IT Service Management Tools Market

The global IT service management tools market to witness significant growth during the period of forecast

IT service management tools enable organizations in IT operations to effectively support their production atmosphere. IT service management tools expedite the workflows and tasks related to the management and delivery of high quality IT services. ITSM tools are classified based on ITSM capabilities and integration with ITOM solutions and include: basic ITSM tools that have some ITSM capabilities and limited integration with ITOM solutions; intermediate ITSM tools that have good ITSM capabilities, and provide some basic ITOM functions or integrate with intermediate third-party ITOM solutions; advanced ITSM tools that have a full range of ITSM capabilities, and provide broad ITOM functionality natively or integrate with advanced third-party ITOM solutions.

As stated by Persistence Market Research, the global IT service management tools market is anticipated to grow at a robust rate to reach a significant value by the end of the assessment period. The IT service management tools market has been experiencing significant growth since past couple of years. It is projected to grow at a value CAGR of 9.3% throughout the period of forecast to reflect a market value of more than US$ 5 Bn by the end of the assessment year from a market valuation of around US$ 2.6 Bn in 2017.

BFSI segment to bolster its dominance during the assessment period

BFSI segment in the industry category is expected to be the largest segment in terms of market share or revenue generation. This segment lead the market in 2012 and is anticipated to grow at a higher rate in the coming years to retain its status quo. The BFSI industry is expected to showcase higher demand for IT services management tools in the coming years. This segment is estimated to grow at a high CAGR of 9.3% throughout the period of forecast to reach a market valuation of about US$ 885 Mn by the end of 2025.

IT and ITES segment and media and entertainment segment to grow at same pace; manufacturing to show higher scope

IT and ITES segment is expected to grow at the same rate as the media and entertainment segment in the industry category. These segments have seen steady growth in revenues since 2012 and the trend is likely to continue over the period of forecast. However, the IT and ITES segment is anticipated to show higher market share in the coming years. The IT and ITES segment is expected to reach a valuation of more than US$ 500 Mn by the end of the period of assessment, whereas the media and entertainment segment is estimated to reach a value a bit under US$ 485 Mn by end of 2025.

The manufacturing segment in the industry category also reflects higher potential for growth thus contributing to the growth of the global market this segment is expected to be the second fastest growing segment and is projected to grow at a CAGR of 9.8% throughout the period of forecast, 2017-2027. This segment is estimated to be valued at around US$ 370 Mn in 2017 and at this pace, it is poised to reach a significant market estimation by the end of the period of forecast.

Market Segmentation

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