According to a new marketresearch report, "Cloud-Based ITSM Market by Solution (Service Portfolio Management,Change & Configuration Management, Service Desk Software, Operations &Performance Management, Dashboard, Reporting, & Analytics), Service,Vertical, & Region - Global Forecast to 2021", published byMarketsandMarkets, the global market is estimated to grow from USD 4.41 Billion in 2016 to USD 8.78 Billion by 2021, at a Compound Annual GrowthRate (CAGR) of 14.8% from 2016 to 2021.

Browse 58 market dataTables with 57 Figures spread through 167 Pages and in-depth TOC on "Cloud-BasedITSM Market"

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The operations andperformance management solutions are expected to dominate the market from 2016to 2021. This is due to the everyday need to maintain and manage organizationalIT infrastructure and services. Furthermore, due to the increasing adoption ofBYOD trends in enterprises, dashboard, reporting, and analytics solutions areexpected to gain traction in the next 5 years.

Telecom and IT segment to grow at the highest rate duringthe forecast period

The telecom and ITsegment is expected to grow at a rapid rate from 2016 to 2021 in theCloud-Based ITSM Market. The high growth rate can be attributed to theincreased usage of smartphones and tablets across IT organizations. Thehealthcare and life science segment is expected to contribute the largestmarket share in the Cloud-Based ITSM Market in 2016. The market is alsoprojected to witness growth in the travel and hospitality, manufacturing, andeducation segment during the forecast period.

North America is expected to contribute the largest market share duringthe forecast period

North America is expected to have the largest market share and dominatethe Cloud-Based ITSM Market from 2016 to 2021, due to the rapid adoption ofBYOD policies for enhanced productivity, employee satisfaction, and costeffectiveness. These policies require remote accessibility of information,which is facilitated by cloud-based ITSM solutions. LatinAmerica offerspotential growth opportunities, as there is rise in technology penetration andorganizations are focusing on offering better customer experience todifferentiate themselves from the competitors.

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The major vendors in theCloud-Based ITSM Market include BMC Software, Inc., CA Technologies,ServiceNow, Cherwell Software, LLC, Hewlett Packard Enterprise Company, andHEAT Software USA, Inc., alongwith others. The report also includes key innovators in the market, such asManageEngine (Zoho Corporation), CloudHealth Technologies, SysAid TechnologiesLtd., Serena Software, Inc., and LANDesk Software, Inc.

The report coversdetailed information regarding the major factors influencing the growth of the Cloud-BasedITSM Market, such as drivers, restraints, challenges, and opportunities. Adetailed analysis of the key industry players has been included to provideinsights into their business overview, products and services, key strategies,new product launches, mergers and acquisitions, partnerships, agreements,collaborations, and recent developments associated with the Cloud-Based ITSMMarket.

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