Information Technology Service Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)

ReportLinker The information technology service management market was valued at USD 5,916. 25 Million in 2021 and is expected to reach USD 6,674. 43 Million by 2027 at a 2. 02% CAGR over the forecast period 2022-2027. New York, June 07, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Information Technology Service Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06283194/?utm_source=GNW Key HighlightsInformation Technology Service Management, henceforth referred to as (ITSM), defines all IT-related activities that include creating, delivering, supporting, and managing the customized solutions which are executed to achieve the business goal of the IT organizations.Further, being an end-to-end service, ITSM is not limited only to designing and delivering appropriate IT Systems, applications, or resources; in fact, ITSM focuses mainly on adopting a specific process approach to a company or a project. The final objective of ITSM is always set up individually regarding the customers’ unique needs and values. Additionally, ITSM clearly defines the roles and permissions of people involved in the project, partners, and third-party providers of services, products, and new technologies.The IT organization tends to focus more on the management of IT services and application for their short-term and long-term strategic goals. ITSM offers many advantages such as cost reduction, automation of repetitive tasks, and data gathering in one place, among others, that have a strong impact on the overall performance of the organization, helping them to achieve their short-term and long-term strategic objectives. Therefore, with the evolving IT industry dynamics, the ITSM market is expected to witness prolific growth in the forecasted period.Though ITSM tools provide excellent benefits, specific challenges, like implementation, reliability concerns, and lack of quality standards in service-level agreements (SLA), are expected to obstruct the market growth studied during the forecast period. The process of procuring an ITSM tool, primarily for managing critical IT services, involves the belief that the provider’s business would endure and the relationship with them. In case of any failure by the provider, the enterprises relying upon them are significantly impacted and are expected to find a to replace the tool. This, in turn, is expected to disrupt their process and, ultimately, their efficiency.COVID-19 pandemic had a beneficial impact on the market, owing to the rise in remote working and the expanding digital transformation of enterprises. Businesses are looking for business processes that are seamless, efficient, and accessible from any location. Further, many businesses completed their digital transformation, and a number of them have decided to remain fully remote or operate on a digital and in-office hybrid model. Thus, IT teams can expect a sharp rise in the need for internal IT support and ITSM software, thereby boosting the studied market growth. Key Market Trends IT and Telecommunication Sector is expected to Hold the Largest Market Share Modernizing IT service management for the IT &and telecom sector is an evolved approach. This is bridging the gap between traditional, on-premise, and cloud-based IT systems. It increases operational efficiency and effectiveness. Thus, consolidating how data is captured, analyzed, and shared across the enterprises provides an improved experience for internal IT employees and external constituents.With rapid technological advancements, telecom businesses are continually focusing on innovation. Thus, they are focusing on upgrading their infrastructure while developing state-of-the-art solutions to serve their customers, including innovation, customer service, infrastructure setup, and human resources.Moreover, ITSM solutions’ implementation helps telecom enterprises gain unified visibility into invoices, expenses, usage, and assets across their entire communications, cloud, and software license portfolio. Thus, reducing the overall costs and enhancing productivity, mainly by improving visibility, while providing a finely tuned set of processes to manage existing IT infrastructure. Moreover, IT companies are focusing on adopting ITSM with the increasing demand across the cloud-based models. With this growing adoption of cloud-based ecosystems, companies have expanded their partnership through new offerings across the cloud platform.In November 2021, Tata Communications announced the launch of Tata Communications GlobalRapide; an end-to-end managed unified communications as a service (UCaaS) to enable enterprises to deliver digitally advanced, sophisticated, and intelligent collaboration experiences for employees. Tata Communications becomes a one-stop-shop to address all global businesses’ digital-first, cloud-first unified communications requirements with this new ITSM.According to 5G Americas, growth in 5G subscriptions is expected to continue into the foreseeable future, reaching 3 billion subscriptions by 2025. That includes 600 million subscriptions from 2023 to 2024 and from 2024 to 2025. North America to Account for the Most Significant Share North America is a prominent market for ITSM, owing to the high adoption of cloud technology and the growing need for improving IT services by the end-user industries in the region. According to a survey report on IT Management by Site24*7, 62% of respondents reported ease of management as the top factor in cloud shift, closely followed by business continuity (60%) and scalability (59%).Further, a report published in March 2022 with a survey named “A hybrid cloud adoption survey”with 900+ IT professionals suggested that most businesses (93%) are adopting a hybrid of cloud and on-premise solutions or migrating fully to the cloud