Cloud ITSM Market is predicted to reach USD 40.8 billion at a CAGR of 17.20% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Cloud ITSM Market”.

The Cloud ITSM Market is estimated to register a CAGR of 17.20% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Cloud ITSM Market— ServiceNow (US), BMC Software (US), Broadcom (US), ManageEngine (US), Ivanti (US), Zendesk (US), Freshworks (US), SolarWinds (US), Atlassian (Australia), OpenText (US).

Market Highlights

The global Cloud ITSM Market is accounted to register a CAGR of 17.20% during the forecast period and is estimated to reach USD 40.8 billion by 2032.

The Cloud ITSM market is driven by the growing complexity of IT environments, which underscores the demand for effective service management solutions to sustain and enhance system performance.

Access Full Report @ https://www.marketresearchfuture.com/reports/cloud-itsm-market-22211

Segment Analysis

The global Cloud ITSM Market has been segmented based on the Offering, Deployment Mode, Organization Size, and Vertical.

Based on the Offering, the market is segmented into Solutions and Services. The Solutions segment was attributed to holding the largest market share in 2023. Solutions dominate the cloud ITSM market due to the growing demand for software tools that effectively manage, monitor, and analyze IT services. The increasing complexities of modern IT environments, which require robust software solutions capable of scaling, adapting, and managing diverse and intricate IT resources, are driving market growth. Cloud-based solutions are particularly attractive because they can easily scale to accommodate business growth or changes, making them suitable for organizations of all sizes. Additionally, these solutions often operate on a subscription-based model, which is more affordable than investing in in-house hardware and software. Modern cloud ITSM solutions also offer customization to meet an organization's unique needs, providing greater value and utility. Furthermore, these solutions frequently include APIs and pre-built connectors for seamless integration with existing enterprise software, enhancing their appeal.

Based on the Deployment Mode, the Cloud ITSM Market has been segmented into Public Cloud, Private Cloud, and Hybrid Cloud. The Hybrid Cloud segment was expected to hold the largest market share in 2023. Hybrid cloud deployment integrates elements of both public and private clouds, allowing organizations to capitalize on the benefits of each model. This approach offers flexibility, scalability, and cost optimization by enabling workloads to shift between environments based on changing demands and requirements. Hybrid cloud architectures enable businesses to dynamically allocate resources, optimizing performance and cost efficiency. By using both public and private clouds, organizations can meet diverse Cloud ITSM needs, such as hosting sensitive workloads on-premises while utilizing the scalability of public cloud resources for less critical applications.

Based on the Organization Size, the Cloud ITSM Market has been segmented into Large Enterprises and SMEs. The Large Enterprises segment was expected to hold the largest market share in 2023. Large enterprises dominate the market share due to their complex IT infrastructures, which include a wide array of hardware, software, and network resources, necessitating robust and comprehensive ITSM solutions. Additionally, the increasing need for operational efficiency in large enterprises—where inefficiencies can quickly escalate into significant problems affecting productivity and profitability—drives market growth.

Based on the Vertical, the Cloud ITSM Market has been segmented as BFSI, Telecommunications, IT & ITeS, Government & Public Sector, Retail & Consumer Goods, Manufacturing, Energy & Utilities, Media & Entertainment, Healthcare & Life Sciences, Education, and Other Verticals. The BFSI segment was expected to hold the largest market share in 2023. The Banking, Financial Services, and Insurance (BFSI) industry has undergone a significant transformation by adopting Cloud ITSM technology. By deploying Cloud ITSM solutions, these organizations can process and analyze large volumes of data generated by IoT sensors and devices in real-time. This capability allows them to optimize banking processes, enhance quality control, and improve operational efficiency.

Regional Analysis

The global Cloud ITSM Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Cloud ITSM Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cloud ITSM Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cloud ITSM Market comprises the Middle East, Africa, and Latin America.

The largest market share for the Cloud ITSM Market was maintained by the North American regional sector. North America, particularly the United States, faces a significant volume of cyberattacks, including incidents of identity theft, data breaches, and ransomware. The US House Appropriations Committee proposed spending bills for 2023, allocating $15.6 billion to federal cybersecurity initiatives. Ransomware was the predominant attack type in North America, accounting for 30% of incidents, surpassing business email compromise (12%) and server access attacks (9%). This heightened threat environment underscores the growing demand for robust ITDR solutions. The complexity and frequency of cyber threats necessitate advanced capabilities for detection and response, driving increased adoption of ITDR solutions in the region.

Moreover, the Europe market has been persistently growing over the forecast period. European enterprises have been leading the adoption of cloud technologies. Digital transformation is a strategic priority for many European companies, driven by the need to remain competitive in the global market. In 2023, 42.5% of EU enterprises purchased cloud computing services, primarily for email, file storage, and office software. This represents a 4.2 percentage point increase from 2021. Cloud ITSM solutions provide the flexibility, scalability, and cost efficiency necessary for these organizations to effectively manage complex IT environments.

APAC is seeing rapid adoption driven by the digitalization of businesses, expansion of IT capabilities, and increasing recognition of the benefits offered by cloud-based ITSM solutions. The Digital India initiative has played a crucial role in this transformation, with a total budget allocation of approximately INR 14,903 Crore from 2021-22 to 2025-26. According to NASSCOM's Enterprise CXO Survey 2022, 70% of global end-user companies plan to significantly increase their digital investments in 2022. Countries such as China, India, Japan, and Australia are leading this growth, spurred by their expanding IT sectors and the demand for efficient and scalable IT service management solutions.

Furthermore, the rest of the world's Cloud ITSM Market is divided into the Middle East, Africa, and Latin America. MEA & LATAM regions are experiencing economic growth and increasing business activities. SMEs and large enterprises alike are looking for scalable, cost-effective IT solutions to support their growth trajectories. Cloud ITSM solutions offer flexibility, scalability, and operational efficiencies that are particularly attractive to businesses seeking to optimize IT operations without large upfront investments.

Key Findings of the Study

• The global Cloud ITSM Market is expected to reach USD 40.88 billion by 2032, at a CAGR of 17.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market owing to the increasing digitalization of businesses, expansion of IT capabilities, and growing awareness of the advantages of cloud-based ITSM solutions.


• Based on Organization Size, the Large Enterprises segment was attributed to holding the largest market in 2023, with an approximate market share of 55–60%.


• ServiceNow (US), BMC Software (US), Broadcom (US), ManageEngine (US), Ivanti (US), Zendesk (US), Freshworks (US), SolarWinds (US), Atlassian (Australia), and OpenText (US) are the key market players.