The information technology service management (ITSM) market was valued at USD 5,916.25 Million in 2021 and is expected to reach USD 6,674.43 Million by 2027 at a 2.02% CAGR over the forecast period 2022-2027.
Recent Developments in the Information Technology Service Management Market
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Information Technology Service Management Market Overview
With rapid technological advancements, telecom businesses are continually focusing on innovation. Thus, they are focusing on upgrading their infrastructure while developing state-of-the-art solutions to serve their customers, including innovation, customer service, infrastructure setup, and human resources.
ITSM solutions’ implementation helps telecom enterprises gain unified visibility into invoices, expenses, usage, and assets across their entire communications, cloud, and software license portfolio. Thus, reducing the overall costs and enhancing productivity, mainly by improving visibility, while providing a finely tuned set of processes to manage existing IT infrastructure. Moreover, IT companies are focusing on adopting ITSM with the increasing demand across the cloud-based models. With this growing adoption of cloud-based ecosystems, companies have expanded their partnership through new offerings across the cloud platform.
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Information Technology Service Management Market – Geographical Overview
North America is a prominent market for ITSM, owing to the high adoption of cloud technology and the growing need for improving IT services by the end-user industries in the region. According to a survey report on IT Management by Site24*7, 62% of respondents reported ease of management as the top factor in cloud shift, closely followed by business continuity (60%) and scalability (59%).
Further, a report published in March 2022 with a survey named “A hybrid cloud adoption survey” with 900+ IT professionals suggested that most businesses (93%) are adopting a hybrid of cloud and on-premise solutions or migrating fully to the cloud within five years. The survey was majorly done in North America and Europe, where 43.8% of respondents were from North America. Thus, the growing transition toward cloud platforms is expected to drive the demand for IT service management solutions in the coming years.
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List of Key Players in the Information Technology Service Management Market
*List Not Exhaustive
Mordor Intelligence has segmented the Information Technology Service Management Market based on deployment, application, end-user, and geography:
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