Global Information Technology Service Management Market Insights Forecasts to 2033

• The Global Information Technology Service Management Market Size was Valued at USD 9.8 Billion in 2023
• The Market Size is Growing at a CAGR of 14.2% from 2023 to 2033
• The Worldwide Information Technology Service Management Market Size is Expected to Reach USD 37.1 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Information Technology Service Management Market Size is Anticipated to Exceed USD 37.1 Billion by 2033, Growing at a CAGR of 14.2% from 2023 to 2033.

Market Overview

Information technology service management (ITSM) refers to the practice of designing, delivering, managing, and improving the way IT services are used within an organization. Essentially, ITSM is all about ensuring that IT services meet the needs of the business and its customers effectively and efficiently. It involves a set of processes and practices designed to help organizations manage their IT infrastructure and services more effectively. At its core, ITSM focuses on aligning IT services with the needs of the business and ensuring that they are delivered in a way that supports business goals. This includes managing incidents (like system outages or service disruptions), problems (root causes of recurring issues), changes (updates or modifications to the IT environment), and service requests (like new hardware or software). ITSM is often guided by frameworks such as ITIL (Information Technology Infrastructure Library), which provides best practices for managing IT services. By implementing ITSM practices, organizations can improve service quality, increase efficiency, and ensure that IT resources are used effectively. Ultimately, ITSM helps businesses provide a better user experience and achieve their strategic objectives through effective IT service management.

Report Coverage

This research report categorizes the market for the global information technology service management market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global information technology service management market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global information technology service management market.

Driving Factors

Automated oversight of IT procedures and policies

Globalization, increased competition, and the demand for customized products have made allocating resources to core business functions critical for any organization. Any disruption in the normal operation of an IT department can have repercussions throughout the business, leaving organizations with no choice but to expend resources to repair the faulty aspect of the infrastructure. Service management can help to automate processes like system restoration and network fault management, reducing system administrators' workloads and allowing for real-time problem resolution. Although initial human intervention is required to establish the necessary guidelines and policies, automating such processes can help to streamline operations and reduce disruptions.

Restraining Factors

Limited technical knowledge and expertise

Organizations often struggle with a lack of skilled workers for cloud computing, which hampers their ability to fully leverage cloud solutions and impacts their growth.

Market Segmentation

The global information technology service management market share is classified into component, technology, and deployment.

• The solution segment is expected to hold the largest share of the global information technology service management market during the forecast period.   

Based on the component, the global information technology service management market is categorized into solutions and services. Among these, the solution segment is expected to hold the largest share of the global information technology service management market during the forecast period. As businesses across various industries increasingly understand the importance of effective IT service management (ITSM) tools, the global revenue for these solutions is rising. With a growing dependence on technology, there's a greater need for ITSM solutions that simplify operations, often through automation to cut costs and speed up service delivery. Automation not only boosts efficiency but also enhances accuracy and consistency in IT services, leading to less downtime and improved customer satisfaction. Cloud-based ITSM solutions from providers like ServiceNow, BMC, Cherwell Software, Ivanti, Broadcom, and IBM are becoming popular because they offer integrated features that benefit organizations of all sizes.

• The network management segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the technology, the global information technology service management market is categorized into configuration management, performance management, network management, database management systems, and others. Among these, the network management segment is expected to grow at the fastest CAGR during the forecast period. The increasing complexity of IT networks necessitates effective monitoring and management. Network management solutions assist organizations in identifying and resolving network issues, optimizing performance, and strengthening security. These solutions provide critical network visibility, allowing for problem diagnosis and mitigation while also meeting the growing demand for network security in the face of evolving cyber threats. Network management solutions help organizations identify and mitigate security threats, allowing them to effectively protect their digital infrastructure. As IT networks evolve, network management solutions remain critical for improving performance, increasing security, and ensuring smooth operations in a rapidly changing technological landscape.

• The cloud system segment is expected to grow at the fastest CAGR during the forecast period.    

Based on the deployment, the global information technology service management market is categorized into cloud and on-premises. Among these, the cloud segment is expected to grow at the fastest CAGR during the forecast period. The growth is attributed to cloud-based ITSM solutions, which provide compelling benefits such as scalability, flexibility, and cost-effectiveness, making them appealing to businesses of all sizes. Furthermore, the widespread adoption of cloud computing in businesses has increased the demand for cloud-based ITSM solutions. Furthermore, the growing popularity of DevOps and agile development methodologies has contributed significantly to the growth of the cloud ITSM market, owing to their demand for more adaptable and scalable ITSM solutions.

Regional Segment Analysis of the Global Information Technology Service Management Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global information technology service management market over the forecast period.

North America is projected to hold the largest share of the global information technology service management market over the forecast period. North America region’s leadership is driven by developed countries such as Canada and the United States, which pioneered ITSM practices and continue to invest in ITSM solutions. ITSM solutions are becoming increasingly important for North American organizations as they strive to improve IT service delivery and cost-effectiveness. Also, the presence of leading ITSM vendors headquartered in North America strengthens the region's competitive position in the market.

Asia Pacific is expected to grow at the fastest CAGR growth of the global information technology service management market during the forecast period. Businesses of all sizes make significant investments in IT to support their growth, which drives the demand for effective ITSM solutions. Leading players in the APAC ITSM market are expanding their product offerings, increasing investments, and forming strategic alliances to meet the growing demand. Rapid economic growth, rising IT spending, increased awareness of ITSM benefits among businesses, and government support for the IT sector all help to fuel the region's thriving global information technology service management market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global information technology service management market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ServiceNow
• BMC Software
• Broadcom
• Ivanti
• Efecte
• SymphonyAI Summit
• ManageEngine
• SolarWinds
• GoTo
• Atlassian
• OpenText
• Zendesk
• Microsoft
• IBM
• Freshworks
• Others

Key Market Developments

• In November 2023, Broadcom acquired VMware. With this USD 61 billion acquisition, VMware joins Broadcom's engineering-first, innovation-centric team, marking another critical step forward in the company's development as one of the world's leading infrastructure technology companies. Broadcom's future focus is on enabling enterprise customers to create and modernize private and hybrid clouds. Broadcom primarily invests in VMware Cloud Foundation, a software stack that serves as the foundation for private and hybrid clouds.

• In October 2023, ServiceNow collaborated with ANSR. With this agreement, ANSR established ServiceNow Centers of Excellence in over 60 Global Capability Centers (GCCs) across India, training 3,500 people on the ServiceNow platform. ANSR plans to use ServiceNow to power its internal GCC service delivery, including Now Assist's generative AI (GenAI) capabilities.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global information technology service management market based on the below-mentioned segments: 

Global Information Technology Service Management Market, By Component

• Solution
• Services

Global Information Technology Service Management Market, By Technology

• Configuration Management
• Performance Management
• Network Management
• Database Management System
• Others

Global Information Technology Service Management Market, By Deployment

• Cloud
• On-premises

Global Information Technology Service Management Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa