The Cloud Information Technology Service Management (ITSM) Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. The Report Analyses post COVID-19 (Corona Virus) impact on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry is pointed out.
The Cloud ITSM (Information Technology Service Management) Market is expected to register a CAGR of 12.38% over the forecast period from 2021 to 2026.
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The 137 Pages report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Cloud Information Technology Service Management (ITSM) Market: IBM Corporation, BMC Software Inc., Micro Focus International PLC, Atlassian Inc., ASG Technologies Group, Inc., Citrix Systems Inc., Cherwell Software, LLC, Ivanti Inc., Servicenow Inc., CA Technologies Inc., Axios Systems PLC, Sunrise Software Ltd.
Some of the recent developments in the market are as follows:
– May 2020 – ServiceNow formed a partnership with Carahsoft Technology Corp. to provide ITSM tools to the government. ServiceNow’s scalable solutions are modified to meet central data reporting mandates and adhere to FedRAMP High-security controls. Its automated workflow capabilities enable the DoD to seamlessly move data, including controlled unclassified and personally identifiable information, to the cloud.
– March 2020 – BMC announced that Shared Services Canada (SSC) had selected the company’s Remedy ITSM solution to increase the pace of the Government of Canada’s adoption of standardized enterprise ITSM processes. Moreover, as the Government of Canada continues to move ahead with its cloud-first direction, SSC could take advantage of these ITSM capabilities as-a-service while transitioning to the BMC Helix ITSM offering in the future.
– The broad availability of cloud services to support a variety of generalized and specialized business applications is fuelling companies’ transformations into digital enterprises. When utilizing cloud services, the service provider’s Informaton Technology Service Management (ITSM) processes become an extension of an organization creating an essential process dependency that must be carefully integrated and managed to avoid introducing time delays, unnecessary complexity, security vulnerabilities, and risk to the company’s IT operation.
– One of the major benefits of cloud-based ITSM solutions is the avoidance of overhead costs which include both money and people. Because the service provider is in charge of operating the system, there are no up-front capital costs for hardware and software. The vendor has the responsibility for the maintenance of the system as the company uses it. With cloud-based ITSM systems, the IT staff can spend more time focusing on the business instead of managing their tools. According to the AXELOS ITSM Benchmarking Report 2019, 68% of the respondents suggested that the cloud could have the most significant impact on the organization for the next five years, where AI and IoT recorded 41% and 38% respectively.
– Companies are focusing on migrating most or all IT services and applications to the cloud. As companies tend to increasingly invest in the advanced cloud infrastructure, the investments in IT infrastructure are expected to increase considerably during the forecast period. Statistics from LogicMonitor (a SaaS-based IT infrastructure monitoring platform for enterprise IT) indicate that 83% of the enterprises’ workload is expected to be organized in the cloud by 2020. For IT departments, cloud services help to integrate their solutions with the cloud to offer users more advanced and multifunctional tools. The challenge that involves cloud migration continues to make organizations hesitate about its adoption
– In July 2019, wealth management company Charles Stanley moved its service management to the cloud with Sunrise ITSM. The company’s ICT service team handles more than 3,000 incident and service request tickets every month. Events in Sunrise can concern mission-critical application issues, such as those for trading or related to support for the Charles Stanley Direct website and app, or support for desktop applications or devices. The company saw an opportunity to improve processes and align with the ITIL framework, while also grasping the benefits of a SaaS-based platform.
– Working from home with the COVID-19 pandemic has highlighted the benefits of using cloud computing, with companies increasingly adopting it. During this situation, there has been an unexpected increase in cloud usage, and cloud computing has made it less expensive and more efficient for companies to manage their internet infrastructures and adjust to computing needs. Negotiating and integrating these core ITSM activities with cloud service providers will enable the organization to consume and incorporate their services more effectively into the offerings that it needs.
IT and Telecom is Expected to Hold Major Share
– Modernizing cloud-based IT service management for the IT & telecom sector is an evolved approach. Thus, consolidating the way data is captured, analyzed, and shared across the enterprises, while providing an improved experience for both internal IT employees and external constituents. The small-sized IT organizations could quickly adopt cloud ITSM as it doesn’t have the time or resources to support an extended implementation project to install an ITSM system. Cloud-based options could be within a few hours or days instead of the weeks or months required for most on-premise solutions.
