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Information Technology Service Management Market Projected to Reach USD 6,674.43 Million by 2027 – Exclusive Report by Mordor Intelligence

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Information Technology Service Management Market Projected to Reach USD 6,674.43 Million by 2027 – Exclusive Report by Mordor Intelligence

June 23
03:20 2022
Information Technology Service Management Market Projected to Reach USD 6,674.43 Million by 2027 - Exclusive Report by Mordor Intelligence
Mordor Intelligence
Information Technology Service Management (ITSM) is a practice that is designed to deliver IT services to enterprises. These tools aid the growth of an organization by aligning its IT processes and services with the business objectives. The managed services market is dominated by the major players, such as IBM Corporation and Atlassian Corporation PLC, who have a strong client base in the market.

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

  • May 2022 – IBM announced a Strategic Collaboration Agreement (SCA) with Amazon Web Services Inc. (AWS) to deliver a wide range of its software catalog as Software-as-a-Service (SaaS) on AWS.
  • January 2022 – The supply chain business unit of Ivanti, Ivanti Wavelink, launched Ivanti Neurons for Industrial Internet of Things (IIoT) to help organizations further automate and optimize their supply chain operations. With Ivanti Neurons for IIoT, organizations can rapidly build scalable applications that integrate into existing processes, driving operational efficiency.
  • January 2022 – Atlassian Corporation PLC acquired Percept. AI to improve the AI engine for natural language understanding in Jira service Management. The company aims to create an integrated experience for the customers in the market. Through the Percept.AI, the company aims to deflect the vast majority of tier-1 support questions, provide users a great experience and free up IT teams to focus on more complex tasks.

Download a free sample here – Information Technology Service Management Market

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.

Related Research and Links

List of Key Players in the Information Technology Service Management Market

  • ASG Technologies Group, Inc.
  • Atlassian Corporation Plc
  • Axios Systems
  • BMC Software, Inc.
  • Broadcom Inc.
  • Freshworks Inc.
  • Micro Focus International Plc
  • IBM Corporation
  • Ivanti Inc.
  • ServiceNow Inc.

*List Not Exhaustive

Mordor Intelligence has segmented the Information Technology Service Management Market based on deployment, application, end-user, and geography:

  • Deployment (Market Size & Forecast based on Value (USD million), 2020-2027)
    • Cloud
    • On-premise
  • Application (Market Size & Forecast based on Value (USD million), 2020-2027)
    • Configuration Management
    • Performance Management
    • Network Management
    • Database Management System
    • Other Applications
  • End-user (Market Size & Forecast based on Value (USD million), 2020-2027)
    • BFSI
    • Manufacturing
    • Government and Education
    • IT and Telecommunication
    • Retail
    • Travel and Hospitality
    • Healthcare
    • Other End-user Industries
  • Geography (Market Size & Forecast based on Value (USD million), 2020-2027)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

About Mordor Intelligence

Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.

We offer fully tailored intelligence solutions to meet the unique business requirements of any organization. Our deep industry expertise coupled with cross-functional analyst teams ensures we can support the intelligence requirements of even the most specific of business problems.

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