Cloud IT Service Management Market to Exhibit a Stellar 18.2% CAGR by 2027; Stoked by Increasing Adoption of Remote-Working Environment

The global cloud IT service management (ITSM) market size is expected to showcase an exponential growth by reaching USD 15.65 billion by 2027. This growth is attributable to the increasing adoption of remote-working environments triggered by the onset of the COVID-19 pandemic that is expected to boost the demand for advanced cloud IT service management (ITSM) solutions globally. Fortune Business Insights, published this information in its latest report, titled, “Cloud IT Service Management (ITSM) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), By Industry (IT & Telecommunication, BFSI, Healthcare, Retail & Consumer Goods, Media & Entertainment, Manufacturing, Government & Public and Others) and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 4.15 billion in 2019 and is projected to exhibit a stellar CAGR of 18.2% between 2020 and 2027.

Freshworks Partners OrangeOne Corporation to Propel Digital Transformation in Japan

In June 2019, Freshworks Inc, a leading customer engagement software provider, announced its partnership with OrangeOne Corporation, a Japanese software service provider. As per the partnership, OrangeOne will provide Freshworks range of products such as the award-winning helpdesk software, Freshdesk, and an innovative Freshworks 360 solution. The move is expected to expand the advanced cloud IT service management (ITSM) software solutions and services for business processes across Japan and further enable digital transformation amongst several enterprises.

The lucrative opportunities presented by the global cloud IT service management (ITSM) market is being leveraged by major companies such as Freshworks Inc to maintain their stronghold during the forecast period.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/cloud-it-service-management-itsm-market-104281

Increasing Adoption of Remote-Working Environment to Augment Growth of the Market

The COVID-19 pandemic has led to a paradigm shift in the way businesses operate. The adoption of remote-working environments by several industries is surging the demand for advanced cloud-based IT services across the globe. For instance, according to a recent report, big technology companies such as Facebook, Google, Amazon, and Twitter have asked their employees to work from home amid the outbreak of novel coronavirus. The growing adoption of remote-working scenarios, coupled with the increase in the mobile workforce, is expected to drive the global market for cloud IT service management (ITSM) during the forecast period.

Eminent Companies Focus on Partnerships to Brighten Their Market Prospects

The global cloud IT service management (ITSM) market is consolidated by the presence of major companies such as BMC Software, Hewlett Packard Enterprise Company, and IBM Corporation, among others. These companies are partnering with other small enterprises to expand their cloud IT service management (ITSM) services and further boost their sales revenue. Apart from this, key players are adopting strategies such as collaboration, merger and acquisition, and the introduction of new products to maintain their market presence that will bode well for the market growth in the forthcoming years.

Industry Development:

• January 2020 – Atlassian Corporation plc announced the launch of advanced and updated Jira project management cloud IT service management (ITSM) software. According to the company, the software aids businesses to efficiently manage and monitor software development initiatives.

List of the Key Players Profiled in the Global Market for Cloud IT Service Management (ITSM):

• ServiceNow, Inc. (California, United States)
• IBM Corporation (New York, United States)
• Hewlett Packard Enterprise Company (California, United States)
• Citrix Systems, Inc. (Florida, United States)
• CA Technologies (New York, United States)
• BMC Software, Inc. (Texas, United States)
• Atlassian Corporation PLC (Sydney, Australia)
• Axios Systems PLC (Edinburgh, United Kingdom)
• Ivanti (Heat Software USA, Inc.) (Utah, United States)
• Cherwell Software, LLC (Colorado, United States)
• Hornbill Corporate Limited (Ruislip, United Kingdom)
• Freshworks, Inc. (California, United States)
• Serviceaide, Inc. (California, United States)
• Cherwell Software (Colorado, United States)

Further Report Findings:

• North America stood at USD 1.93 billion in 2019 and is expected to hold the largest global cloud IT service management (ITSM) market share in terms of revenue. This is attributable to the presence of established technology providers that offer advanced cloud-based cloud IT service management (ITSM) solutions and services in the region.
• The market in Europe is expected to showcase significant growth backed by the growing investment by key players to develop advanced IT infrastructure that is likely to surge the demand for innovative cloud-based ITSM services in the region between 2020 and 2027.
• The IT & telecommunication segment, based on industry, held a market share of about 26.9% in 2019 and is likely to gain momentum in the forthcoming years. This is ascribable to factors such as the rising adoption of cloud-based services in IT business processes such as IT outsourcing and infrastructure sharing.
• The demand for ITSM is expected to increase across different organizations such as small and medium enterprises (SMEs) and large enterprises during the forecast period.

Table Segmentation