(EMAILWIRE.COM, July 20, 2019 ) According to a new market research report "Cloud-Based ITSM Market by Solution (Service Portfolio Management, Change & Configuration Management, Service Desk Software, Operations & Performance Management, Dashboard, Reporting, & Analytics), Service, Vertical, & Region - Global Forecast to 2021" published by MarketsandMarkets™, the Cloud-Based ITSM Market estimated to grow from USD 4.41 Billion in 2016 to USD 8.78 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.8% from 2016 to 2021.

The cloud-based ITSM solutions are witnessing the rising demand due to widespread adoption of BYOD policies and increasing mobile workforce, advent of advanced technologies such as big data and IoT, and the benefits of agile implementation, easy deployment, and subscription-based pricing. The substantial growth in the Cloud-Based ITSM Market can be credited to the increasing need for remote solutions that can be accessed from anywhere and to provide organizations with a flexible and cost-effective solution that offers better customer satisfaction.

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Operations and performance management solutions are expected to show positive trends during the forecast period

The operations and performance management solutions are expected to dominate the market from 2016 to 2021. This is due to the everyday need to maintain and manage organizational IT infrastructure and services. Furthermore, due to the increasing adoption of BYOD trends in enterprises, dashboard, reporting, and analytics solutions are expected to gain traction in the next 5 years.

Telecom and IT segment to grow at the highest rate during the forecast period

The telecom and IT segment is expected to grow at a rapid rate from 2016 to 2021 in the Cloud-Based ITSM Market. The high growth rate can be attributed to the increased usage of smartphones and tablets across IT organizations. The healthcare and life science segment is expected to contribute the largest market share in the Cloud-Based ITSM Market in 2016. The market is also projected to witness growth in the travel and hospitality, manufacturing, and education segment during the forecast period.

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North America is expected to contribute the largest market share during the forecast period

North America is expected to have the largest market share and dominate the Cloud-Based ITSM Market from 2016 to 2021, due to the rapid adoption of BYOD policies for enhanced productivity, employee satisfaction, and cost effectiveness. These policies require remote accessibility of information, which is facilitated by cloud-based ITSM solutions. Latin America offers potential growth opportunities, as there is rise in technology penetration and organizations are focusing on offering better customer experience to differentiate themselves from the competitors.

The major vendors in the Cloud-Based ITSM Market include BMC Software, Inc., CA Technologies, ServiceNow, Cherwell Software, LLC, Hewlett Packard Enterprise Company, and HEAT Software USA, Inc., along with others. The report also includes key innovators in the market, such as ManageEngine (Zoho Corporation), CloudHealth Technologies, SysAid Technologies Ltd., Serena Software, Inc., and LANDesk Software, Inc.

Study Coverage:

The report covers detailed information regarding the major factors influencing the growth of the Cloud-Based ITSM Market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been included to provide insights into their business overview, products and services, key strategies, new product launches, mergers and acquisitions, partnerships, agreements, collaborations, and recent developments associated with the Cloud-Based ITSM Market.

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