Global IT Service Management (ITSM) Market: Introduction
IT service management can be defined as a process of designing, delivering, managing, and improving the IT services that an organization provides to its end-users. IT service management helps in regularizing operations through structured delivery and documentation.
Global IT Service Management (ITSM) Market – Dynamics
Increase in adoption of cloud-based technologies
In the current scenario, adoption of cloud-based technology has increased extensively across the globe. Cloud-based deployment of software is expected to hold approximately 80% share of the global information & communication technology industry by 2024. Companies are increasing their investments in cloud technology with the increasing need to manage IT resources and to reduce operational and maintenance costs. This in turn is driving the global IT service management market.
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Constant Security Concerns and Network Issues Restricting the Market
Cloud security and network transmission issues
The current IT service management (ITSM) models rely heavily on cloud services and are susceptible to service impairment or control loss, data leakage, service loss including service interruption, and, in worse cases, monetary loss. The user experience may also be affected by unstable network transmissions at some places, which may limit the reach of cloud-based services including cloud-based and hybrid services/solutions in the affected areas.
North America Expected to Dominate the Global IT Service Management (ITSM) Market
In terms of region, the global IT service management (ITSM) market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global IT service management (ITSM) market during the forecast period, due to increased adoption of cloud-based technologies, specifically by small & medium enterprises (SMEs), in the region.
COVID-19 Impact on the Global IT Service Management (ITSM) Market
The outbreak of COVID-19 and the subsequent lockdown implemented by several countries across the globe is expected to moderately impact the adoption of IT service management (ITSM) worldwide in the near future. Companies are likely to avoid investing in new technologies in the next few years, due to the anticipated economic recession across the globe.
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Global IT Service Management (ITSM) Market – Competition Landscape
- In January 2020, Incentive Technology Group (ITG) was acquired by ICF International Inc. for US$ 255 Mn to gain expertise in the fields of IT consulting, ITSM, and cloud services in the U.S.
- In April 2019, GrowthOps acquired Entrago, a partner of ServiceNow, to expand in the IT service management (ITSM) market in Australia and Asia Pacific
ICF International Inc.
ICF International Inc. was established in 2006, with an aim to provide professional services and technology-based solutions to government and commercial sectors. The company offers management, technology, and policy consulting and implementation services. The company serves industries such as healthcare, education, energy, environment, and infrastructure.
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