Cloud-based ITSM market 2023-2027: A descriptive analysis of five forces model, market dynamics, and segmentation - Technavio

NEW YORK, Feb. 8, 2023 /PRNewswire/ -- According to Technavio, the global cloud-based ITSM market size is estimated to grow by USD 6.09437 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 15.08% during the forecast period. Moreover, the growth momentum will accelerate. North America will account for 39% of the market's growth during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the market, request a sample report

Cloud-based ITSM market - Five forces
The global cloud-based ITSM market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• For an interpretation of Porter's five forces model – Buy the report!

Cloud-based ITSM market – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Cloud-based ITSM market - Segmentation assessment

Segment overview
Technavio has segmented the market based on component (solutions and services) and end-user (IT and telecom, retail and consumer goods, BFSI, healthcare and life sciences, and others). 

• The solutions segment will account for a significant share of the market's growth during the forecast period. This growth is attributed to factors such as the need for management to develop, plan, operate, deliver, and control cloud and IT services. Service portfolio management, configuration and change management, service desk software, operations and performance management, and dashboard reporting and analytics segments are used to categorize the market based on solutions.

Geography overview
Based on geography, the global cloud-based ITSM market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global cloud-based ITSM market.

• North America is estimated to account for 39% of the growth of the global market during the forecast period. This growth is attributed to the presence of numerous solution providers in the US and the rising adoption of BYOD policies in the region. The adoption of technologies is high in North America, and businesses are focusing on improving the customer experience. Moreover, the adoption of hybrid and remote work models is increasing in the region, which requires cloud-based ITSM. These factors will drive the growth of the cloud-based ITSM market in North America during the forecast period.

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Cloud-based ITSM market – Market dynamics
Key factor driving market growth

• The growing need for control and accountability is driving the market growth.
• Cloud-based ITSM solutions can aid in enhancing accountability by establishing clear ownership of activities and processes.
• For instance, the ITSM platform can be used to establish a central knowledge base.
• It also enables businesses to monitor adherence to corporate policies and procedures.
• Thus, the growing need for control and accountability will fuel the growth of the global cloud-based ITSM market during the forecast period.

Leading trends influencing the market 

• The growing adoption of the remote working model is a key trend in the market.
• Many businesses shifted to the work-from-home model during the COVID-19 pandemic.
• This increased the use of cloud-based ITSM solutions.
• Cloud-based ITSM enables organizations to maximize their business value.
• It also enables efficient planning, designing, operating, delivering, and controlling of several IT aspects to cater to the demands of customers.
• Thus, the growing adoption of the remote working model will support the growth of the market during the forecast period.

Major challenges hindering the market growth

• Growing integration concern in business organizations is challenging the global cloud-based IT service management market growth.
• The process of integrating two or more IT systems is a concern faced by the market.
• Businesses find it hard to identify the best cloud ITSM solutions and strategies to integrate them effectively.
• This can become a major challenge for the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this cloud-based ITSM market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the cloud-based ITSM market between 2023 and 2027
• Precise estimation of the size of the cloud-based ITSM market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the cloud-based ITSM market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of cloud-based ITSM market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global cloud-based ITSM market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global cloud-based ITSM market 2017 - 2021 ($ million)

• 4.2 Components Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Components Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Component

• 6.1 Market segments 
• Exhibit 30: Chart on Component - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Component - Market share 2022-2027 (%)

• 6.2 Comparison by Component 
• Exhibit 32: Chart on Comparison by Component
• Exhibit 33: Data Table on Comparison by Component

• 6.3 Solutions - Market size and forecast 2022-2027
• Exhibit 34: Chart on Solutions - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Solutions - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Solutions - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Solutions - Year-over-year growth 2022-2027 (%)

• 6.4 Services - Market size and forecast 2022-2027
• Exhibit 38: Chart on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Component 
• Exhibit 42: Market opportunity by Component ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 43: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 44: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 45: Chart on Comparison by End-user
• Exhibit 46: Data Table on Comparison by End-user

• 7.3 IT and telecom - Market size and forecast 2022-2027
• Exhibit 47: Chart on IT and telecom - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on IT and telecom - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on IT and telecom - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on IT and telecom - Year-over-year growth 2022-2027 (%)

• 7.4 Retail and consumer goods - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Retail and consumer goods - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Retail and consumer goods - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Retail and consumer goods - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Retail and consumer goods - Year-over-year growth 2022-2027 (%)

• 7.5 BFSI - Market size and forecast 2022-2027
• Exhibit 55: Chart on BFSI - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on BFSI - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on BFSI - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on BFSI - Year-over-year growth 2022-2027 (%)

• 7.6 Healthcare and life sciences - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Healthcare and life sciences - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Healthcare and life sciences - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Healthcare and life sciences - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Healthcare and life sciences - Year-over-year growth 2022-2027 (%)

