Over the past years, cloud computing has been gaining worldwide popularity and enterprise acceptance with Software as a Service (SaaS). Cloud-based solutions are offering great opportunities and services such as quick and flexible delivery of IT-enabled services to the organizations at lower costs, thereby managing and streamlining the workflow. Moreover, they are easy to implement and deploy, and also enables subscription-based solutions. Increasing usage of smartphones and other portable devices and growing popularity as well as adoption of BYOD policies in organizations are further boosting the growth of the overall cloud-based ITSM market.
Current and Future Market Scenario
As per the researchers, the worldwide cloud-based ITSM market which is estimated to be valued at USD 4.41 Billion in 2016 is likely to reach a value of USD 8.78 Billion by 2021, growing at a CAGR of 14.8% during the forecast period from 2016 to 2021. Geographically, North America is expected to continue dominating the market with the largest share over the forecast period as well, mainly due to the large presence of vendors in the U.S. and increasing adoption rate of BYOD policies. However, the Latin American market is also likely to offer potential growth opportunities, owing to the developing technology and increased focus of major organizations on enhancing customer experience.
Based on solution, the operations & performance management solution segment is expected to hold the largest market share, owing to the rising need for maintaining and managing organizational IT infrastructure and services. However, the dashboard, reporting, and analytics solution is likely to play a vital role in changing the landscape of cloud-based ITSM, and is estimated to grow at the highest CAGR, as BYOD policies continue to witness increased adoption.
On the basis of services, the professional services segment is expected to dominate the market with largest share, whereas managed services segment will grow at the highest CAGR during the forecast period. Among verticals, the telecom & IT sector is expected to dominate the market with largest in 2016, whereas the healthcare & life sciences sector is likely to witness the highest growth over the forecast period.
What are the key drivers and restraints influencing the market growth?
Over the past few years, cloud computing has seen tremendous growth and increased adoption rate. With the increased number of providers, the cloud-based ITSM market is becoming one of the fastest-growing segments of the cloud computing market. The global market for cloud-based ITSM is expected to further grow due to the rising adoption of BYOD policies, increase in mobile workforce, advancements in technology such as Big Data and IoT, and advantages of agile implementation, easy deployment, and subscription-based pricing of these solutions. In addition, increasing demand for cloud-based ITSM solutions among SMEs is likely to further boost the growth of this market.
However, issues related to security and privacy and requirements for high network bandwidth are the major factors that may act as deterrents for the growth of this market. Moreover, lack of skilled professionals and expertise and concerns regarding integration with traditional architectures are the major challenges in the path of the leading players involved in this market.
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Major Vendors in this Market
The major vendors operating in the global market for cloud-based ITSM include BMC Software, Inc., CA Technologies, ServiceNow, Cherwell Software, LLC, Hewlett Packard Enterprise Company, and HEAT Software USA, Inc., among others. These players are adopting various strategies such as new product launches, partnerships, agreements, collaborations, mergers & acquisitions, and expansion of businesses so as to gain a stronger hold on the market as well as cater to the needs of this market.