– Moreover, IT companies are focusing on adopting ITSM, with the increasing demand across the cloud-based models. With this growing adoption of cloud-based ecosystems, companies have expanded their partnership through new offerings across the cloud platform. Cloud-based ITSM solutions are designed to support IT and Telecom organizations of various sizes and to support organizations changing sizes. Shared infrastructure, security, provisioning models, usage-based billing, and standard APIs to integrate with other systems enable the ITSM system to grow with the company.
– To make Cloud-based ITSM solutions usable to a diverse IT and Telecom organizations, they are built around industry-standard processes and practices such as ITIL and come with pre-configured metrics and reporting capabilities to enable management to monitor the performance of the service management processes. Intuitive user interfaces, out-of-box methods, and readily available training materials make cloud-based ITSM solutions easy for IT and business users to learn quickly.
– BMC multi-cloud management solutions help to optimize current IT systems while ensuring a secure, cost-effective transition to the cloud. BMC helix multi-cloud service management enables brokering of incidents and changes directly between helix remedy and third-party cloud service providers. It offers a broad set of deployment and licensing options, including SaaS, co-sell partnerships with public cloud providers, Amazon Web Services, and Azure. Videotron which one of the significant Canadian telecommunications providers with over 7,000 employees leveraged BMC solutions to improve service management.
North America is Expected to Hold Major Share
– North America is a prominent market for cloud ITSM, owing to the high adoption of cloud technology and the growing need for improving IT services by the end-user industries in the region. According to a report published by IBM’s Institute for Business Value in 2019, nearly all the companies surveyed said they were using some form of cloud computing, with 85% of them using more than one cloud environment. Moreover, the region has a strong foothold on the ITSM vendors, contributing to the growth of the market. Some of them include IBM Corporation, ServiceNow Inc., BMC Software Inc., etc.
– The region is witnessing the growth of cloud-based ITSM, owing to the rapid adoption of BYOD policies for improved productivity, employee satisfaction, and cost-effectiveness. These policies require remote accessibility of information, which is facilitated by cloud-based Information Technology Service Management solutions. According to a study conducted by Cisco’s Internet Business Solutions Group, the companies in the United States can save as much as USD 3,150 per employee every year if they implement a comprehensive BYOD policy. Moreover, employees are spending an average of USD 965 on their devices as well as USD 734 each year on data plans.
– Furthermore, Canada’s government has a “cloud-first” strategy, whereby cloud services are identified and evaluated as the principal delivery option while initiating information technology investments, initiatives, policies, and projects. The cloud is also expected to allow the government of Canada to harness private-sector providers’ innovation to make its information technology more agile. The recent technological trends, such as enhanced cloud infrastructure, IoT-enabled ecosystem, and the rising application of cognitive computing, provided opportunities to create new business imperatives across the United States IT sector.
– IBM Corporation announced that it entered into a partnership with ServiceNow Inc. to help the enterprises in the simplification of the management of their IT resources across multiple cloud environments. This partnership will bring together the companies’ strengths and deliver a standardized approach for managing IT operations across various third-party cloud providers. Additionally, IBM will assist its clients in the region to manage workloads and infrastructure across multiple clouds, addressing performance, scalability, availability, and security. Furthermore, in July 2019, IBM and Red Hat announced that they closed the transaction, under which IBM acquired all the common shares of Red Hat. This acquisition redefined the cloud market for businesses.
The Cloud ITSM (Information Technology Service Management) Market is moderately consolidated with some major players such as BMC Software Inc. and SreviceNow Inc. occupying a significant share. The companies in the market are making some new features on only the cloud version of their ITSM product. Additionally, to sustain the market and retain their clients, the companies are employing powerful competitive strategies, including product innovations and partnerships.
Influence Of The Cloud Information Technology Service Management (ITSM) Market Report:
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-Favourable impression inside vital technological and market latest trends striking the Cloud Information Technology Service Management (ITSM) market.
What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on regional scale.
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