• 7.7 Others - Market size and forecast 2022-2027
• Exhibit 63: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by End-user 
• Exhibit 67: Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 81: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 89: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 97: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 UK - Market size and forecast 2022-2027
• Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.11 Canada - Market size and forecast 2022-2027
• Exhibit 105: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027
• Exhibit 109: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Alemba Ltd. 
• Exhibit 120: Alemba Ltd. - Overview
• Exhibit 121: Alemba Ltd. - Product / Service
• Exhibit 122: Alemba Ltd. - Key offerings

• 12.4 Atlassian Corp. Plc 
• Exhibit 123: Atlassian Corp. Plc - Overview
• Exhibit 124: Atlassian Corp. Plc - Product / Service
• Exhibit 125: Atlassian Corp. Plc - Key offerings

• 12.5 BMC Software Inc. 
• Exhibit 126: BMC Software Inc. - Overview
• Exhibit 127: BMC Software Inc. - Product / Service
• Exhibit 128: BMC Software Inc. - Key offerings

• 12.6 Broadcom Inc. 
• Exhibit 129: Broadcom Inc. - Overview
• Exhibit 130: Broadcom Inc. - Business segments
• Exhibit 131: Broadcom Inc. - Key news
• Exhibit 132: Broadcom Inc. - Key offerings
• Exhibit 133: Broadcom Inc. - Segment focus

• 12.7 Citrix Systems Inc. 
• Exhibit 134: Citrix Systems Inc. - Overview
• Exhibit 135: Citrix Systems Inc. - Product / Service
• Exhibit 136: Citrix Systems Inc. - Key news
• Exhibit 137: Citrix Systems Inc. - Key offerings

• 12.8 EasyVista SA 
• Exhibit 138: EasyVista SA - Overview
• Exhibit 139: EasyVista SA - Product / Service
• Exhibit 140: EasyVista SA - Key offerings

• 12.9 Freshworks Inc. 
• Exhibit 141: Freshworks Inc. - Overview
• Exhibit 142: Freshworks Inc. - Product / Service
• Exhibit 143: Freshworks Inc. - Key offerings

• 12.10 Hewlett Packard Enterprise Co. 
• Exhibit 144: Hewlett Packard Enterprise Co. - Overview
• Exhibit 145: Hewlett Packard Enterprise Co. - Business segments
• Exhibit 146: Hewlett Packard Enterprise Co. - Key news
• Exhibit 147: Hewlett Packard Enterprise Co. - Key offerings
• Exhibit 148: Hewlett Packard Enterprise Co. - Segment focus

• 12.11 Hornbill Corporate Ltd. 
• Exhibit 149: Hornbill Corporate Ltd. - Overview
• Exhibit 150: Hornbill Corporate Ltd. - Product / Service
• Exhibit 151: Hornbill Corporate Ltd. - Key offerings

• 12.12 International Business Machines Corp.
• Exhibit 152: International Business Machines Corp. - Overview
• Exhibit 153: International Business Machines Corp. - Business segments
• Exhibit 154: International Business Machines Corp. - Key news
• Exhibit 155: International Business Machines Corp. - Key offerings
• Exhibit 156: International Business Machines Corp. - Segment focus

• 12.13 Ivanti Software Inc. 
• Exhibit 157: Ivanti Software Inc. - Overview
• Exhibit 158: Ivanti Software Inc. - Product / Service
• Exhibit 159: Ivanti Software Inc. - Key offerings

• 12.14 Micro Focus International Plc 
• Exhibit 160: Micro Focus International Plc - Overview
• Exhibit 161: Micro Focus International Plc - Product / Service
• Exhibit 162: Micro Focus International Plc - Key news
• Exhibit 163: Micro Focus International Plc - Key offerings

• 12.15 Microsoft Corp. 
• Exhibit 164: Microsoft Corp. - Overview
• Exhibit 165: Microsoft Corp. - Business segments
• Exhibit 166: Microsoft Corp. - Key news
• Exhibit 167: Microsoft Corp. - Key offerings
• Exhibit 168: Microsoft Corp. - Segment focus

• 12.16 ServiceNow Inc. 
• Exhibit 169: ServiceNow Inc. - Overview
• Exhibit 170: ServiceNow Inc. - Product / Service
• Exhibit 171: ServiceNow Inc. - Key news
• Exhibit 172: ServiceNow Inc. - Key offerings

• 12.17 SysAid Technologies Ltd 
• Exhibit 173: SysAid Technologies Ltd - Overview
• Exhibit 174: SysAid Technologies Ltd - Product / Service
• Exhibit 175: SysAid Technologies Ltd - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 176: Inclusions checklist
• Exhibit 177: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 178: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 179: Research methodology
• Exhibit 180: Validation techniques employed for market sizing
• Exhibit 181: Information sources

• 13.5 List of abbreviations 
• Exhibit 182: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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