Cloud IT Service Management (ITSM) Market to Exhibit Astonishing 18.2% CAGR by 2027 Owing to Increasing Adoption of Artificial Intelligence Globally, reports Fortune Business Insights™ – Yahoo Finance

List of the Key Players Profiled in the Cloud IT Service Management (ITSM) Market: ServiceNow, Inc. (California, United States), IBM Corporation (New York, United States), Hewlett Packard Enterprise Company (California, United States), Citrix Systems, Inc. (Florida, United States), CA Technologies (New York, United States), BMC Software, Inc. (Texas, United States), Atlassian Corporation PLC (Sydney, Australia), Axios Systems PLC (Edinburgh, United Kingdom), Ivanti (Heat Software USA, Inc.) (Utah, United States), Cherwell Software, LLC (Colorado, United States), Hornbill Corporate Limited (Ruislip, United Kingdom), Freshworks, Inc. (California, United States), Serviceaide, Inc. (California, United States), Cherwell Software (Colorado, United States)
Pune, India, Sept. 08, 2021 (GLOBE NEWSWIRE) — The global cloud IT service management (ITSM) market size is expected to reach USD 15.65 billion by 2027 while exhibiting a stellar CAGR of 18.2% between 2020 and 2027. This is attributable to the increasing focus on integrating advanced technologies such as artificial intelligence (AI) with cloud IT service management (ITSM) solutions across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Cloud IT Service Management (ITSM) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), By Industry (IT & Telecommunication, BFSI, Healthcare, Retail & Consumer Goods, Media & Entertainment, Manufacturing, Government & Public and Others) and Regional Forecast, 2020-2027.” The report observes that the market stood at USD 4.15 billion in 2019 and is projected to gain momentum in the forthcoming years.
Increasing Focus on Developing Remote-Working Environment amid COVID-19 to Spur Demand
The global pandemic has led to shutdown of several industries and businesses across the globe. Major IT firms have advised their employees to work from home to limit the spread of the novel coronavirus. With several adjustments and changes required to maintain a smooth flow of working operations, there is a tremendous scope for development of advanced cloud-based ITSM software solutions. This is expected to favor Cloud IT Service Management Market growth in the forthcoming years.
Request Sample PDF Brochure:
Cloud IT service management (ITSM) is a technological concept that enables the organizations and business processes to maximize their business value by adopting information technology services. The cloud based software services enable efficient planning, designing, operating, delivering, and controlling several IT aspects to cater to the customer demand.
What does the Report Include?
The global market for cloud IT service management (ITSM) report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect the market growth. The report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies. It further mentions the strategies adopted by them, such as to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Ask For Customization:
Increasing Adoption of Artificial Intelligence in ITSM Solutions to Favor Growth
The increasing adoption of artificial intelligence (AI) is propelling the demand for automation services in business processes. The surging autonomy is assisting several IT enterprises to increase productivity and reduce time required for task execution. This is driving the demand for advanced cloud IT service management (ITSM) software solutions globally. Additionally, the rising concept of bring-your-own-device (BYOD) is anticipated to favor the global cloud IT service management (ITSM) market growth in the forthcoming years.
IT & Telecommunication Segment Held 27.4% Market Share in 2019
The IT & telecommunication segment, based on industry, held a market share of about 27.4% in 2019 and is likely to gain momentum owing to the growing demand for cloud IT service management (ITSM) to efficiently execute IT operations.
Increasing Investment by Key Players in North America to Promote Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global cloud IT service management (ITSM) market in the forthcoming years. This is attributable to the increasing investments by key players to develop advanced cloud IT service management (ITSM) software and solutions in the region.
The market in Europe is expected to experience considerable growth during the forecast period. This is ascribable to the factors such as the growing focus on developing IT infrastructure across several industrial applications such as retails, manufacturing, and others in the region between 2020 and 2027.
Inquire Before Buying:
Merger and Acquisition by Major Companies to Expand Their Product Portfolio & Boost Sales Revenue
The global cloud IT service management (ITSM) market is fragmented by the presence of major companies that are focusing on acquiring other small companies to expand their cloud IT service management (ITSM) services portfolio and further boost their sales revenue. Additionally, other key players are adopting strategies such as the introduction of new products, expansion of facility, and collaboration that will bode well for the market growth during the forecast period.
Industry Development:
January 2020 – Freshworks Inc announces its partnership with Splashtop, a leading remote support solutions provider. The partnership is aimed at providing advanced remote support solutions for users adopting Freshworks software services.
