ITSM Trends and Forecast
The future of the global itsm market looks promising with opportunities in the large enterprises and small and medium-sized enterprises (SMEs) markets. The global itsm market is expected to reach an estimated $8.1 billion by 2030 with a CAGR of 4.3% from 2024 to 2030. The major drivers for this market are growing uptake of modernized it infrastructure in end-user sectors and growing requirement for a single platform to control and track the performance of it infrastructure.
• Lucintel forecast that, within the type category, cloud base is expected to witness the highest growth over the forecast period.
• Within the application category, small and medium-sized enterprises (SMEs) markets will remain the largest segment.
• In terms of regions, North America is expected to witness the highest growth over the forecast period.
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Emerging Trends in the ITSM Market
The ITSM market is experiencing several emerging trends that are shaping its future trajectory.
• Cloud-based ITSM solutions: The shift toward cloud-based ITSM solutions is increasing due to their scalability, flexibility, and cost-effectiveness, allowing businesses to adapt quickly to changing needs.
• AI and automation: AI and machine learning are being integrated into ITSM platforms to automate routine tasks, enhance incident management, and improve overall service efficiency.
• Integration with other IT tools: ITSM solutions are increasingly being integrated with other IT management tools, such as ITOM (IT Operations Management) and AIOps (Artificial Intelligence for IT Operations), for a unified IT ecosystem.
• Focus on user experience: Enhancements in user interfaces and self-service portals are improving the overall user experience and accessibility of ITSM solutions.
• Advanced analytics and reporting: The incorporation of advanced analytics and reporting features is providing businesses with better insights into their IT operations and service performance.
• Remote ITSM capabilities: The rise of remote work is driving the adoption of ITSM solutions that support remote management and support for distributed teams.
These emerging trends highlight the ongoing evolution of the ITSM market, driven by advancements in technology and changing business needs. The shift toward cloud-based solutions, AI, and enhanced user experiences is reshaping how IT services are managed and delivered.
Recent Developments in the ITSM Market
Recent developments in the ITSM market reflect significant advancements in technology and changes in business requirements.
• Enhanced cloud offerings: Many ITSM providers are expanding their cloud-based offerings, with features such as flexible deployment options and integration with other cloud services to support diverse IT environments.
• AI-driven enhancements: The integration of AI and machine learning into ITSM platforms is enabling automated incident resolution, predictive analytics, and improved service delivery.
• Increased focus on cybersecurity: There is a growing emphasis on incorporating robust security features into ITSM tools to address the rising threats and ensure compliance with data protection regulations.
• Expansion of ITSM-as-a-Service: The ITSM-as-a-Service model is gaining traction, offering businesses a subscription-based approach to ITSM with lower upfront costs and scalable options.
• Adoption of agile ITSM practices: Agile methodologies are being applied to ITSM processes to improve responsiveness and adapt to evolving business needs more effectively.
• Growth in AI-driven analytics: Advanced analytics capabilities are being integrated into ITSM tools to provide actionable insights and enhance decision-making processes.
These recent developments indicate a dynamic and rapidly evolving ITSM market, characterized by technological advancements and a shift toward more flexible, scalable, and secure IT service management solutions.
Strategic Growth Opportunities for ITSM Market
The ITSM market presents several strategic growth opportunities, particularly in key applications such as cloud services, cybersecurity, and digital transformation.
• Cloud-based ITSM: The growing adoption of cloud services presents opportunities for ITSM providers to offer scalable and flexible solutions that can be easily integrated with other cloud-based tools.
• Cybersecurity integration: With increasing cybersecurity threats, there is significant potential for ITSM solutions that incorporate advanced security features and compliance tools to protect IT assets.
• Digital transformation support: As businesses undergo digital transformation, there is a rising demand for ITSM solutions that support modernization initiatives and improve overall IT efficiency.
• AI and automation: The integration of AI and automation into ITSM tools offers opportunities for enhancing service delivery, automating routine tasks, and improving incident management.
• Remote work solutions: The shift toward remote work creates opportunities for ITSM providers to develop solutions that support remote IT management and service delivery.
• Advanced analytics: The use of advanced analytics in ITSM solutions provides opportunities to offer actionable insights and improve decision-making processes for IT operations.
These strategic growth opportunities underscore the potential for significant advancements in the ITSM market, driven by cloud adoption, cybersecurity needs, and the ongoing digital transformation of businesses.
ITSM Market Driver and Challenges
The ITSM market is influenced by various drivers and challenges that impact its growth and development.
Drivers for the ITSM market:
• Increased IT complexity: The growing complexity of IT environments is driving demand for comprehensive ITSM solutions that can manage diverse IT assets and services.
• Rising cybersecurity threats: The need for robust cybersecurity measures is a key driver, pushing ITSM providers to enhance security features in their solutions.
• Cost efficiency: Organizations are seeking ITSM solutions that offer cost-effective management of IT services, leading to the adoption of cloud-based and subscription-based models.
Challenges for the ITSM market:
• Regulatory compliance: Compliance with industry regulations and standards is a challenge, driving the need for ITSM solutions that support regulatory requirements.
• Integration with emerging technologies: Integrating ITSM solutions with emerging technologies such as AI and IoT presents both opportunities and challenges for providers.
• User experience expectations: Meeting the growing expectations for improved user experiences and self-service capabilities is a challenge for ITSM solutions.
