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IT Service Management (ITSM) Market worth $22.1 billion by 2028 - Exclusive Report by MarketsandMarkets™CHICAGO, Jan. 18, 2024 /PRNewswire/ -- Integration with developing technologies, an emphasis on the employee experience, and the shift towards enterprise service management (ESM) are all important factors for the future of the IT service management (ITSM) market. The integration of Agile and DevOps, improved security protocols, cloud-based solutions adoption, and AI-driven predictive analytics integration are among the trends that optimise IT service delivery and support changing business needs. An emphasis on resilience, sustainability, and customer experience metrics also characterises the market's expected trajectory for ITSM. 
The ITSM Market size is expected to grow from USD 10.5 billion in 2023 to USD 22.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, according to a new report by MarketsandMarkets™. With the increasing adoption of cloud-based technologies, there are now more opportunities for cloud-based ITSM vendors. Organizations want to obtain IT services externally at a cost that aligns with their usage of IT services rather than building and maintaining these services on-premises. Large enterprises opt for cloud-based ITSM solutions to better manage their IT resources and align their IT services with real-world business needs. Browse in-depth TOC on "IT Service Management (ITSM) Market" 300 - Tables Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=232882076 Scope of the Report
By solution, Service Desk Software will grow at the highest CAGR during the forecast period. The primary functions of the service desk are incident control, event management, life cycle management of all service requests, and communicating with end users of those IT services. These solutions offer various benefits, such as increased accessibility to assistance/help through a single point of contact, communication, and information; better quality and quicker turnaround of user requests; improved IT support resources and increased productivity; and better-managed infrastructure and control. Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=232882076 By services, the professional services segment will have a higher market share during the forecast period. Professional services comprise education, training and certification, consulting, planning, implementation, and support and maintenance necessary to implement ITSM solutions successfully. In this ITSM service, providers thoroughly evaluate the project life cycle, help staff, and assign the right person for the correct process. Professionals also ensure that the solution supports business goals with better communication services. Various software solutions are installed, and departments are integrated in real-time to provide better resource visibility. As part of these services, vendors cover all phases of solution implementation, from planning, deploying, and support to ongoing optimization. By region, the Asia Pacific region recorded the highest CAGR during the forecast period. Rising rates of urbanization, technical developments, and government backing for the digital economy are significant drivers of technological advancements in the region. Many firms use cloud-based strategies due to the quick results in cloud computing, IoT, and telecommunications. Throughout the projected period, the area is anticipated to increase significantly. The adoption of ITSM solutions has risen substantially due to the growing volume of business processes and the growing use of cloud technologies. The complexity of manually managing workloads and applications results from the ever-increasing usage of cloud technologies and massive data sets, which will primarily drive the adoption of cloud ITSM solutions among businesses in this region. The primary motivators behind organizations' adoption of cloud technologies would be the low cost and simple implementation of ITSM solutions. The growing preference for cloud-based solutions is anticipated to propel the ITSM Market's rapid expansion in this area. Top Key Companies in IT Service Management (ITSM) Market: Some of the key players operating in the ITSM Market are – ServiceNow (US), BMC Software (US), Broadcom (US), Ivanti (US), ManageEngine (India), SolarWinds (US), GoTo (US), Atlassian (Australia), OpenText (Canada) and Zendesk (US). Recent Developments
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Report Objectives
Browse Adjacent Markets: Software and Services Market Research Reports & Consulting Related Reports: Video Analytics Market - Global Forecast to 2028 3D Imaging Market - Global Forecast to 2028 Automation Testing Market - Global Forecast to 2027 Blockchain Gaming Market - Global Forecast to 2027 Smart Learning Market - Global Forecast to 2026 About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
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