Cloud IT Service Management (ITSM) Market Share Report Scope and segmentation:
Report Coverage
Forecast Period
2020 to 2027
Forecast Period 2020 to 2027 CAGR
2027 Value Projection
USD 15.65 Billion
Base Year
Market Size in 2019
USD 4.15 Billion
Historical Data for
2016 to 2018
No. of Pages
Segments covered
Component; Oraganization; Industry; and Region
Growth Drivers
Increasing Adoption of Artificial Intelligence in ITSM Solutions to Favor Growth
Increasing Investment by Key Players in North America to Promote Growth

Pitfalls & Challenges
Lack of Awareness and Security Concerns to Restrain Market Growth
List of the Key Players Profiled in the Cloud IT Service Management (ITSM) Market:
ServiceNow, Inc. (California, United States)
IBM Corporation (New York, United States)
Hewlett Packard Enterprise Company (California, United States)
Citrix Systems, Inc. (Florida, United States)
CA Technologies (New York, United States)
BMC Software, Inc. (Texas, United States)
Atlassian Corporation PLC (Sydney, Australia)
Axios Systems PLC (Edinburgh, United Kingdom)
Ivanti (Heat Software USA, Inc.) (Utah, United States)
Cherwell Software, LLC (Colorado, United States)
Hornbill Corporate Limited (Ruislip, United Kingdom)
Freshworks, Inc. (California, United States)
Serviceaide, Inc. (California, United States)
Cherwell Software (Colorado, United States)
Buy Now – Cloud IT Service Management (ITSM) Market:
Table Of Content:
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter’s Five Force Analysis
Global Cloud IT Service Management (ITSM) Market Share Analysis and Matrix, 2019
Key Market Insights and Strategic Recommendations
Companies Profiled (Provided for 10 players only)
Key Management
Headquarters etc.
Offerings/Business Segments
Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
Employee Size
Key Financials
Past and Current Revenue
Gross Margin
Geographical Share
Business Segment Share
Recent Developments
Primary Interview Responses
Annexure / Appendix
Global Cloud IT Service Management (ITSM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
By Component (Value)
Configuration & Change Management
Operations & Performance Management
Service Desk Software
Service Portfolio Management
Other (Dashboard Reporting & Analytics, etc.)
By Organization Size (Value)
SMEs Enterprises
Large Enterprises
By Industry (Value)
IT & Telecommunication
Retail & Consumer Goods
Media & Entertainment
Government & Public
Others (Education, etc.)
By Region (Value)
North America
South America
Middle East & Africa
Asia Pacific
TOC Continued…!
Speak To Analyst:
Have a Look at Related Research Insights:
Password Management market size, share & industry analysis, By Deployment (On-premises, Cloud Based), By Access (Mobile devices (smart-phones, tablets, laptops), Desktop, Voice Enabled Password systems, Others), By Industry (Healthcare, Finance and Banking, Government and Public Sector, Retail, BFSI, IT and Telecom, Others) and regional forecast 2021-2028
Mobile Satellite Services (MSS) market size, share & industry analysis, By Service (Voice, Data), By Application (Land Mobile Satellite Service, Aeronautical Mobile Satellite Service, Maritime Mobile Satellite Service), By Industry (Oil and Gas, Media and Entertainment, Transportation, Aviation, Defense) and regional forecast 2021-2028
Award Management Software market size, share & industry analysis, By Component (Solution, Services), By Function Type (Entry Management, Judging Management, Reporting & Analytics, Application Tracking, Others), By Deployment (On-premises, Cloud), By Enterprise Size (Small and Medium Enterprises, Large Enterprises), By End-user (Government, Corporate, Educational Institutes, Industrial, Others) and regional forecast 2021-2028
Data Center Liquid Immersion Cooling market size, share & industry analysis, By Component (Solution, Services), By Data Centre Type (Small and Medium sized data centres, Large data centres, Enterprise data centres), By Industry (BFSI, Government, Energy, Manufacturing, Healthcare, IT and Telecommunication, Others) and regional forecast 2021-2028
Edge Computing market size, share & industry analysis, By Component (Hardware, Software, Services), By Enterprise Size (SMEs, Large Enterprise), By Vertical (BFSI, Transportation, Healthcare, Manufacturing, Semiconductor, Government, IT & Telecommunication, Retail, Others) and regional forecast 2021-2028
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]

Read Press Release

These stocks are all about the big payoff.
Yahoo Finance's Emily McCormick provides the key points to know about FedEx's Q1 earnings. 
It’s time to start buying this September pullback in the stock market. Lehman Brothers blew up in 2008 because the U.S. government failed to realize it was too big to fail. Lehman had sold a lot of flawed financial products around the world, so when it blew up, it created systemic problems.
