ITSM Market Size (2024 - 2029)

Information Technology Service Management Market Analysis

The ITSM Market size is estimated at USD 11 billion in 2024, and is expected to reach USD 23.84 billion by 2029, growing at a CAGR of 16.72% during the forecast period (2024-2029).

Information technology service management (ITSM) defines all IT-related activities that include creating, delivering, supporting, and managing the customized solutions executed to achieve the business goal of the IT organizations.

• The current state of IT service management (ITSM) is highly significant in the ever-changing field of information technology. It reflects a turning point in how businesses deliver and manage their IT support and services, owing to technological breakthroughs and shifting business dynamics. ITSM is now a strategic requirement that promotes operational excellence, improves employee support and experience, and directly contributes to overall organizational performance rather than just being a support role.
• The year 2023 was crucial for the IT service desk as it highlighted specific needs that were previously unnoticed but now require attention. In 2024, the ITSM (information technology) scene is rapidly changing. Emerging trends in IT service management are gaining prominence and heralding a revolution in employee IT support and technical assistance. Therefore, it is essential for IT service desk managers to stay updated with the latest ITSM trends and their potential impacts.
• The trend of AITSM represents a significant change brought about by Generative AI and modern automation. By utilizing GenAI, this innovative method can proactively and efficiently automate IT requests, actions, and tasks within the IT service desk. Nowadays, leading organizations are adopting GenAI, which has a significant impact on ITSM. When advanced Generative AI is integrated into IT service management operations, businesses can benefit from increased productivity and best practices for resolving various IT-related issues.
• AITSM enhances the efficiency and accuracy of IT support and establishes a foundation for a more responsive and proactive service environment. It incorporates advanced features such as intelligent ticket routing and predictive issue resolution, significantly improving IT service management quality. The success of companies that utilize AITSM will be determined by their ability to leverage the cognitive powers of Generative AI, enabling them to usher in a new era of IT service management characterized by innovation, responsiveness, and efficiency.
• The COVID-19 pandemic significantly impacted the technology industry, caused disruptions in the supply chain value chain, and created threats of commodity inflation. The pandemic also led to a surge in remote work and a heightened focus on evaluating and reducing risks in the end-to-end value chain, which, in turn, fueled the demand for IT service management.

Information Technology Service Management Industry Segmentation

Information technology service management (ITSM) is a practice that is designed to deliver IT services to enterprises. These tools aid the growth of an organization by aligning its IT processes and services with the business objectives. The scope of the report encompasses market sizing and forecast for segmentation by deployment, application, end-user industry, and geography. The market size is based on the cumulative revenue of vendors through subscription, licensing, and related services. The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyzes the overall impact of the COVID-19 pandemic on the ecosystem.

The information technology service management market is segmented by deployment (cloud and on-premise), application (configuration management, performance management, network management, database management system, and other applications), end-user industry (BFSI, manufacturing, government and education, IT and telecommunication, retail, travel and hospitality, healthcare, and other end-user industries), geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.