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IT Service Management (ITSM) Market worth $22.1 billion by 2028 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Jan. 18, 2024 /PRNewswire/ — Integration with developing technologies, an emphasis on the employee experience, and the shift towards enterprise service management (ESM) are all important factors for the future of the IT service management (ITSM) market. The integration of Agile and DevOps, improved security protocols, cloud-based solutions adoption, and AI-driven predictive analytics integration are among the trends that optimise IT service delivery and support changing business needs. An emphasis on resilience, sustainability, and customer experience metrics also characterises the market’s expected trajectory for ITSM.

 
The ITSM Market size is expected to grow from USD 10.5 billion in 2023 to USD 22.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, according to a new report by MarketsandMarkets™. With the increasing adoption of cloud-based technologies, there are now more opportunities for cloud-based ITSM vendors. Organizations want to obtain IT services externally at a cost that aligns with their usage of IT services rather than building and maintaining these services on-premises. Large enterprises opt for cloud-based ITSM solutions to better manage their IT resources and align their IT services with real-world business needs.
Browse in-depth TOC on “IT Service Management (ITSM) Market”
300 – Tables  47 – Figures297 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2028
Base year considered
2023
Forecast period
2023–2028
Forecast units
Value (USD Million)
Segments Covered
Offering, Solutions, Services, Organization Size, and Vertical
Regions covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
ServiceNow (US), BMC Software (US), Broadcom (US), Ivanti (US), Efecte (Finland), SymphonyAI Summit (US), ManageEngine (India), SolarWinds (US), GoTo (US), Atlassian (Australia), OpenText (Canada), Zendesk (US), Microsoft (US), IBM (US), Freshworks (US), EasyVista (US), IFS (Sweden), ITarain (US), SysAid (Israel), InvGate (US), Alemba (UK), Hornbill (UK), NinjaOne (US), HaloITSM (US), Aisera (US), 4me (US), TOPdesk (Netherlands), TeamDynamix (US)
 
