Information Technology Service Management Market

Global Information Technology Service Management Market Size (2022 - 2027)

The global Information Technology Service Management market is expected to develop at a compound annual growth rate (CAGR) of 11.23% during the outlook period of 2021 – 2026, which was valued at 1.92 billion USD in the year 2018 that is expected to increase to 4.52 billion USD by the end of 2026.

The Information Technology Service Management is a general term that describes all the activities such as design, deliver, manage and also to improve the way businesses use information technology that involves all the distinct strategic approaches and processes that support the service throughout the lifecycle from service management to change management, asset management, problem management, incident management and knowledge management.

Driving Factors

Increasing mobile workforce and the increasing drift towards cloud-based IT service management are some of the driving factors for the growth of the global Information Technology Service Management market. Factors such as increasing of investments by the major players of the market for introducing novel technologies are also some of the driving factors of Information Technology Service Management business.

Challenges

Increasing business scrutiny and complexity and substantial adoption of internet of things over various cloud-based applications are some of the major restraints effecting the growth of the market of Information Technology Service Management in terms of revenue rate. Excess use of remote applications is one of the major limitations challenging the expansion of the market of Information Technology Service Management.

Recent Market Developments

• In the month of June 2020, Hitachi company announced USU which is one of Europe’s prominent vendors of IT and knowledge management software selected its data analytics technology to enhance the solution offerings to its customers.
• In the month of February 2019, IBM company expanded its partnership with BMC company where the AI technologies from IBM Watson were seamlessly integrated into BMC Helix and BMC’c cognitive service management solution.

GLOBAL INFORMATION TECHNOLOGY SERVICE MANAGEMENT MARKET REPORT COVERAGE:

Market Segmentation

The global Information Technology Service Management market is segmented on the basis of deployment, on the basis of application, on the basis of end user industry and on the basis of geography.

Global Information Technology Service Management Market - By Deployment:

the Information Technology Service Management market is segmented into two types namely cloud and on-premises. Among these, the cloud deployment mode segment holds the major share of the market as they are getting more demand now a days in almost all kinds of enterprises.

Global Information Technology Service Management Market - By Application:

the market of Information Technology Service Management is divided into configuration management, performance management, network management, databases management system and other applications. Among these, the configuration management segment holds the major share of the market among others.

Global Information Technology Service Management Market - By End User Industry:

the market of Information Technology service management is separated into banking, financial services and Insurance, manufacturing, government and education, IT and Telecommunication, retail, travel and hospitality, healthcare and other end user industries.

Regional Analysis

The global Information Technology Service Management market is elaborated in various regions all around the world such as North America (US, Mexico, Canada and rest of North America), Europe region (UK, France, Germany, Spain, Italy and rest of Europe), Asia Pacific region (India, Japan, China, Australia and rest of Asia Pacific) and rest of the world.

North America region holds the major share of the market of Information Technology Service Management owing to the high adoption of cloud technology and the need for improving IT services by the end users in the countries like the United States of America, Canada and Mexico.

Asia Pacific region holds the second largest share of the market of Information Technology Service Management due to the factors such as increasing of investments by the key players of the market especially in some economies such as China and India, which promotes the growth of the business of Information Technology Service Management in this locale.

Europe region is estimated to increase the market of Information Technology Service Management during the forecast period followed by North America region and Asia Pacific region.

Key market players

Some of the key players of Information Technology Service Management market are BMC Software, CA Technologies, ASG Software, Atlassian, Axios Systems, Cherwell Software, HEAT Software, IBM, Hewlett Packard Enterprise (HPE) and SAP

COVID-19 impact on Information Technology Service Management Market

Due to coronavirus, the vulnerability of supply chains has been exposed, for most of the IT organizations, a fragile ecosystem included providers of IT services. Work from home enables the employees to ensure the service providers to ensure that mission critical enterprise customers have the necessary tools and technologies to enable the speed, security, quality and overall efficacy of services provided.

Coronavirus has impacted the global industries in three ways, by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms due to the strict lockdown conditions implemented by the provincial government around the world.

Due to the lockdown, companies are forced to halt their manufacturing units for a period of time to eradicate the spread of COVID virus as it was spreading at a rapid speed from one person to another. This situation may continue until the vaccine for the coronavirus has released. But the enterprises are facing some drastic situations as they witnessed huge losses because of the unprecedented outbreak of the pandemic and are turning towards some alternatives to take their business in a right path, but it is going to take some while until everything will be back to normal levels.

As per the analysis from industry experts, the market of Information Technology Service Management is expected to record an increase in the revenue rate much further in the coming years.