The global IT Service Management market is projected to witness a rapid growth during the forecast period. High growth opportunities in emerging economies and rising adoption of cloud services and digitization are the major factors driving the growth of the market. Moreover, increasing demand for IT service management across various industry verticals such consumer electronics, IT & telecommunication, retail, e-commerce is fueling the growth of the global market.
The global IT Service Management market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the IT service management market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the North American IT service management market owing to the presence of large number of established key players such as BMC Software (U.S.), HP (U.S.), CA Technologies (U.S.), IBM Corporation (U.S.), Absolute Software (Canada), Microsoft Corp. (U.S.) in this region. Due to the high adoption of cloud services and rising technological advancement in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows higher penetration of advance technology and ultimately provides better business operation. Increasing need for innovations and advancements in the technology are other major factors responsible for the growth of the IT Service Management market.
In the global IT Service Management market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of advance technology, emerging economies and technological advancement in IT Service Management in the region.
The global IT Service Management market is projected to reach USD 10 billion at a CAGR of over 12% by the end of the forecast period 2017-2023.
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IT Service Management market Segmentation:
The global IT Service Management Market is segmented by type, deployment and end-user. Based on the type segment, the market is segmented into configuration management, IT asset management, application performance management, network management and DBMS management. By deployment, the market is segmented into cloud based and on-premise. And by end-user segment, the market is bifurcated into manufacturing, healthcare, media & entertainment, it & telecommunication, BFSI, retail among others.
Some of the prominent players in the global IT service management market: BMC Software (U.S.), HP (U.S.), CA Technologies (U.S.), IBM Corporation (U.S.), Absolute Software (Canada), Microsoft Corp. (U.S.), Axios Systems (U.K), Cherwell Software (U.S.), Citrix Systems (U.S.), Compuware (U.S.), EMC Corporation (U.S.), LANDESK Software (U.S.), Manage Engine (U.S.), Service Now, Inc. (U.S.) and others.
Market Research Analysis:
North America is estimated to account for the largest share of the market, whereas Asia Pacific market is projected to grow at the fastest rate during the forecast period. The North American market is witnessing rapid growth due to technological advancements and increasing demand for application performance management platforms across different industry verticals in this region. U.S. holds majority of the market share both in terms of revenue as well as adoption of cloud solutions.
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