IT Service Management Market – Overview

The diversification of IT services is motivating the growth of the IT service management market globally. The insights into the information and communication technology industry are advanced by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth. A 12 % CAGR is anticipated to broaden the growth opportunities for the market.

The elevated demand for IT asset management, among others, is expected to create a favorable growth trend in the IT service management market. Furthermore, the surging popularity of cloud computing is expected to further boost the expansion of the market for IT service management in the upcoming years.

Segmental Analysis

The segmentation of the IT service management market is conducted on the basis of deployment, type, region, and end-user. On the basis of type, the IT service management market is segmented into IT asset management, application performance management, configuration management, network management and DBMS management. Based on the deployment, IT service management market is segmented into cloud-based and on-premise. Based on the end-user, the IT service management market is segmented into BFSI, manufacturing, media & entertainment, healthcare, IT & telecommunication, retail among others. Based on the regions, the IT service management market is segmented into North America, Asia Pacific, Europe, and other regions of the world.

Detailed Regional Analysis

The examination of the regions in the IT service management market includes regions such as North America, Asia Pacific, Europe, and other regions of the world. As per the study, it has been detected that the North American region is responsible for the prime segment of the IT service management market. The vendors in the region are giving cost-effective ITSM solutions, like software applications and platforms that permit developers to construct tailored IT solutions. The Asia Pacific region is projected to show peak growth prospects in the IT service management market. The countries such as India, China, Japan, and South Korea are observing an intensifying investor concern in enterprise IT, which is expected to encourage the IT service management market in the coming years.

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Competitive Analysis

The barriers to entry in the market are expected to not pose a chief deterrent to the progress of the global market. The demographic outline of the market gives an impact of being accepted, which is allowing the producers to research with the product features, to offer a more efficient and satisfying user experience. The regulations being applied by government and trade experts on the international scale are demonstrating to be favorable to the global market growth. The capability to shape a robust delivery chain in the market is anticipated to use the consumer source in the market. The target market is anticipated to display distinct development in terms of upcoming projections and trends. The financiers in the market are also responsive to the needs that may take place in the future and are thus assigning their resources in a visible manner. The augmentation in product quality is estimated to aid the market companies in the development of the user base to advance increased productivity in the coming years.

The noticeable companies in the IT service management market are HP (U.S.), CA Technologies (U.S.), BMC Software (U.S.), Absolute Software (Canada), Axios Systems (U.K.), Microsoft Corp. (U.S.), Cherwell Software (U.S.), Manage Engine (U.S.), Compuware (U.S.), IBM Corporation (U.S.), EMC Corporation (U.S.), Citrix Systems (U.S.), LANDESK Software (U.S.), Service Now, Inc. (U.S.) and others.

Industry Updates:

Dec 2019 Epicon, an enterprise IT service provider, has acquired ServiceNow partner Service Potential in an attempt to spread its influence into Queensland and the Northern Territory in Australia. The achievement is anticipated to increase Epicon’s IT service management, along with its ServiceNow competences.

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