IT service management is a method that is meant for delivering data technology services for the organizations and addressing the customers. Prime factor behind the growth is the growing number of professionals utilizing technologies at the offices. Its ability to enhance the functionality of an organization at a significant rate boosts the prospects of IT Services Management market in a great way. Estimations claim that IT service management can enhance productivity to around 75 percent.
Ability of IT service management to lower the manpower requirement of the organizations is one of the prime reasons behind the growing demand for it, and hence the growing market prospects. It makes sure that crucial tasks, like change management, property management, etc., are handled most seamlessly. Making use of the collaborative tools, it turns the IT setup way lot smarter and advanced. Upon streamlining the process, it turns things easier in terms of taking key decision making.
Advent of cloud computing is cited as one of the prime factors contributing towards the growth of IT service management market. Growing rate of adoption of technologies based on cloud has transformed the office functionality in a significant fashion, enriching the enterprises. Also, growing application of IT among all levels of industries contributes immensely towards the growth of global IT service management market. With a greater promise from government, the market is expected to be even more significant. Global IT service management market is forecasted to grow at a CAGR of 12 percent between 2017 and 2023.
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The global IT Service Management Market is segmented based on type, deployment, and end-user. Based on type, the global IT Service Management market is segmented into configuration management, IT asset management, application performance management, network management, and DBMS management. Based on deployment, the global IT Service Management market is segmented into cloud-based and on-premise. Based on end-user segment, the global IT Service Management market is divided into manufacturing, healthcare, media & entertainment, IT & telecommunication, BFSI, and retail sectors. Apart from this, the global IT Service Management is classified globally into Asia Pacific, North America, Europe, and Rest of the World.
Geographically, global IT service management market can be classified into Asia Pacific, North America, Europe, and Rest of the World. Among these, the global IT service management market in North America region is expected to remain the most significant upon enjoying the largest share of the market. Offering cost-effective ITSM solutions, like software applications and platforms that enable developers to develop customized IT solutions, the market prospect looks bright. Asia Pacific comes next after the North American market showing significant growth opportunities in the market. To be specific, nations like China, India, Japan, and South Korea are cited as the major contributors to the growth of global IT service management market.
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Global IT service management market is forecasted to grow at the highest CAGR in between the review period of 2017 and 2023 in Asia Pacific. Countries like India, China, and Japan are reportedly the major contributors to enriching the market prospect in the most noteworthy fashion during the review period.