By solution, Service Desk Software will grow at the highest CAGR during the forecast period.
The primary functions of the service desk are incident control, event management, life cycle management of all service requests, and communicating with end users of those IT services. These solutions offer various benefits, such as increased accessibility to assistance/help through a single point of contact, communication, and information; better quality and quicker turnaround of user requests; improved IT support resources and increased productivity; and better-managed infrastructure and control.
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By services, the professional services segment will have a higher market share during the forecast period.
Professional services comprise education, training and certification, consulting, planning, implementation, and support and maintenance necessary to implement ITSM solutions successfully. In this ITSM service, providers thoroughly evaluate the project life cycle, help staff, and assign the right person for the correct process. Professionals also ensure that the solution supports business goals with better communication services. Various software solutions are installed, and departments are integrated in real-time to provide better resource visibility. As part of these services, vendors cover all phases of solution implementation, from planning, deploying, and support to ongoing optimization.
By region, the Asia Pacific region recorded the highest CAGR during the forecast period.
Rising rates of urbanization, technical developments, and government backing for the digital economy are significant drivers of technological advancements in the region. Many firms use cloud-based strategies due to the quick results in cloud computing, IoT, and telecommunications. Throughout the projected period, the area is anticipated to increase significantly. The adoption of ITSM solutions has risen substantially due to the growing volume of business processes and the growing use of cloud technologies. The complexity of manually managing workloads and applications results from the ever-increasing usage of cloud technologies and massive data sets, which will primarily drive the adoption of cloud ITSM solutions among businesses in this region. The primary motivators behind organizations’ adoption of cloud technologies would be the low cost and simple implementation of ITSM solutions. The growing preference for cloud-based solutions is anticipated to propel the ITSM Market’s rapid expansion in this area.
Top Key Companies in IT Service Management (ITSM) Market:
Some of the key players operating in the ITSM Market are – ServiceNow (US), BMC Software (US), Broadcom (US), Ivanti (US), ManageEngine (India), SolarWinds (US), GoTo (US), Atlassian (Australia), OpenText (Canada) and Zendesk (US).
Recent Developments
In November 2023, Broadcom acquired VMware. With this milestone acquisition in a deal size of USD 61 billion, VMware joins Broadcom’s engineering-first, innovation-centric team, which is another crucial step forward in building one of the world’s leading infrastructure technology companies. Broadcom’s focus moving forward is to enable enterprise customers to create and modernize their private and hybrid cloud environments. Fundamentally, Broadcom will invest in VMware Cloud Foundation, the software stack that serves as the foundation of private and hybrid clouds. VMware Cloud Foundation fits Broadcom’s vision of helping customers convert the typically heterogeneous enterprise IT infrastructure into a virtualized and containerized environment, enabling private and hybrid clouds.In October 2023, ServiceNow partnered with ANSR. With this deal, ANSR will establish ServiceNow Centers of Excellence in more than 60 Global Capability Centers (GCCs) to train 3,500 people across India on the ServiceNow platform. ANSR aims to power its internal GCC service delivery on ServiceNow, including Now Assist generative AI (GenAI) capabilities.In November 2022, BMC Software acquired Remedy. Combining Remedy’s industry-leading service management and problem resolution capabilities with BMC Software’s performance and availability management solutions will provide customers with robust, integrated service management solutions as the business(es) deliver outcomes.In March 2021, Ivanti acquired Cherwell. The deal will leverage the Ivanti Neurons hyper-automation platform to provide end-to-end service from IT across business lines and from every endpoint to the IoT edge, resulting in personalized, contextual employee experiences and outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=232882076
IT Service Management (ITSM) Market Advantages:
 ITSM increases overall operational efficiency by automating and streamlining IT procedures, which decreases manual labour. Better resource utilisation and quicker service delivery result from this.Organisations may raise the calibre of their IT services and guarantee that they either meet or surpass client expectations by putting ITSM standards into effect. Higher levels of client satisfaction and loyalty are a result of this.ITSM offers organised approaches for managing issues and occurrences. This minimises interruptions to corporate activities by facilitating the quicker detection, handling, and prevention of problems.ITSM encourages the development of standardised procedures for the provision and maintenance of IT services. Consistency, fewer errors, and a more predictable IT environment are the results of standardisation.Strong change management procedures included in ITSM assist businesses in controlling and monitoring system changes while taking risks to minimise their negative effects on business operations.Self-service portals and service catalogues are common components of ITSM solutions, enabling users to freely request and access IT services. User satisfaction increases and response times for service requests are shortened as a result.Proactive monitoring of IT services and infrastructure is made easier by ITSM technologies. This contributes to a more stable IT environment by enabling organisations to identify and resolve possible problems before they have an impact on end users.Report Objectives
To define, describe, and forecast the global ITSM Market based on offering, deployment model, organization size, vertical, and region.To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo strategically analyze the market subsegments for individual growth trends, prospects, and contributions to the total marketTo provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)To strategically analyze macro and micro-markets for growth trends, prospects, and their contributions to the overall marketTo analyze industry trends, patents and innovations, and pricing data related to the ITSM Market.To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.To profile key players in the market and comprehensively analyze their market share/ranking and core competenciesTo track and analyze competitive developments, such as mergers & acquisitions, product developments, and partnerships & collaborations in the market.Browse Adjacent Markets: Software and Services Market Research Reports & Consulting
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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GITEX GLOBAL and Expand North Star set to accelerate world’s AI economy with market projected to reach $2.7 trillion by 2032

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•  Event billed as a catalyst for redefining the world’s digital economy and AI ecosystem under this year’s ‘Global Collaboration to Forge a Future AI Economy’ theme
DUBAI, UAE, Oct. 12, 2024 /PRNewswire/ — GITEX GLOBAL, the world’s largest tech and startup event, takes centre stage in the UAE next week with this year’s 44th edition destined to redefine the world’s digital economy and AI ecosystem.

Held at Dubai World Trade Centre (DWTC) from 14-18 October, the incomparable international showpiece will be more influential than ever this time around – presenting an expanded events programme that transforms the UAE into an AI universe epicentre.
Under the theme “Global Collaboration to Forge a Future AI Economy”, GITEX GLOBAL 2024 welcomes the world’s largest technology enterprises alongside governments, investors, experts, startups, academia, and researchers.  
Expand North Star, the world’s largest startup and investment show, runs concurrently at Dubai Harbour from 13-16 October – hosted by Dubai Chamber of Digital Economy and organised by DWTC.
With over 6,500 exhibiting companies, 1,800 startups, and 1,200 investors from more than 180 countries participating across 38 halls of innovation and business opportunities, these blockbuster events will see the UAE “strategically propel the next generation of AI-driven technologies”.
Trixie LohMirmand, Executive Vice President of DWTC, the organiser of GITEX GLOBAL and Expand North Star, said: “At GITEX GLOBAL in Dubai, we shall close the year with significant manoeuvres from our tech community by doubling down on global collaborations and intensive engagements amongst all involved. Through these efforts, we shall forge competitive advantages in the race towards regional and international digital supremacy.
“With international participation in GITEX GLOBAL 2024 rocketing by almost 40 per cent, it’s a barometer of the unstoppable ambitions of many young rising digital nations who are now confidently forging their ways into the future global AI economy through GITEX. As the world’s most global tech event brand with events in Germany, Singapore, Morocco, and Nigeria alongside Expand North Star, we are committed to strategically propelling the next generation of AI-driven technologies via startups, scale-ups and unicorns.”
A global agenda for tomorrow’s AI economy
According to Fortune Business Insights, the global AI market is projected to reach $621 billion in 2024 and soar to $2.7 trillion by 2032. Given its influence and impact now and in the future, the technology takes centre stage at GITEX GLOBAL 2024 with over 3,500 enterprises presenting the latest breakthrough innovations in AI, IoT, data, and the cloud.
Amongst them is TECOM Group PJSC, which celebrates its 25th successive year at GITEX GLOBAL next week. Ahead of the event, Ammar Al Malik, Executive Vice President of Commercial at TECOM Group PJSC and Managing Director of Dubai Internet City, said: “Dubai’s pro-innovation frameworks are the bedrock of tech advancements that serve a greater purpose. GITEX GLOBAL is a springboard to unlock this potential, and as the region’s leading tech hub, Dubai Internet City has been a proud partner for decades in its mission towards a brighter future. Our community is pleased to connect innovators from more than 3,500 companies across fields like artificial intelligence (AI), Web3, digital transformation, and beyond to realise this vision.”
Abu Dhabi’s most influential companies and organisations, including the Advanced Technology Research Council (ATRC) and G42 Group with its leading enterprises Presight and Khazna, will reinforce the Emirate’s position as an emerging global AI nexus. Other tech giants participating are Adobe, Alibaba Cloud, AWS, Builder Ai, Dell, Google, Honeywell, Huawei, IBM, Lenovo, Microsoft, Nvidia, Oracle, Salesforce, SAS, solutions by STC, and Tech Destination Pakistan.
Presenting the year’s largest AI event, GITEX GLOBAL will deliver 120-plus hours of AI and deep tech-focused content across various topics, facilitating discussions on the implications of AI in Future Health, Digital Finance, and EdTech. Following the wildfire pace of AI adoption and the unprecedented growth in data storage demand, the event is also launching the region’s largest Data Centre Symposium in 2024, featuring the industry leaders Datalec, Kerno, Khazna, Legrand, NTT Data, Schneider Electric, Vertiv, among many others.
The programme will build anticipation ahead of the all-new AI Everything Global 2025. This event – taking place in Abu Dhabi (4 February) and Dubai (5-6 February) will gather some of the world’s most visionary AI tech companies to construct an innovative, fair, and responsible AI industry of the future.
Fast-tracking the next generation of startups
The world’s largest startup and investment event, Expand North Star will foster the next frontier of tech and innovation. In another record-breaking edition, the event will connect the most innovative global founders with new markets, enterprise customers, and an influential pool of investors and venture capitalists with over $1.2 trillion in Assets Under Management (AUM). These include SOSV, Bessemer Ventures, Lightrock, Sinovation Ventures, and the European Innovation Fund.
Additionally, Expand North Star will seek to redefine the future of money, blockchain, and creativity through leading co-located events GITEX Impact, Fintech Surge, Future Blockchain Summit, and Marketing Mania. Accelerating the next generation of scaleups, the world’s largest start-up pitch competition, Supernova Challenge 2.0, also graces GITEX GLOBAL with the winners claiming a share of the $200,000 prize pool.
