Global Cloud ITSM Market Set to Reach $10.4 Billion by 2024 - Retail & Consumer Goods Vertical to Grow at the Highest Rate

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Dublin, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.

The global cloud information technology service management (ITSM) market size is forecasted to grow from an estimated value of USD 4.4 billion in 2019 to USD 10.4 billion by 2024, at a CAGR of 18.6% during 2019-2024.

Major growth factors for the market include increasing shift to cloud-based technology and integration of AI-enabled tools with ITSM solutions, while the lack of standard procedures and integration concerns with traditional architectures may restrain the market growth of the cloud ITSM industry.The component segment is subdivided into solutions and services segments. Based on solutions, the cloud ITSM market is segmented into service portfolio management; configuration & change management; service desk software; operations & performance management; and dashboard reporting & analytics. Among the solutions, the service desk software solutions segment is expected to grow with the highest growth rate during the forecast period. This growth is attributed to the high demand for automation and streamlining business processes that deal with large volumes of customer queries and facilitate personal customer engagement to drive the adoption of service desk software.The cloud ITSM market by vertical covers IT & telecommunication, healthcare & life sciences, retail & consumer goods, manufacturing, BFSI, media & entertainment, government & public, travel & hospitality, and others. Other includes education, and energy and utility verticals. These verticals are expected to witness the high adoption of cloud ITSM solutions and services to achieve various benefits, such as increased efficiency, higher RoI, and cost-effectiveness. Among these, retail & consumer goods vertical is expected to grow at the highest rate due to the increasing need to offer best-in-class customer experience to drive the adoption of cloud ITSM solutions.The cloud ITSM market by region covers North America, Europe, APAC, MEA, and Latin America. APAC is expected to grow at the highest CAGR, owing to a rapid increase in considerations of cloud ITSM solutions usage. Major APAC countries, including China, Australia, India, and New Zealand, are expected to record high growth rates. However, large companies, such as BMC Software, CA Technologies, ServiceNow, and IBM, are expanding their cloud business rapidly in the region due to the availability of huge customer potential and growing economic outlook.

However, North America is expected to be the highest revenue-generating market during the forecast period. With the rise in competition in the cloud ITSM market in the region, service organizations across verticals are likely to embrace professional services to gain competitive advantage.

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Globe Newswire: 15:08 GMT Tuesday 3rd December 2019

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