within five years. The survey was majorly done in North America and Europe, where 43.8% of respondents were from North America. Thus, the growing transition toward cloud platforms is expected to drive the demand for IT service management solutions in the coming years.Additionally, the region has a strong foothold on the ITSM vendors, which contributes to the market’s growth. Some of them include IBM Corporation, ServiceNow Inc., BMC Software Inc., and LogMein, among others.Owing to remote working practices post the pandemic, most organizations are also taking preventive measures to secure their mobile devices and equipment provided to the employees. The Canadian Centre for Cyber Security encourages the Canadian cybersecurity community, especially critical infrastructure network defenders, to bolster their awareness of and protection against Russian state-sponsored cyber threats. The cyber center joins the United States and United Kingdom partners in recommending proactive network monitoring and mitigations.The market is witnessing the growth of cloud-based ITSM, owing to the rapid adoption of BYOD policies for improved productivity, employee satisfaction, and cost-effectiveness. These policies require remote accessibility of information, which is facilitated by cloud-based ITSM solutions. Competitive Landscape The managed services market is dominated by the major players, such as IBM Corporation and Atlassian Corporation PLC, who have a strong client base in the market. These players are constantly providing increased and enhanced offerings. In order to sustain in the market and retain their clients, the companies are employing powerful competitive strategies. This factor intensifies the competitive rivalry in the market. Overall, the degree of competition is high and expected to remain the same throughout the forecasted period as players are offering various services depending on the customer’s needs. January 2022 – Atlassian Corporation PLC acquired Percept. AI to improve the AI engine for natural language understanding in Jira service Management. The company aims to create an integrated experience for the customers in the market. Through the Percept.AI, the company aims to deflect the vast majority of tier-1 support questions, provide users a great experience and free up IT teams to focus on more complex tasks.October 2021 – BMC announced the acquisition of StramWeaver, a company that helps enterprises achieve their end-to-end observability, AI operations (AIOps), cloud migration, and cost reduction goals with data integration capabilities. The acquisitions are expected to enhance AIOps capabilities with a broad set of out-of-the-box data integrations built on a complementary, modern microservices-based architecture. Additional Benefits: The market estimate (ME) sheet in Excel format3 months of analyst supportRead the full report: https://www.reportlinker.com/p06283194/?utm_source=GNW About ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place. __________________________ Story continues CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001

Green Information Technology (IT) Services Market is Likely to Experience a Tremendous Growth in Near Future

Latest released Global Green Information Technology (IT) Services Market Research Report provides detailed assessment of Key and emerging players showcasing company profiles, product/service offerings, market price, and sales revenue to better derive market size estimation. With this assesment the aim is to provide viewpoint on upcoming trends, growth drivers, opinions and facts derived from industry executives with statistically supported and market validated data. Furthermore, a detailed commentary on How or Why this market may see a growth momentum during the forecast period is analysed and correlated with dominating and emerging players strength and weakness. Whats keeping Green IT Solutions, Purchasing Solutions, Equipment Manufacturers Solutions, Real Estate Development Solutions, Green Business Solutions & Others gain competitive edge in Global Green Information Technology (IT) Services Market and stay up-to-date with available business opportunity in various segments and emerging territory. Get Access to Sample Pages @ https://www.htfmarketreport.com/sample-report/1889009-global-green-information-technology (The sample of this report is readily available on request) What this report sample includes:• A Brief Introduction about Green Information Technology (IT) Services Market Research Scope and Methodology.• Leading and Emerging Players Revenue Analysis.• Major Highlights from Growth Drivers and Market Trends.• Key Snapshot from the Final Study.• Graphical Illustration of the Regional Analysis. Scope / Segmentation of the Global Green Information Technology (IT) Services Market Product Type: type1,type2,type3Major End-use Applications: Information Technology Industry, Government Industry, Education Industry, Healthcare Industry & Others Enquire for customization in Report @ https://www.htfmarketreport.com/enquiry-before-buy/1889009-global-green-information-technology It is obvious that maintaining status quo will not drive growth, henceforth lot of Green Information Technology (IT) Services Manufacturers of seen entering new markets, then looking for top and bottom-line growth from overseas investments. HTF MI have covered 20+ Country level analysis in Global Green Information Technology (IT) Services Market Regional Coverage. Geographically, the global version of Green Information Technology (IT) Services Market report covers following regions and country North America (USA, Canada and Mexico)Europe (Germany, France, the United Kingdom, Netherlands, Belgium, Spain, Russia, Italy and Rest of Europe)Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India, Southeast Asia and Others)South America (Brazil, Argentina, Colombia, Others)MEA (Saudi Arabia, Turkey, United Arab Emirates (UAE), Israel, Egypt, South Africa & Rest of MEA) Data Source & Research Methodology: Our analysts drafted the report by gathering information through primary (through surveys and interviews) and secondary (included industry body databases, reputable paid sources, and trade journals) methods of data collection. The report encompasses an exhaustive qualitative and quantitative evaluation. The study includes growth trends, micro- and macro-economic indicators, and regulations and governmental policies. Against challenges Faced by Industry, Green Information Technology (IT) Services Market Study discuss and shed light on: — The resulting overview to understand why and how the Global Green Information Technology (IT) Services industry is expected to change.