Historic international involvement
GITEX GLOBAL 2024 will welcome the highest international attendance in its history, welcoming over 400 government and digital development agencies from around the world. Alongside GITEX GLOBAL regulars, the new nations debuting this year will showcase their latest groundbreaking tech innovations.
Next week marks the largest European participation at GITEX GLOBAL with over 35 European countries exhibiting alongside 1,000-plus SMEs and 450-plus startups from debuting countries, including Austria, Bosnia and Herzegovina, Ireland, Latvia, Lithuania, Portugal, Serbia, and Slovenia.
Many rising digital nations from Latin America are also behind the record-breaking international involvement, as are those from Central and Southeast Asia. Joining long-time GITEX GLOBAL participants such as China, Japan, South Korea, and India are several debutants – Singapore, Malaysia, Kazakhstan, and Kyrgyzstan amongst them.
While promoting international business development, entrepreneurship, and investment engagements to benefit enterprises, organisations, and SMEs alike, GITEX GLOBAL welcomes the European Innovation Council for the first time, Europe’s biggest deep-tech investor.
It will also see significant collaborations with global organisations from all continents, such as the European Innovation Council, Tech Destination Pakistan, IE University, University College London (UCL), Johns Hopkins University, the Massachusetts Institute of Technology (MIT), and key corporate ventures from leading tech enterprises such as Sony, Honda, Standard Chartered, QIC, and many more.
An action-packed agenda
Throughout its six-day duration, GITEX GLOBAL will become a microcosm of the world, launching industry-defining programmes such as GITEX Editions, an exclusive platform for late-stage advanced tech companies and a premier hub for unicorns, soonicorns and rhinos. In 2024, the event will connect 59 top global unicorns, such as Axelera, DeepL, Insilico Medicine, and Synthesis AI.
The World Future Economy Digital Leaders Summit is another must-attend show with global innovators and influential leaders set to address critical priorities shaping the future of technology. Additionally, GITEX Cyber Valley is this year’s most anticipated cybersecurity showcase – hosted by the UAE Cyber Security Council. With specialists forecasting that damage costs could reach $10.5 trillion annually by 2025, the show will present a power-packed conference agenda as the world’s most influential CISOs, CIOs, and GRC leaders to discuss the risks of global cybercrime.  
Leo Chen, Corporate Senior Vice President & President of Enterprise Sales at Huawei, which will be present with a flagship stand at the event, commented on the possibilities unlocked at the event for the industry: “GITEX GLOBAL offers a unique platform for us to engage in meaningful dialogues with industry peers about the trends and perspectives on industrial intelligence. We look forward to sharing our insights and learning from others to explore the endless possibilities of industrial digital and intelligent transformation.”
For more information on GITEX GLOBAL 2024 and to secure your passes, please visit www.gitex.com.
Follow GITEX Global on social media: Facebook  |Instagram  |X  |LinkedIn  |Youtube
Hashtag: #GITEXGLOBAL
About GITEX GLOBAL
GITEX GLOBAL, the world’s largest tech event, is returning for its 44th edition at Dubai World Trade Centre from 14-18 October 2024. The 2024 edition will feature 6,500 exhibitors, and welcome 200,000 tech executives from 180 countries, converging the best minds, future-focused government leaders, and the most visionary enterprises and start-ups to scrutinise, challenge, define, and empower the digital agendas of the world. Independently rated globally as the world’s best tech show, GITEX GLOBAL’s continued expansion is amplified by the launch of GITEX EUROPE Berlin, GITEX ASIA Singapore, and GITEX NIGERIA in 2025, as well as the growth of GITEX AFRICA Morocco leading up to its third record-breaking edition. More information: www.gitex.com
About Dubai World Trade Centre
A global business facilitator since 1979, Dubai World Trade Centre (DWTC) is home to the region’s leading purpose-built convention and exhibition centre. DWTC provides a platform for connecting people, products, innovation and ideas from around the world through a dynamic calendar of international trade exhibitions and its own roster of sector leading mega events. As a designated free zone, complemented by award-winning commercial real estate, DWTC plays an integral role in Dubai and the region’s growth story. Since its inauguration, DWTC has hosted over 6,000 events, with an estimated economic output of AED 248 billion, attracting over 38 million business visitors to Dubai.
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Huawei Showcases Intelligent Technologies at InnoTrans 2024

