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

/EIN News/ -- Dublin, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The "Cloud ITSM Market by Component (Solutions (Service Portfolio Management, Configuration & Change Management, Operations & Performance Management), Services), Vertical (BFSI, IT & Telecommunication, Retail & Consumer Goods), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's 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.

By solution, the service desk software solution segment is expected to grow at the highest CAGR during the forecast period

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 retail & consumer goods vertical to grow at the highest rate during the forecast period

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.

Among regions, APAC to grow at the highest CAGR during the forecast period

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.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview
5.1 Introduction
5.2 Regulatory Landscape
5.3 Market Dynamics
5.3.1 Drivers
5.3.2 Restraints
5.3.3 Opportunities
5.3.4 Challenges

6 Cloud ITSM Market Analysis, By Solution
6.1 Introduction
6.2 Service Portfolio Management
6.3 Configuration & Change Management
6.4 Service Desk Software
6.5 Operations And Performance Management
6.6 Dashboard, Reporting, and Analytics

7 Cloud ITSM Market Analysis, By Service
7.1 Introduction
7.2 Professional Services
7.3 Managed Services

8 Cloud ITSM Market Analysis, By Organization Size
8.1 Introduction
8.2 Small and Mid-Sized Enterprises
8.3 Large Enterprises

9 Cloud ITSM Market Analysis, By Vertical
9.1 Retail And Consumer Goods
9.2 Media And Entertainment
9.3 Banking, Financial Services, And Insurance
9.4 It And Telecommunications
9.5 Healthcare And Life Sciences
9.6 Government And Public Sector
9.7 Manufacturing
9.8 Energy and Utilities
9.9 Travel and Hospitality
9.10 Education

10 Cloud ITSM Market Analysis, By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.2 Canada
10.3 Europe
10.3.1 United Kingdom
10.3.2 Germany
10.3.3 France
10.3.4 Rest of Europe
10.4 Asia-Pacific (APAC)
10.4.1 China
10.4.2 Japan
10.4.3 Australia
10.4.4 Rest of APAC
10.5 Middle-East and Africa (MEA)
10.5.1 UAE
10.5.2 KSA
10.5.3 South Africa
10.5.4 Rest of MEA
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of LATAM

11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping
11.2.1 Visionary Leaders
11.2.2 Innovators
11.2.3 Dynamic Differentiators
11.2.4 Emerging Companies

12 Company Profile
12.1 Introduction
12.2 Servicenow
12.3 BMC
12.4 CA Technologies
12.5 Cherwell Software
12.6 Ivanti
12.7 Axios Systems
12.8 Easyvista
12.9 Atlassian
12.10 IBM

For more information about this report visit https://www.researchandmarkets.com/r/gzbld5

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