— Where the Green Information Technology (IT) Services industry is heading and what are the top priorities. To elaborate it, HTF MI turned to the manufacturers to draw insights like financial analysis, the survey of Green Information Technology (IT) Services companies, and from interviews with upstream suppliers and downstream buyers and industry experts.— How Green Information Technology (IT) Services company in this diverse set of players can best navigate the emerging new industry landscape and develop strategy to gain market position. Buy this research report @ https://www.htfmarketreport.com/buy-now?format=1&report=1889009 Extract from Table of Content of Global Green Information Technology (IT) Services Market:1. Introductiona. Study Assumptionsb. Scope Of the Study2. Research Methodology3. Executive Summary4. Market Dynamicsa. Market Driversb. Market Restraintsc. Industry Attractiveness – Porter’s Five Forces Analysis5. Market Segmentation6. Competitive Landscapea. Vendor Market Shareb. Company Profiles7. Market Opportunities and Future Trends8. Industrial Chain, Downstream Buyers, and Sourcing Strategy9. Marketing Strategy Analysis 12. ……..Continued…! Browse Summary and Complete Table of Content @ https://www.htfmarketreport.com/reports/1889009-global-green-information-technology Overall, the Green Information Technology (IT) Services Market report is a reliable source for managers, analyst and executives from the industry to better analyse market scenarios from a third part research perspective. HTF MI aims to bridge gap between businesses and end customers to better elaborate manufacturers with benefit, limits, trends and market growth rates. SWOT analysis is also incorporated in the Green Information Technology (IT) Services market report in line with speculation attainability investigation and venture return investigation. About Author:HTF Market Intelligence consulting is uniquely positioned empower and inspire with research and consulting services to empower businesses with growth strategies, by offering services with extraordinary depth and breadth of thought leadership, research, tools, events and experience that assist in decision making. Contact US:Craig Francis (PR & Marketing Manager)HTF Market Intelligence Consulting Private LimitedUnit No. 429, Parsonage Road Edison, NJNew Jersey USA – 08837Phone: +1 (206) 317 1218[email protected] Connect with us at LinkedIn | Facebook | Twitter

The top trends driving technology providers in 2022

Technology’s impact on society and national economies continues to intensify, in turn increasing the business responsibilities of technology service providers and what their customers expect from them. This deeper entrenchment in business has also made technology providers much more sensitive to factors beyond information technology. It’s no longer sufficient for them to address client needs and provide quality products. Rather, they have to be aware of the broader economic, social and technological forces that have come to form a large bearing on their business. Such forces make up this year’s top trends for technology service providers, or TSPs for short (below). Co-innovation ecosystems Technology innovation is at the heart of every TSP. However, in the digital world — with much stronger interconnections among technology providers, customers, partners and governments — traditional siloed innovation practices such as research and development and basic product development will not be enough to survive. Instead, a co-innovation ecosystem is an emerging approach that accelerates the development of solutions to industry problems, spreads risk and cost across the participants, and drives adoption of the end solution. It enables internal, external, collaborative and co-creative ideas to be converged and directly tied to value creation with the “shared revenue/value” among ecosystem stakeholders and participants. Engagement, co-creation and compelling experiences for value creation are at the core of co-innovation. Product development and the value of co-innovative organizations are thus difficult to replicate by competitors. In fact, by 2023, 30% of all revenue-bearing emerging technology solutions will be developed via co-innovation ecosystems, enabling vendors to become more competitive and expand into new markets. Sustainable business Sustainable business is a strategy that incorporates environmental, social and governance or ESG factors into decision-making. It is underpinned by sustainable technology, a framework of solutions that enable ESG outcomes. Growing sustainability-driven product investments and deployments are taking place across numerous categories such as sustainable IT — for example, cloud sustainability or green software development — smart energy infrastructure and circular product innovation. In the end, tech providers that can quantify their offering’s positive contribution to customers’ sustainability objectives will increase their win rate by 20% by 2025. Talent agility The post-pandemic pace of TSPs’ business