Dublin, Dec. 30, 2020 (GLOBE NEWSWIRE) -- The "Cloud ITSM Market - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global Cloud ITSM market size is expected to grow from USD 4.7 billion in 2020 to USD 12.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.
COVID-19 has globally changed the dynamics of business operations. Though the COVID-19 outbreak has thrown light on weaknesses in business models across sectors, it has offered several opportunities to cloud ITSM vendors to expand their business across enterprises as the adoption of cloud has increased in lockdown caused due to COVID-19. Amidst lockdown, many companies are reducing their IT spending in 2020.
They are strategically reconsidering their Capital Expenditure (CAPEX) spending. According to one of the primary respondents, companies are showing a keen interest in investing in CAPEX models if they are persistently needed; otherwise, they are opting for Operating Expenditure (OPEX) models. To achieve these strategies and avoid capital spending in these difficult financial times, organizations are moving to public cloud for backup and cloud ITSM.
Operations and performance management to hold large market size during forecast period
The operations and performance management solution caters to the needs of day-to-day maintenance and management of organizational IT infrastructures and services. This solution ensures smooth delivery of IT services and their compliance with the predefined parameters. Organizations across verticals use these ITSM solutions for enhanced visibility as well as to prevent service outages and achieve maximized operational agility.
IT and ITeS vertical to grow at the highest rate during the forecast period
The IT and ITeS vertical has experienced significant growth in recent years. In their constant struggle to manage the reducing margins, ITeS companies have taken several steps, such as business process and IT outsourcing, infrastructure sharing, and revenue assurance, to reduce their operating costs and increase their revenues. It is important to ensure the effectiveness of the IT services supporting these steps to ensure the effectiveness of these steps.
In the ITeS industry, cloud management is done in a complex manner where the prime focus is on the customer's needs rather than the business. Cloud ITSM solutions are helping organizations' IT to mature to the level of IT governance aligned with the overall corporate strategy, which would further drive business performance. Hence, it is important to have an effective cloud ITSM framework to satisfy the growing expectations of customers. The increased use of smartphones and tablets across organizations has enabled employees to work remotely.
North America to hold the largest market size and Asia Pacific (APAC) to grow at the highest rate during the forecast period
North America is the most mature market in terms of cloud ITSM solutions adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise. APAC is expected to offer significant growth opportunities for cloud ITSM solutions vendors during the forecast period. Rapid advancements in emerging technologies and IT infrastructure services have led many organizations to adopt cloud ITSM solutions.
COVID-19 - A Catalyst to Accelerate Adoption of Cloud-Based Itsm Solutions and Services
Increasing Shift to Cloud-Based Technologies
Benefits of Agile Implementation, Easy Deployment, and Opex Model
Security and Privacy Concerns for Confidential Data and Business Processes
Growing Demand Among Small and Medium-Sized Enterprises
Widespread Adoption of Byod Trend and Increasing Mobile Workforce
Lack of Standard Procedures and Integration Concerns with Traditional Architectures
COVID-19-Driven Market Dynamics
Case Study Analysis
Case Study 1: Streamlining It Processes
Case Study 2: Reducing It Costs with Digital Transformation
Case Study 3: Improving Support Processes Across the Business
Mint Service Desk
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