What happened  Shares of online gambling stock DraftKings (NASDAQ: DKNG) fell as much as 8.2% in trading on Tuesday after reportedly making an offer to acquire global competitor Entain (LSE: ENT). Entain's shares jumped over 20% on the report, but investors didn't like the move from DraftKings quite as much.
Stop losing money on mediocre businesses.
Yahoo Finance’s Ines Ferre reports on the day's trending tickers.
Upstart and Affirm Holdings (NASDAQ:AFRM), appear to now be the preferred stocks in the fintech space, as larger fintech companies PayPal (Nasdaq: PYPL) and Square (NYSE: SQ) have traded lower over the same period. The question now is whether Upstart has run too far too quickly.
Brian Sozzi, Julie Hyman, and Emily McCormick break down Tuesday's stocks on the move, which include: Uber shares seeing a jump in the market as a result of a more optimistic outlook for the company, Lennar stock dipping as supply chain constraints continue to plague the company, and Nvidia getting caught up in the Evergrande crisis.
The unnamed OEM was impressed with QuantumScape's early solid-state battery cells, a next-gen technology. QuantumScape stock soared.
What happened The stock market was having a mildly strong day. As of 1 p.m. EDT, all three major averages were higher by 0.3% or less. However, high-momentum fintech Upstart (NASDAQ: UPST) was another story altogether.
The Insider Monkey team has completed processing the quarterly 13F filings for the June quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors experienced strong gains on the back of a strong market performance, which certainly propelled them to adjust their equity holdings so as […]
GE's turnaround is gaining traction as key businesses improve while the industrial giant continues to shrink its debt load.
Bausch Health Companies (NYSE: BHC) was a very healthy stock Wednesday. Analyst Chris Schott from JPMorgan Chase's J.P. Morgan pointed out in his note that a sum-of-the-parts calculation indicates to him that Bausch stock could be worth around $40 (although he's maintaining his $38 price target). The prognosticator is also maintaining his overweight (buy) recommendation on the stock.
The company said medical distribution from the Aurora Polaris facility that is being shut down will move to an adjacent factory called Aurora Sky, while manufacturing will move to its Aurora River factory in Ontario. "We aspire to be a leaner, more agile organization that keeps pace with our competition and is on a path to profitability," a spokesperson for the company said in an email statement.
(Bloomberg) — A global rout in stock markets sparked by concerns over China Evergrande Group hit the world’s biggest fortunes Monday, with the richest 500 people losing a combined $135 billion.Most Read from BloombergThe Global Housing Market Is Broken, and It’s Dividing Entire CountriesMerkel’s Legacy Comes to Life on Berlin’s ‘Arab Street’Is There Room for E-Scooters in New York City?Istanbul Turns Taps on Old Fountains, Joining Global Push for Free DrinksAmazon, Microsoft Swoop In on $24 Bil
What happened Shares of Uber Technologies (NYSE: UBER) jumped 11.5% on Tuesday after the ridesharing giant boosted its financial forecast.  So what Uber now expects to generate earnings before interest, taxes, depreciation, and amortization (EBITDA) of negative $25 million in the third quarter.
In this article, we discuss the 10 stocks that just received a Sell rating from analysts. If you want to skip our detailed analysis of these stocks, go directly to the 5 Stocks That Just Received Sell Rating from Analysts. The spread of the Delta variant of the coronavirus and the social media amplification of […]
In recent weeks, we’ve seen markets pull back after a prolonged upward trend. The reasons are varied, and include rising inflation, a weak jobs market, and the spread of the COVID Delta variant. At the same time, despite the increasing number of cases in this COVID wave, we’re not seeing a jump to lockdown policies – and while cases are up, severe cases are not. As the danger of COVID starts to ebb, economies are starting to rev up again. JPMorgan’s global equity strategist Dubravko Lakos-Bujas
Despite indications early Tuesday for a market rebound from Monday's selloff, it is our opinion that the bounce, should it hold, would now be within negative trends that lack bottoming signals at this point. All the major equity indexes closed lower with negative internals on the NYSE and Nasdaq. While closing above their intraday lows, they, nonetheless, all closed below support and their 50-day moving averages, including the Nasdaq Composite (see above), Nasdaq 100 and Dow Jones Transports, which are now negative as are the rest.
In this article, we discuss the 10 best bank and finance stocks to buy according to Mario Gabelli. If you want to skip our detailed analysis of these stocks, go directly to the 5 Best Bank and Finance Stocks to Buy According to Mario Gabelli. In an era of soaring market valuations and tech-dominated portfolios, […]