Cloud ITSM Market

The Cloud ITSM market is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 13.5% from USD 9.5 billion in 2024 to USD 17.8 billion in 2029 throughout the forecast period.

IT services, cost reduction, remote access, business agility, 5G, IOT, AI & ML, and higher adoption of digital transformation initiatives are expected to drive the growth of the global Cloud ITSM market.

Major vendors in this market are based in North America, Asia Pacific, and Europe. Some of the key players operating in the Cloud ITSM market are – ServiceNow (US), BMC Software (US), Broadcom (US), ManageEngine (US), and Ivanti (US), among others. These companies have strengthened their positions in the market by implementing a variety of growth tactics. To increase their market share in Cloud ITSM offerings/market, they have been practicing organic and inorganic growth strategies such as product launches, agreements, collaborations, mergers and acquisitions, and the creation of new products.

Top Cloud ITSM Companies includes :

• ServiceNow (US)
• BMC Software (US)
• Broadcom (US)
• ManageEngine (US)
• Ivanti (US)
• Zendesk (US)
• Freshworks (US)

To know about the assumptions considered for the study download the pdf brochure

ServiceNow :

• ServiceNow, Inc. is a significant player in the Cloud IT Service Management (ITSM) market, offering a complete platform that reshapes digital workflows for businesses. Specializing in IT service management, IT operations management, and IT business management, ServiceNow's smart, cloud-based platform brings together various departments and processes under one roof. Their product range covers IT service management, customer service management, IT operations management, HR service delivery, security operations, and more, serving industries like government, finance, healthcare, telecom, manufacturing, and tech, where it earns substantial revenue.
• ServiceNow has evolved to focus on providing comprehensive intelligent workflow automation solutions, harnessing artificial intelligence, machine learning, and robotic process automation. Its standout features include seamless platform integration, a unified view of operations and processes, and the ability to streamline work, boost productivity, and drive business innovation.

BMC Software :

• BMC Software is one of the major players in the Cloud IT Service Management (ITSM) market, offering a wide range of products tailored to meet the diverse needs of enterprises across different industries. Their flagship offerings, including BMC Helix ITSM, BMC Helix Remedyforce, and BMC Remedy IT Service Management, provide smart, cloud-based solutions for IT service management, IT operations management, and IT business management. These products find widespread adoption in industries like government, BFSI, healthcare, manufacturing, and IT & Telecom, driving significant revenue for the company.
• BMC has shifted its strategy towards delivering predictive service management, incorporating features like auto-classification, assignment, and routing of incidents, along with embedded multi-cloud capabilities to manage incidents, changes, and releases across cloud providers. Its standout feature lies in transforming IT into a strategic business partner, steering crucial stakeholder initiatives while focusing on collaboration and innovation among employees.

Broadcom :

• Broadcom is a significant contender in the Cloud IT Service Management (ITSM) domain, offering a varied range of products tailored to meet enterprise requirements. Their flagship suite, CA Service Management, delivers smart, cloud-native solutions for overseeing IT services, operations, and business procedures. Its components include CA Service Desk Manager, handling incidents, problems, and changes; CA Service Catalog for user-friendly self-service IT requests; CA Asset Portfolio Management for optimizing IT investments; and CA Business Service Insight for monitoring business service performance. These tools find widespread use across sectors like government, finance, healthcare, telecom, manufacturing, and technology, driving substantial revenue for Broadcom.
• Broadcom has shifted its focus from on-premises solutions to adopting cloud-based ITSM and focusing on market trends. The company has heavily invested in cloud-native technologies, integrating AI, machine learning, and automation to bolster predictive service management. Broadcom's standout feature lies in its multi-cloud capabilities, facilitating seamless IT service management across diverse cloud platforms, which are crucial for intricate hybrid IT setups, with a solid global presence spanning North America, Europe, Asia-Pacific, and Latin America.

ManageEngine (US)

• ManageEngine, a division of Zoho Corporation, provides a comprehensive suite of IT management solutions designed to simplify IT operations for businesses of all sizes. It offers tools for IT service management, IT operations management, endpoint management, and security information and event management (SIEM). Key products include ServiceDesk Plus, OpManager, and Desktop Central.

Ivanti (US)

• Ivanti focuses on IT asset and service management, aiming to unify IT and security operations to enhance and secure the digital workplace. Formed through the merger of several companies, including LANDesk and HEAT Software, Ivanti provides solutions for IT asset management, IT service management, unified endpoint management, and cybersecurity. Key products include Ivanti Neurons, Ivanti IT Asset Management, and Ivanti Service Management.

Zendesk (US)

• Zendesk is primarily known for its customer service and engagement platform, which offers support, sales, and customer engagement software. While not exclusively focused on ITSM, Zendesk provides features that cater to IT service management needs, such as support ticketing and knowledge management. Key products include Zendesk Support, Zendesk Guide, and Zendesk Chat.

Freshworks (US)

• Freshworks delivers a suite of business software solutions, including IT service management tools designed to improve customer and employee experiences. Known for its intuitive and user-friendly applications, Freshworks offers solutions for IT service management, customer support, CRM, and employee engagement. Key products include Freshservice, Freshdesk, and Freshchat.

Related Reports:

Cloud ITSM Market by Solution (Service Portfolio Management, Configuration & Change Management, Service Desk Software, Operations & Performance Management, Dashboard, Reporting & Analytics), Vertical (BFSI, IT & ITeS, Government) - Global Forecast to 2029