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Global Cloud-Based IT Service Management (ITSM) Market To Reach $14.6 Billion By 2026

SAN FRANCISCO, Oct. 12, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc.

SAN FRANCISCO, Oct. 12, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled  "Cloud-Based IT Service Management (ITSM) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE Edition: 6;  Released: May 2021 Executive Pool: 9395 Companies: 204 - Players covered include Axios Systems PLC; BMC Software, Inc.; CA Technologies, Inc.; Cherwell Software, LLC; Citrix Systems, Inc.; HEAT Software USA, Inc.; Hewlett Packard Enterprise Development LP (HPE); Hornbill Corporate Ltd.; IBM Corporation; ServiceNow, Inc. and Others. Coverage: All major geographies and key segments Segments: Component (Solution, Service); Vertical (Banking, Financial Services, and Insurance (BFSI), Telecommunication & IT, Healthcare & Life Sciences, Retail & Consumer Packaged Goods (CPG), Government & Public Sector, Other Verticals) Geographies: World; United States; Canada; Japan; China; Europe ( France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Cloud-Based IT Service Management (ITSM) Market to Reach $14.6 Billion by 2026Amid the COVID-19 crisis, the global market for Cloud-Based IT Service Management (ITSM) estimated at US$6.5 Billion in the year 2020, is projected to reach a revised size of US$14.6 Billion by 2026, growing at a CAGR of 14.2% over the analysis period. Solution, one of the segments analyzed in the report, is projected to record a 13% CAGR and reach US$10.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Service segment is readjusted to a revised 16.5% CAGR for the next 7-year period.

The U.S. Market is Estimated at $2.2 Billion in 2021, While China is Forecast to Reach $2.6 Billion by 2026The Cloud-Based IT Service Management (ITSM) market in the U.S. is estimated at US$2.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2026 trailing a CAGR of 13.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.6% and 12.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.4% CAGR. More

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SOURCE Global Industry Analysts, Inc.