LONDON--(BUSINESS WIRE)--The ITSM market size is expected to grow by USD 3.29 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
ITSM solutions enable effective IT incident and problem management across a wide range of enterprises and verticals. ITSM solutions streamline the service restoration process after incidents that cause service disruption. They provide IT service delivery managers and other users omnichannel transparency and support related to efficient incident identification and management as per the organizational goals and objectives. Furthermore, modern ITSM solutions enable the intelligent routing of incidents with allied data decks, and appropriate escalation triggers to the incident resolution team. This provides delivery managers with transparency on the occurrence of IT service incidents across the enterprise, which results in the efficient resolution of incidents and leads to buyer satisfaction. Additionally, ITSM solutions also enable enterprises to become efficient and productive by providing a unified platform to manage and monitor the performance and availability of IT processes and services. Such advantages are expected to drive the growth of the market during the forecast period.
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As per Technavio, the advent of advanced technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
ITSM Market: Advent Of Advanced Technologies
The advent of advanced technologies such as machine learning, predictive analytics, blockchain, Big Data, Internet of Things, augmented reality, and virtual reality will increase the adoption of advanced ITSM solutions by enterprises. For example, AI-powered ITSM solutions are expected to leverage multiple AI technologies and techniques to incorporate advanced features such as the automatic categorization of tasks and requests, and automated and intelligent incident routing. The technology also enables proactive incident detection using deep learning, pattern recognition using clustering, effective correlation for performance optimization, and the use of predictive analytics to mitigate problems and incidents before they occur into ITSM solutions. Hence, the advent of advanced technologies will have a positive impact on the market.
“The effective organizational change management and the enhanced customer, as well as user experience to minimize the impact of service disruptions, will have a positive impact on the growth of the ITSM market value during the forecast period,” says a senior analyst at Technavio.
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ITSM Market: Segmentation Analysis
This market research report segments the ITSM market by end-user (IT and telecom, BFSI, public sector, and others), application (CM, ITAM and ITSD, A and PM, NM, and Others), and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the ITSM market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the increasing adoption of cloud-based ITSM solutions by government organizations.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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