Market Overview:
The global IT service management tools market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for cloud-based solutions and the growing need for automation and orchestration in IT service management. The global IT service management tools market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into on-premise and cloud-based solutions. Cloud-based solutions are expected to grow at a higher CAGR than on-premise solutions during the forecast period owing to their advantages such as lower TCO, scalability, agility, and flexibility. On the basis of application, BFSI sector is expected to hold a major share of this market during 2018–2030 owing to its high adoption rate across various industries for automating critical processes such as customer onboarding/acquisition process (CX), account maintenance & servicing (AMS), fraud detection & prevention (FDP), etc., which leads to improved operational efficiency and reduced costs.
Product Definition:
IT service management tools are used to manage and monitor IT services. They allow organizations to track and manage incidents, problems, changes, and releases. IT service management tools also provide a means for communicating with staff and customers about the status of IT services.
On-Premise:
On-premise solutions are software and applications installed at the customer's site. The on-premise solution is used to provide services such as email, database, security, and application development. It also helps in reducing cost incurred for buying additional hardware or servers which increases its importance in IT service management tools market.
Increasing demand for cloud technology has led to an upsurge in the number of challenges associated with managing data center infrastructure along with applications & data deployed on it.
Cloud:
Cloud and it's usage in ITSM tools market is expected to grow at a significant pace over the forecast period. Cloud computing has evolved from being a novelty to being an everyday phenomenon, with businesses of all sizes embracing the trend. The shift towards cloud-based services for applications ranging from e-commerce to data storage is gathering momentum, thereby driving demand in IT Service Management (ITSM) tools market.
Application Insights:
The banking, financial services, and insurance (BFSI) segment accounted for the largest market share in 2017. The BFSI sector is one of the leading adopters of technology worldwide. The increasing need to digitize existing processes within an organization in order to improve customer experience and reduce operational costs is driving the demand for these solutions within this industry vertical. Furthermore, a growing number of startups focusing on providing innovative IT services management solutions to this industry vertical are contributing towards revenue growth.
The IT and ITES segment are expected register significant growth over the forecast period owing to factors such as rising demand from small & medium-sized businesses (SMBs), large enterprises, government agencies & public institutions). SMBs account for a major chunk of business across all geographies; therefore it makes sense that they would be among early adopters as well as investors in new technologies related to these tools.
Regional Analysis:
The North American region dominated the global market in 2017. The growth can be attributed to the increasing adoption of IT service management tools by enterprises and growing focus on reducing costs associated with managing IT services. Moreover, rising demand for cloud-based solutions is also expected to drive regional growth over the forecast period.
The Asia Pacific region is anticipated to witness significant growth over the forecast period owing to factors such as improving internet infrastructure, increasing penetration of smartphones and tablets, and rising number of small & medium enterprises (SMEs). Furthermore, an increase in government initiatives aimed at developing digitalization across various sectors will boost market development in this region. For instance, according to GSMA Intelligence Unit's Global System for Mobile Communications 2018 Report published in March 2018; mobile network traffic has grown by 50% since 2010 with a majority of that traffic originating from emerging markets including India & China.
Growth Factors:
- Increased demand for cloud-based services: The increased demand for cloud-based services is one of the primary growth drivers for the IT service management tools market. Cloud-based services offer several benefits such as scalability, flexibility, and cost efficiency, which has led to their increasing adoption by organizations of all sizes. This is expected to drive the demand for IT service management tools in the coming years.
- Proliferation of mobile devices and BYOD policies: The proliferation of mobile devices and BYOD policies has resulted in an increase in the number of endpoints that need to be managed by organizations. This is driving the demand for IT service management tools that can help manage these endpoints effectively.
- Emergence of new technologies: The emergence of new technologies such as big data, IoT, and artificial intelligence (AI) is creating new opportunities for businesses to improve their operations using technology solutions. This is expected to drive the growth of the IT service management tools market in the coming years.
Scope Of The Report
Report Attributes
Report Details
Report Title
IT Service Management Tools Market Research Report
By Type
On-Premise, Cloud
By Application
BFSI, IT and ITES, Telecommunication, Media and Entertainment, Retail, Utilities, Manufacturing, Education, Government
By Companies
ServiceNow, Atlassian, IBM, Broadcom, BMC Software, Ivanti Software, ASG Software, Axios Systems, SAP, Cherwell Software
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
171
Number of Tables & Figures
120
Customization Available
Yes, the report can be customized as per your need.
