Global IT Service Management (ITSM) Market Size, Status and Forecast 2018-2025
Overview:
The cautious growth of optimism among large enterprises has led to a gradual recovery of corporate IT spending. According to IDC analysts (Worldwide Semiannual Services Tracker report), it was this factor that contributed to the growth of the IT Service Management (ITSM) services market last year. The total revenue from the provision of IT services on a global scale at the end of 2018 exceeded $ 1 trillion. The growth of the comprehensive IT services market in monetary terms amounted to 4.3% compared to the previous year. This is 0.5 percentage points higher than the dynamics of world GDP.
With horizontal segmentation of the IT services market, the project sphere showed the maximum positive dynamics. Consulting, integration, application development continues to outpace outsourcing, technical support, and training. In the second half of 2018, the IT services market grew more rapidly than from the beginning of the year. In the structure of project IT services of IDC analytics, business consulting, and user application development (CAD) has become the fastest-growing.
It is noteworthy that the dynamics of the development segment in 2018 increased by 1.5 times compared to 2017 – 7.5% versus 5.1%. Last year, the IT outsourcing sector continued to shrink (ITO, transferring the functions of an IT division to an external executor), which showed zero or even negative dynamics in IT Service Management (ITSM) developed markets.
Key Players in the Industry:-
Atlassian, CA Technologies, Ivanti (HEAT Software), BMC Software, IBM, ASG Software, SAP, Cherwell Software, Axios Systems, Micro Focus (Formerly HPE), Ultimo, Epicor, Freshworks, TOPdesk, Agiloft Service and Symantec.
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Market Segmentation:
The market segment of Service Management (ITSM) can be split according to type and application. Based on type, it falls into on-premises and cloud-based. According to the application, it falls into Large Enterprises or SMEs. According to the results of the second half of the year, the IT Service Management (ITSM) in the USA increased by 4.8% to $ 233 million. For the whole of 2018, the market grew by 4.6% to $ 459 million. According to the results of 2018, Western Europe, the second-largest global IT services market, showed growth of almost 3% to $ 266 billion.
Factors affecting the growth prospects:
Unfortunately, the world is not perfect. This applies equally to IT services. When providing IT services, malfunctions can occur: the service may become unavailable, work with errors, unauthorized access to information may be obtained, etc. Those negative deviations from the normal provision of the service may occur. In ITIL, these deviations are called incidents.
Major geographies:
IT Service Management (ITSM) has been well adapted globally. Developed countries have to lead to the adaption of this technology due to a large number of tech surveys and big companies in the country. A country such as Japan, China, India, and the Philippines are also not left behind. Also, developing counties in Africa are also joining the trend with South Africa being leading.
Latest News:
An event significant for all IT management professionals happened on February 28th – Axelos released the ITIL Foundation, the first book of a new version of the ITIL library.
Continued…..
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