Addressing these drivers and challenges is crucial for the continued growth and success of the ITSM market. By focusing on managing IT complexity, enhancing security, and improving user experiences, ITSM providers can navigate the evolving landscape and meet the needs of their customers.
List of ITSM Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies ITSM companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the ITSM companies profiled in this report include-
• ASG Software
• Atlassian
• Axios Systems
• BMC Software
• CA Technologies
• Cherwell Software
• Freshworks
• Hewlett Packard Enterprise
• IBM
• Broadcom
ITSM by Segment
The study includes a forecast for the global ITSM by type, application, and region
ITSM Market by Type [Analysis by Value from 2018 to 2030]:
• Cloud-based
• On-Premises
ITSM Market by Application [Analysis by Value from 2018 to 2030]:
• Large Enterprises
• SMEs
ITSM Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the ITSM Market
Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below are recent developments by ITSM market producers in key regions: the USA, UK, Germany, India, and China.
• United States: In the United States, the ITSM market is rapidly evolving with a focus on cloud-based solutions and automation. Major tech firms like ServiceNow and BMC Software are leading advancements, integrating AI and machine learning for improved service management and operational efficiency. Recent developments include the adoption of hybrid ITSM solutions to support complex IT environments and increased investment in cybersecurity to protect IT assets. The US market is also seeing a rise in ITSM tool adoption among mid-sized enterprises looking to streamline their IT operations and enhance service delivery.
• United Kingdom: In the United Kingdom, there is a growing trend toward digital transformation in ITSM. Companies are increasingly adopting ITSM platforms that offer enhanced user experiences and integration with other digital tools. Notable developments include the rise of ITSM-as-a-Service models, which provide scalable and flexible solutions for businesses of all sizes. Additionally, the UK government’s push for digital public services is driving demand for ITSM solutions that can improve the efficiency and effectiveness of public sector IT services.
• Germany: Germany’s ITSM market is seeing significant growth driven by the need for robust and secure IT service management solutions. German enterprises are focusing on implementing ITSM systems that support regulatory compliance and data protection, in line with stringent EU regulations such as GDPR. Recent developments include the adoption of advanced analytics and reporting features within ITSM tools to enhance decision-making and operational transparency. German companies are also investing in ITSM platforms that support multi-cloud environments and facilitate digital transformation initiatives.
• India: In India, the ITSM market is expanding rapidly as businesses seek to enhance their IT operations amidst growing digital demands. Indian firms are increasingly adopting cloud-based ITSM solutions due to their scalability and cost-effectiveness. Recent developments include the implementation of AI-driven ITSM tools that automate routine tasks and improve incident management. The Indian government’s focus on digital infrastructure and smart city projects is also fueling the demand for advanced ITSM solutions that can support large-scale IT operations and service delivery.
• China: In China, the ITSM market is growing due to rapid technological advancements and increased IT spending by enterprises. Chinese companies are adopting ITSM solutions that offer integrated service management capabilities and support for emerging technologies like IoT and big data. Recent developments include the localization of ITSM tools to meet specific regulatory requirements and the rise of domestic ITSM providers offering competitive solutions. The Chinese market is also witnessing increased investment in ITSM solutions to support the country’s digital economy and smart manufacturing initiatives.
Features of the Global ITSM Market
Market Size Estimates: ITSM Market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: ITSM Market size by type, application, and region in terms of value ($B).
Regional Analysis: ITSM Market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different type, application, and regions for the ITSM market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the ITSM market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q.1 What is the ITSM market size?
Answer: The global ITSM market is expected to reach an estimated $8.1 billion by 2030.
Q.2 What is the growth forecast for wireless power bank market?
Answer: The global wireless power bank market is expected to grow with a CAGR of 6.2% from 2024 to 2030
Q.3 What are the major drivers influencing the growth of the wireless power bank market?
Answer: The major drivers for this market are increasing awareness about technological advancements among people and growing usage in charging mobiles owing to the protective features of the product.
Q4. What are the major segments for wireless power bank market?
Answer: The future of the global wireless power bank market looks promising with opportunities in the mobile phone, digital watch mp3mp4 device tablet camera, mp3mp4 device, and tablet camera markets.
Q5. Who are the key wireless power bank market companies?
Answer: Some of the key wireless power bank companies are as follows:
• Canpow
• Samsung, Toreto
• Octell
• Shenzhen Ugood Technology
• Kenu
• Energous
• Seasky Industry
• Zixing Huihua Electronics
• Coolnut
Q6. Which wireless power bank market segment will be the largest in future?
Answer: Lucintel forecasts that lithium polymer battery is expected to witness the highest growth over the forecast period
Q7. In wireless power bank market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the wireless power bank market by battery type (lithium polymer battery, powerful portable wireless power bank, ultra slim design, and dual usb ports), capacity (900 mah, 5000 mah, 6000 mah, 7700 mah, 8000 mah, 9500 mah, and others), end use (mobile phone, digital watch mp3mp4 device tablet camera, mp3mp4 device, and tablet camera), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to wireless power bank market or related to wireless power bank companies, wireless power bank market size, wireless power bank market share, wireless power bank market growth, wireless power bank market research, write Lucintel analyst at email: helpdesk@lucintel.com we will be glad to get back to you soon.