Cloud-based ITSM Market: Key Facts and Forecast Predictions Presented Until 2025

Market Analysis:
The global cloud-based ITSM market was valued at USD 5.12 billion in 2016 and is projected to reach USD 15.77 billion by 2025, growing at a CAGR of 15.1% from 2017 to 2025.

Market Definition:
Cloud-based ITSM is concerned with the implementation of IT services that meet customers’ needs, and it is performed by the IT service provider through an appropriate mix of people, process and information technology. Cloud-based ITSM helps an organization to plan, design, deliver, operate and control information technology services and offer it to customers.

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Market Dynamics:
1. Market Drivers
1.1 Increased workforce productivity and savings
1.2 Growing trends of Bring Your Own Device (BYOD)

2. Market Restraints
2.1 High dependency on internet
2.2 Concerns for data security

Market Segmentation:
The global cloud-based ITSM market is segmented on the basis of component, verticals, organization size, and region.
1. Global Cloud-Based ITSM Market, by Component:
1.1 Solution
1.1.1 Operations and Performance Management
1.1.2 Service Portfolio Management
1.1.3 Configuration and Change Management
1.1.4 Service Desk Solution
1.1.5 Reporting and Analytics
1.2 Service
1.2.1 Managed Services
1.2.2 Professional Service

2. Global Cloud-Based ITSM Market, by Vertical:
2.1 Healthcare and Life Sciences
2.2 Government and Public Sector
2.3 Energy and Utilities
2.4 Banking, Financial Services, and Insurance
2.5 Retail and Consumer Packaged Goods
2.6 Travel and Hospitality
2.7 Manufacturing
2.8 Others

3. Global Cloud-Based ITSM Market, by Organization Size:
3.1 Large Companies
3.2 Small and Mid-sized Companies

4. Global Cloud-Based ITSM Market, by Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Rest of the World

Competitive Landscape:
The major players in the market are as follows:
1. IBM Corporation
2. BMC Software, Inc.
3. Citrix Systems, Inc.
4. CA Technologies
5. Axios Systems PLC
6. Servicenow, Inc.
7. Heat Software USA, Inc.
8. Cherwell Software, LLC
9. Hornbill Corporate Limited
10. Hewlett Packard Enterprise Company

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Cloud-Based ITSM Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

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