Global IT Service Management Tools Market Report Segments:
The global IT Service Management Tools market is segmented on the basis of:
Types
On-Premise, Cloud
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
BFSI, IT and ITES, Telecommunication, Media and Entertainment, Retail, Utilities, Manufacturing, Education, Government
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ServiceNow
- Atlassian
- IBM
- Broadcom
- BMC Software
- Ivanti Software
- ASG Software
- Axios Systems
- SAP
- Cherwell Software
Highlights of The IT Service Management Tools Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- On-Premise
- Cloud
- By Application:
- BFSI
- IT and ITES
- Telecommunication
- Media and Entertainment
- Retail
- Utilities
- Manufacturing
- Education
- Government
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the IT Service Management Tools Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
IT service management tools are a collection of software applications and services that help organizations manage their IT services. These tools can include systems management, provisioning, monitoring, and reporting capabilities. They can also help organizations identify problems early and make necessary repairs or changes to their IT infrastructure.
Some of the key players operating in the it service management tools market are ServiceNow, Atlassian, IBM, Broadcom, BMC Software, Ivanti Software, ASG Software, Axios Systems, SAP, Cherwell Software.
The it service management tools market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 IT Service Management Tools Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 IT Service Management Tools Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 IT Service Management Tools Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the IT Service Management Tools Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global IT Service Management Tools Market Size & Forecast, 2018-2028
4.5.1 IT Service Management Tools Market Size and Y-o-Y Growth
4.5.2 IT Service Management Tools Market Absolute $ Opportunity
Chapter 5 Global IT Service Management Tools Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 IT Service Management Tools Market Size Forecast by Type
5.2.1 On-Premise
5.2.2 Cloud
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global IT Service Management Tools Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 IT Service Management Tools Market Size Forecast by Applications
6.2.1 BFSI
6.2.2 IT and ITES
6.2.3 Telecommunication
6.2.4 Media and Entertainment
6.2.5 Retail
6.2.6 Utilities
6.2.7 Manufacturing
6.2.8 Education
6.2.9 Government
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global IT Service Management Tools Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 IT Service Management Tools Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America IT Service Management Tools Analysis and Forecast
9.1 Introduction
9.2 North America IT Service Management Tools Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America IT Service Management Tools Market Size Forecast by Type
9.6.1 On-Premise
9.6.2 Cloud
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America IT Service Management Tools Market Size Forecast by Applications
9.10.1 BFSI
9.10.2 IT and ITES
9.10.3 Telecommunication
9.10.4 Media and Entertainment
9.10.5 Retail
9.10.6 Utilities
9.10.7 Manufacturing
9.10.8 Education
9.10.9 Government
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe IT Service Management Tools Analysis and Forecast
10.1 Introduction
10.2 Europe IT Service Management Tools Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe IT Service Management Tools Market Size Forecast by Type
10.6.1 On-Premise
10.6.2 Cloud
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe IT Service Management Tools Market Size Forecast by Applications
10.10.1 BFSI
10.10.2 IT and ITES
10.10.3 Telecommunication
10.10.4 Media and Entertainment
10.10.5 Retail
10.10.6 Utilities
10.10.7 Manufacturing
10.10.8 Education
10.10.9 Government
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific IT Service Management Tools Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific IT Service Management Tools Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific IT Service Management Tools Market Size Forecast by Type
11.6.1 On-Premise
11.6.2 Cloud
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific IT Service Management Tools Market Size Forecast by Applications
11.10.1 BFSI
11.10.2 IT and ITES
11.10.3 Telecommunication
11.10.4 Media and Entertainment
11.10.5 Retail
11.10.6 Utilities
11.10.7 Manufacturing
11.10.8 Education
11.10.9 Government
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America IT Service Management Tools Analysis and Forecast
12.1 Introduction
12.2 Latin America IT Service Management Tools Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America IT Service Management Tools Market Size Forecast by Type
12.6.1 On-Premise
12.6.2 Cloud
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America IT Service Management Tools Market Size Forecast by Applications
12.10.1 BFSI
12.10.2 IT and ITES
12.10.3 Telecommunication
12.10.4 Media and Entertainment
12.10.5 Retail
12.10.6 Utilities
12.10.7 Manufacturing
12.10.8 Education
12.10.9 Government
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) IT Service Management Tools Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) IT Service Management Tools Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) IT Service Management Tools Market Size Forecast by Type
13.6.1 On-Premise
13.6.2 Cloud
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) IT Service Management Tools Market Size Forecast by Applications
13.10.1 BFSI
13.10.2 IT and ITES
13.10.3 Telecommunication
13.10.4 Media and Entertainment
13.10.5 Retail
13.10.6 Utilities
13.10.7 Manufacturing
13.10.8 Education
13.10.9 Government
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 IT Service Management Tools Market: Competitive Dashboard
14.2 Global IT Service Management Tools Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ServiceNow
14.3.2 Atlassian
14.3.3 IBM
14.3.4 Broadcom
14.3.5 BMC Software
14.3.6 Ivanti Software
14.3.7 ASG Software
14.3.8 Axios Systems
14.3.9 SAP
14.3.10 Cherwell Software
