According to a new report, published by KBV research, The Global Cloud Information Technology Service Management Market size is expected to reach $30.57 billion by 2032, rising at a market growth of 17.0% CAGR during the forecast period.
The Solution segment captured the maximum revenue in the Global Cloud Information Technology Service Management Market by Component in 2024, thereby, achieving a market value of $18.26 billion by 2032. The Solution-segment comprises software platforms and tools that support the implementation and operation of IT service management within cloud environments. These solutions typically include a wide range of functionalities such as incident management, problem management, change management, service desk operations, configuration management, asset management, and knowledge management.
The Large Enterprise segment is experiencing a CAGR of 16.7 % during the forecast period. Large Enterprises typically have extensive IT infrastructure, globally distributed operations, and highly complex business processes. These organizations demand scalable, flexible, and secure cloud ITSM solutions that can support thousands of users across multiple departments and geographies. The primary drivers for cloud ITSM adoption among large enterprises include the need for improved operational efficiency, standardization of IT processes, better alignment of IT services with business objectives, and enhanced visibility into IT performance.
The Network Management segment led the maximum revenue in the Global Cloud Information Technology Service Management Market by Technology in 2024, thereby, achieving a market value of $7.34 billion by 2032. Network management involves several core components, including network monitoring, configuration management, fault management, performance management, and security management. Network monitoring tools continuously scan the IT environment to detect anomalies, bottlenecks, or failures, ensuring real-time visibility into network operations. This real-time insight helps IT teams respond proactively to issues before they escalate into significant disruptions.
The BFSI segment is growing at a CAGR of 15.6 % during the forecast period. BFSI institutions are increasingly adopting cloud-based ITSM solutions to streamline their IT operations, enhance efficiency, ensure data security, and deliver superior customer experiences. This shift is primarily motivated by the need to respond rapidly to market changes, address cybersecurity threats, and support digital banking initiatives.
The North America region dominated the Global Cloud Information Technology Service Management Market by Region in 2024, thereby, achieving a market value of $12.00 billion by 2032. The Europe region is anticipated to grow a CAGR of 16.6% during (2025 - 2032). Additionally, The Asia Pacific region would witness a CAGR of 17.7% during (2025 - 2032).
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