Cloud ITSM Market Soars on Evolving Needs & Tech Advances

CIOTechOutlook Team | Friday, 07 February 2025, 07:23 IST

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The increase in the cloud-based IT Service Management (ITSM) market is fueled by various elements that highlight the evolving requirements of companies and technological progress. A major factor is the growing complexity of IT environments, especially with the surge of multi-cloud and hybrid IT setups. As companies embrace increasingly varied and dispersed technology stacks, they need ITSM platforms capable of effortlessly managing and monitoring these settings. Cloud-based ITSM solutions are ideally equipped to manage this complexity, offering centralized oversight and management across various systems.

The worldwide market for Cloud-Based IT Service Management (ITSM) was estimated at US$8.9 Billion in 2024 and is expected to attain US$24.7 Billion by 2030, expanding at a CAGR of 18.6% from 2024 through 2030.

The growth of remote work and the growing dependence on digital tools for business processes are also crucial factors for expansion, as cloud-based ITSM platforms facilitate remote management and problem-solving, allowing IT teams to maintain service delivery no matter where they are located. Furthermore, the movement towards automation and AI-powered solutions is speeding up the uptake of cloud-based ITSM. These technologies allow IT teams to function more effectively by automating standard procedures, minimizing the requirement for human involvement, and enhancing service response times.

Ultimately, the cost efficiency of cloud-based ITSM solutions serves as a major motivator, allowing organizations to bypass the substantial initial investments required for on-premise solutions while taking advantage of a pay-as-you-go pricing structure that better suits their real usage and requirements.

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