Market Highlights
The global IT Service Management market growth is projected to witness a quick growth during the forecast period. High growth opportunities in emerging economies and rising reception of cloud services and digitization are the central point driving the growth of the market. Moreover, increasing demand for IT service management across different industry verticals such consumer electronics, IT and telecommunication, retail, e-commerce is fueling the growth of the global market.
The global IT Service Management market growth, 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 huge 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 inferable from the presence of large number of established key players like BMC Software (U.S.), HP (U.S.), CA Technologies (U.S.), IBM Corporation (U.S.), Absolute Software (Canada), Microsoft Corp. (U.S.) around here. Due to the high reception of cloud services and rising technological advancement in the region, the market is likely to show immense growth in the approaching future. Additionally, North America likewise has a well-established infrastructure, which permits higher penetration of advance technology and ultimately provides better business operation. Increasing need for developments and advancements in the technology are other central point responsible for the growth of the IT Service Management market growth.
In the global IT Service Management market growth, Asia Pacific is anticipated to witness a relatively faster reception at the highest CAGR during the forecast period as compared to other regions inferable from the developing reception of advance technology, emerging economies and technological advancement in IT Service Management in the region.
The global IT Service Management market growth is projected to reach USD 10 billion at a CAGR of over 12% before the end of the forecast period 2017-2023.
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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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IT Service Management Research Report– by Type (Configuration Management, IT Asset Management, DBMS Management), Deployment (Cloud, On-Premise), End User (IT & Telecommunication, Healthcare, Media & Entertainment, Retail, BFSI) – Global Forecast till 2027
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