The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on IT Service Management Market . The growth sectors of the IT Service Management Market are identified with precision for a better growth perspective.
Market Research Future projects a detailed report on the recent trends, various challenges faced, and the segments of the market on which IT Service Management is based. It is reported there will be a striking upsurge at 12% of CAGR between 2017 and 2023.
Market Key Trends & Challenges
The most crucial factor behind the growth of the IT service management market is the escalating number of employees using personal IT technological devices at the workplace is boosting technology at the forefront. For this, the technology giants such as HP (U.S.), CA Technologies (U.S.), BMC Software (U.S.), Axios Systems (U.K), Microsoft Corp. (U.S.), are some of the major players who have been influencing IT service management market for years. Among these, BMC software has been the dominant player in the IT service management market.
At the same time, the dominant trend in the IT service management market has also mentioned the emergence of cloud computing, which has significantly influenced the way businesses are being operated. The ever-increasing adoption of cloud solutions has simultaneously brought a drastic change in the operating models of the business. Additional factors such as the mounting adoption of IT in several industry verticals are also aiding the market growth inevitably.
As per the study, type, deployment, and end-user have segmented the global IT service management market.
The type segment is classified among IT asset management, configuration management, network management, application performance management, and DBMS management. However, the configuration management segment might account for the highest market share in the future.
In terms of deployment: The cloud-based and on-premise are the segments. The on-cloud records the highest market share as it assists various businesses by reducing the cost associated with the IT infrastructure. The cloud deployment allows the enterprises to focus eminently on core business competencies with efficiently manage storage and data protection and security, privacy issues, which offers data integrity and information associated with governance to make enterprise legally prepared.
Moreover, in terms of the end-user segment: Manufacturing, BFSI, media & entertainment, healthcare, IT & telecommunication, and retail are the segments.
Market Key Players
The well-known market players that have been analyzed in the report are listed as Cherwell Software, Axios Systems, HP, CA Technologies, BMC Software, Microsoft Corp., IBM Corporation, Citrix Systems, Absolute Software, Compuware, Landesk Software, Manage Engine, and EMC Corporation, Service Now Inc..
Global IT Service Management Market is expected to Reach Approximately USD 10 Billion by 2023 , IT…
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