can no longer be accommodated by rigid and fragmented talent management processes. This is where talent agility comes in – the ability to support talent needs for business agility through a combination of skills and talent supply analysis, and by connecting fragmented existing and new talent pools without borders. Talent agility will affect six key areas of TSP business: products and services, customers and buyers, operations and processes, competitive landscape, and partners and ecosystems. By 2025, 30% of TSPs will create a single talent network to connect up to six separate talent pools, up from fewer than 5% today. Techno-nationalism Digital sovereignty laws and regulations are growing in scope and accelerating in most major markets, giving a short-term window for market expansion to solidify a presence for TSPs. As competition across country borders and purview declines, and more restrictive digital usage laws expand, prices are expected to increase, creating revenue opportunities for those with scale and reach. Governments, too, will become increasingly aware of the value of citizen data. By 2026, nationalistic and protectionist value-based economic systems will grow 10 times globally, disrupting more than 80% of all technology companies’ go-to-market and product strategies. Product leaders will need unique, digitally distinctive operating architectures that are compliant to social, legal and economic zones by region. Democratization of technology The democratization of technology empowers non-IT workers to select, implement, produce and custom fit their own technology. Product leaders must embrace the new opportunities this trend offers and meet the needs of a new set of citizen developers and business technologists, or struggle to deliver compelling solutions and experience eroding market positions. After all, by 2024, 80% of technology products and services will be built by those who are not full-time technical professionals. Intelligent applications Intelligent applications use data and machine learning to generate a continuous learning system that provides adaptive and contextualized experiences. For example, emerging intelligent applications might generate new financial products and services based on customer data or create new customer experiences such as autonomous business operations in retail stores or automated workflows and fleets within mining. Enterprise stakeholders intuitively embrace the principles and promises of intelligent applications, and will only continue to do so. In a recent Gartner end-user survey focused on emerging technology adoption, the mean investments in intelligent applications over the past 12 months was $408,000, and the mean value of planned investments in intelligent applications within 2022 is $618,000. Distributed enterprise Organizations are shifting toward “distributed enterprise” to support hybrid work, remote delivery and digital experience at all touch points. In this business model, there is growing demand for technology solutions and tools that can support a predominantly non-office workplace and accelerated digital transformation initiatives to support distributed delivery for clients. Tech providers must respond to these shifts by prioritizing technologies and product capabilities that blend the digital and physical worlds. By 2023, 75% of organizations that exploit distributed enterprise benefits will realize revenue growth 25% faster than competitors. Composable business Composable business is a concept where leaders can quickly build new business capabilities by assembling digital assets in an organization that is architected for real-time adaptability and resilience in the face of uncertainty. It impacts all facets of tech providers’ business as it enables enterprises ability to respond to the market and seize digital opportunities faster and cheaper. Seven percent of respondents in the 2022 Gartner CIO and Technology Executive Survey indicated that they have already invested in composable enterprise, but an additional 60% expect to have done so by the end of three years. Composable business is certainly a market shift but does open up new markets for TSPs. Beyond intellectual property Historically, protecting and controlling ideas and inventions equaled advantage. IP strategies such as patents represented a powerful way of generating value and are the cornerstone of traditional high-tech strategies. But their role is changing. “Beyond IP” recognizes the rise of alternative approaches for realizing value from ideas, inventions and other proprietary assets. Rather than creating proprietary IPs with finite boundaries to be defended, new leaders seek a pool of ideas and insight with fluid boundaries whose value increases through application that builds the next set of ideas. IP and intellectual capital or IP/IC protection strategies based on “fixing ideas” into patents and so forth will reduce the value of the IP/IC by up to 50% over the next five years. Unlimited capital Unlimited capital is the trend in which there is such an abundance of capital competing for investment in private companies, that tech providers have access to virtually unlimited amounts of capital at a low cost. Startups that can successfully demonstrate product market fit can raise dramatically larger rounds of financing at earlier stages of development, allowing them to accelerate growth without regard to capital efficiency or risk. Rajesh Kandaswamy (@rajeshakan) is a distinguished analyst vice president and fellow at Gartner Inc. who advises C-level executives and product leaders on the strategic impact of emerging technologies. He wrote this article for SiliconANGLE. Join Rajesh and his colleagues at the Tech Growth & Innovation Conference, taking place virtually July 12-13, 2022. Image: jplenio/Pixabay Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.