Players such as -Citrix, HPE and IBM." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global cloud IT service management (ITSM) market size was valued at USD 4,323 million in 2018, and is projected to reach USD 15,668 million by 2026, registering a CAGR of 17.4% from 2019 to 2026.

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Surge in adoption of cloud-based technologies and integration of AI-Enabled tools with ITSM solutions drive the global cloud ITSM market. However, security and privacy concerns related to confidential data and business processes hinder the market growth. On the other hand, widespread adoption of BYOD trend, rise in mobile workforce, and increase in demand among SMEs create new opportunities in coming years.

The global cloud IT service management market is segmented on the basis of component, organization size, industry vertical, and region. By component, the market is bifurcated into solutions and services. By organization size, the market is divided into large enterprises and small & medium enterprises. By industry vertical, the market is classified into IT & telecommunication, BFSI, healthcare, manufacturing, retail, education, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on industry vertical, the IT & telecommunications segment held the largest share of the global cloud ITSM market, accounting for more than one-third of the total market in 2018, and is expected to maintain its leadership status during the forecast period. This is attributed to ITSM solutions offering numerous benefits such as lowered operating costs, rise in revenues, infrastructure sharing, and others.

Based on component, the solution segment contributed to nearly two-thirds of the total share of the global cloud ITSM market in 2018, and is expected to maintain its dominance during the forecast period. This is due to rise in need to manage IT operations and management in order to design, operate, plan, deliver, and control cloud and IT services.

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By region, North America dominated the global cloud IT service management (ITSM) market in 2018 and is expected to remain dominant during the forecast period due to the presence of major market players and rise in investment & spending on cloud technologies. In addition, increase in focus on automation and end-user services boosts the adoption of cloud ITSM solutions and services in North America.

Some of the key cloud IT service management (ITSM) market players profiled in the report include Axios Systems, BMC Software, CA Technologies, Citrix Systems, Hewlett Packard Enterprise, International Business Machines Corporation (IBM), ManageEngine, Micro Focus, Microsoft Corporation, and ServiceNow.

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Key Findings of The Study

● By component, the solutions segment dominated the global cloud ITSM market in 2018 and is expected to generate highest revenue during the forecast period.

● On the basis of organization size, the large organizations segment dominated the market in 2018 and is expected to remain dominant throughout the forecast period.

● In terms of industry vertical, the retail segment dominated the market in 2018 and is expected to generate highest revenue during the cloud IT service management market forecast period.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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About Us:

Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Analytics LLP
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