Cloud ITSM Market Projected to Reach $15.66 Billion by 2026 | CAGR 17.4%

Cloud ITSM Market

Cloud ITSM Market

An upsurge in the adoption of cloud-based technologies and integration of AI-Enabled tools with ITSM solutions drive the growth of the global cloud ITSM market.

PORTLAND, OREGON, UNITED STATES, September 28, 2020 / — Rise in adoption of cloud-based technologies and integration of AI-Enabled tools with ITSM solutions drive the growth of the global cloud ITSM market. However, security and privacy concerns for confidential data and business processes hinder the market growth. On the other hand, increasing mobile workforce and growing demand among SMEs create new opportunities in the coming years.

According to the cloud ITSM market analysis in Asia-Pacific, the market is projected to generate the highest growth rate during the forecast period, owing to increase in number of startups and adoption of artificial intelligence (AI) technologies, such as machine learning, image processing, and others.

The global cloud ITSM market generated $4.32 billion in 2018, and is estimated to reach $15.66 billion by 2026, registering a CAGR of 17.4% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.

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Based on industry vertical, the IT & telecommunications segment accounted for the largest share in 2018, holding more than one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the retail segment is estimated to portray the highest CAGR of 24.3% during the forecast period.

Based on component, the solution segment contributed to the largest share in 2018, accounting for nearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. However, the services segment is expected to register the highest CAGR of 18.9% from 2019 to 2026.

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Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 22.5% from 2019 to 2026.

Leading market players analyzed in the research 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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Source: EIN Presswire