DUBLIN--(BUSINESS WIRE)--The "Information Technology Service Management Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The information technology service management market is expected to grow registering a CAGR of 7.62%, during the forecast period 2019-2024.
- Technological advancements are occupying the center stage as the world is ongoing a major digital transformation, which leads to IT occupying the top spot in this transformation.
- Moreover, the market is also witnessing the major transformation of business segments, such as retail, travel, and hospitality, among various others from the traditional systems to cloud-based systems, owing to the increasing IT penetration.
- In addition to this, businesses are shifting toward cloud-based solutions as it is an affordable operating expense instead of deploying an investment-intensive high Capital expenditure IT infrastructure solutions on-premise. This is expected to drive the cloud-based information technology service management demand.
- Implementing ITSM solutions help business by regularizing processes through structured delivery and documentation. ITSM also help businesses by bringing actionable IT insights into the business that help in decision making.
Major Market Trends
BFSI Sector is Expected to Occupy Significant Market Share
- Banks around the globe are undergoing a major digital transition and have witnessed enormous innovations in the past few years, especially in the information technology segment within the BFSI environment.
- Moreover, FinTech has become common with an ever-evolving corporate and consumer focus. In addition to this, information technology has evolved from just a back-office function to a principal assistant in raising the value of a bank over time.
- IT is now a vital part of every bank and it has achieved this by incorporating pro-active means, such as strengthening and instituting bank infrastructure related to security, communication, and networking, achieving inter-branch connectivity, among various other functions.
- Thus, these factors are fueling IT adoption in the BFSI sector which is evident from the fact that banks across various regions are increasing their expenditure on IT. This is, in turn, driving the demand for ITSM solutions. Along with this, the growth in cloud computing in the banking sector is further expected to augment the demand for cloud-based ITSM solutions.
Asia Pacific is Expected to Witness Highest Growth
- The Asia Pacific region is expected to witness the highest growth during the forecast period as the market is expected to be driven by the digitization initiatives of various governments in this region.
- Apart from this, the rapid growth in cloud computing in this region is expected to act as a major driver for cloud-based ITSM solutions. For instance, the Digital India initiative continues to take shape, its goal is to provide government services to citizens electronically by improving IT infrastructure and by increasing Internet connectivity.
- Moreover, the initiative's aims are to move legacy and on-premise systems to a cloud-based model or integrate with it, and the cloud platform is expected to host the delivery of e-services to citizens.
- Economies like China, India, Japan, and South Korea are witnessing good investor interest in IT service management. Also, owing to the rise in the number of internet users in this region and increasing adoption of technologies like 4G LTE are also boosting the growth of the market.
The information technology service management market is highly competitive owing to the presence of small and large players in the market operating their business in domestic as well as in the international market. The market appears to be moderately concentrated with the major players adopting strategies like product and service innovation and mergers and acquisitions.
Some of the major players in the market are CA Technologies, IBM Corporation, ASG Technologies Group, and Atlassian Corporation among others.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Adoption of IT Infrastructure Across End-user Industries
4.3.2 Rising Demand for a Unified Platform to Manage and Monitor IT Infrastructure Performance
4.4 Market Restraints
4.4.1 Issues in ITSM Implementation and Lack of Quality Standards in SLA's
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Deployment
5.2 By Application
5.2.1 Configuration Management
5.2.2 Performance Management
5.2.3 Network Management
5.2.4 Database Management System
5.2.5 Other Applications
5.3 By End-user
5.3.3 Government and Education
5.3.4 IT and Telecommunication
5.3.6 Travel and Hospitality
5.3.8 Other End-users
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ASG Technologies Group Inc.
6.1.2 Atlassian Corporation plc
6.1.3 Axios Systems
6.1.4 BMC Software Inc.
6.1.5 CA Technologies
6.1.6 Cherwell Software LLC
6.1.7 Micro Focus International plc
6.1.8 IBM Corporation
6.1.10 ServiceNow Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/aev1ta