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BERLIN, Oct. 12, 2024 /PRNewswire/ — The 14th InnoTrans took place in Berlin, Germany from September 24 to 27. The theme of the event is “The future of mobility”. At this trade fair, with a focus on digital and intelligent transformation trends in rail transportation, Huawei showcased innovative applications of FRMCS(Future Railway Mobile Communication System), AI, cloud computing, IoT, and other cutting-edge technologies in the rail industry.

Railway, as a complex and huge system that always puts safety first, needs a unified digital and intelligent foundation alongside an industry ecosystem that consists of partners specializing in diverse domains to go digital and intelligent.
Jacky Wang, Vice President of Smart Transportation BU, Huawei, said that the global rail transportation industry is striding toward an era of broadband, cloud, and intelligence. “Aligning with this trend, Huawei has launched a One Cloud, One Network, Multi-Hub Solution to help the railway industry address challenges in network bandwidth, information system integration, and digital and intelligent transformation.”
Leveraging large models, AI, big data, and intelligent algorithms, this solution promotes intelligent upgrades across a wide range of professional domains, including train operation, locomotive, rolling stock. The goal is to help customers build safe, efficient, and green integrated transportation hubs, improving overall railway transportation quality and efficiency.
Jacky Wang emphasized that the reliable FRMCS features high bandwidth, wide coverage, and low latency, and is crucial for implementing broadband across rail transportation. He went on to explain that migrating services to the cloud is becoming increasingly popular as it allows for centralized use of IT resources and unified O&M, which can reduce investment costs.
“Big data and AI technologies tailored to specific scenarios will enhance the value of data, bolster service security, and increase efficiency in production management,” said Jacky Wang.
Currently, the solution has been deployed in various service scenarios like intelligent freight train inspection, intelligent scheduling in EMU depots, and smart railway perimeter detection, resulting in substantial benefits. Huawei’s scenario-specific solutions and partners are going global, too. They are continuously addressing the challenges faced by railway customers and generating value for the industry.
Up to now, Huawei has served more than 300 urban rail lines across 70 cities and more than 180,000 km of railways worldwide.

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Nomination Committee for the ASSA ABLOY 2025 Annual General Meeting

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STOCKHOLM, Oct. 11, 2024 /PRNewswire/ — The following representatives of ASSA ABLOY AB’s shareholders will be members of the Nomination Committee for the 2025 Annual General Meeting:

– Johan Menckel, Investment AB Latour, Chairman of the Nomination Committee
– Mikael Ekdahl, Melker Schörling AB
– Marianne Nilsson, Swedbank Robur Fonder
– Yvonne Sörberg, Handelsbanken Fonder
– Carina Silberg, Alecta
The Chairman of the Board, Johan Hjertonsson, has been co-opted to the Nomination Committee.
The Nomination Committee shall prepare proposals for the Annual General Meeting in 2025 regarding the election of Chairman of the General Meeting, members of the Board of Directors, Chairman of the Board, Vice Chairman of the Board, auditor, fees for the members of the Board including division between the Chairman, the Vice Chairman and the other Board members as well as fees for committee work, fees to the company’s auditor and, if necessary, changes to the instructions for the Nomination Committee.
The Annual General Meeting will be held on 23 April 2025, in Stockholm, Sweden.
Shareholders who wish to submit proposals to the Nomination Committee should send an email to [email protected].
For more information, please contact:Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72 Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world. 
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/assa-abloy/r/nomination-committee-for-the-assa-abloy-2025-annual-general-meeting,c4050379
The following files are available for download:
https://mb.cision.com/Main/7333/4050379/3050532.pdf
Press release (PDF)
 

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