Reasons for Marvellous Growth of Global IT Service Software Market During 2021 – 2029 – Industry Global News 24

4 Min read
Published On 27 Oct 2021 09:38 AM

As per newly released report from Absolute Market Insights (AMI), the global IT service software market was valued at US$ 5591.12 Mn in 2020 growing at a CAGR of 14.56% over the forecast period (2021 – 2029), owing to rising demand for IT service software for handling IT tickets and customer support amongst other factors.
Large Organizations Accounted for the Highest Share in 2020
According to Absolute Markets Insights, large organizations accounted for the highest share in the global IT service software market in 2020. The higher share can be attributed to the greater IT budget amongst large companies, especially in sectors such as banking, financial services and insurance, and IT and telecommunication. Furthermore, these companies have a strict policy with regards to data privacy, and many companies rely on on-premise deployment models for greater privacy. These companies also need to handle numerous IT service queries each day. The customer service expectations are also rising, based on studies. A report showed that around 54% of the customers had higher expectations from large companies when it comes to customer service handling, as compared to the year before. Hence, large companies are increasingly relying on IT service solutions for IT ticket optimization.
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North America Accounted for the Highest Market Share in 2020
Based on Absolute Markets Insight's findings, in terms of the regional revenue, North America region accounted for the highest revenue share in the global IT service software market in 2020. The presence of multinational companies in varies sectors in countries such as the U.S. and Canada, coupled with the presence of prominent market participants such as Zendesk, Freshworks, ServiceNow and SolarWinds, amongst others, contributes massively towards the larger revenue share of North America in the global IT service software market. Furthermore, there is higher awareness about the availability of IT service solutions amongst companies in North America, and these companies are increasingly reaching out to the market participants for the implementation, as well as support, of IT service software. The customers in North America also tend to change brands when their queries aren't resolve, and the companies are spending heavily on managing queries and complaints through IT ticketing which reduces the response time. Studies show that an average U.S. citizen tells around 15 other individual when he or she has faced a poor customer service experience. Hence, a poor IT customer service strategy can lead to long term losses for the company. These factors are helping in the growth of revenue in the North American IT service software market.
COVID-19 Pandemic is Expected to Have a Positive Impact
The COVID-19 pandemic has impacted business operations in numerous countries. The spread of the coronavirus has forced companies to work remotely as a result of the lockdown and social distancing mandates by government bodies. Hence, IT operations and services have seen a massive growth during the pandemic period. This has resulted in a greater adoption of IT service solutions by companies of all sizes to cater to the growth in customer demand. Remote IT support systems are gaining immense popularity in the last 15 months. Companies are largely relying on cloud-based IT service software for catering to its IT service needs, as the Software-as-a-Service (SaaS) model allows them to avail the software on a monthly or yearly subscription basis, thereby reducing the load of the companies. Hence, the pandemic is expected to have a positive impact on the global IT service software market in the coming years.
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Company: Absolute Markets Insights
Email id: [email protected] 
Phone: +91-740-024-2424
Contact Name: Shreyas Tanna
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