Due to rapid expansion in smartphones and tablet market and evolving of advanced technologies such as IoT, the IT Service Management market is expected to grow rapidly. The rising adoption of BYOD (bring-your-own-device) policy in various verticals such as enterprise, analytics solutions and others are aiding further growth to the IT Service Management Tools market. IT can perform to its full potential when it is implemented and managed in a manner which is suited to the needs of the business it serves.
IT service management tools provide services which enables the IT support organization to quickly resolve issues and problem to provide higher level of business user satisfaction at reduced cost. IT Service Management tools are provided through people, processes and technologies. The management tools of IT environment requires efficient connectivity and IT services to support emerging technologies. The digital services and tools delivers dynamic and expansion system of IT service management that includes mobility, cloud, IoT and Others.
The emerging technologies in the IT field are the primary growth drivers of the IT Service Management market. Also, the Increasing requirement of Industries for remote solutions that can be accessed from anywhere is also playing an important role in fueling IT Service Management tools market. Moreover the rising demand for cost effective & flexible solution for better consumer satisfaction will have a positive impact on the IT Service Management Tools market.
The increasing preference for easy deployment and agile implementation is also driving the growth of IT Service Management tools market. IT Service Management tools are brought into the company to increase the effectiveness and efficiency of the operations and ultimately due to this factor, the demand for IT Service Management Tools is increasing. The major challenge for IT Service management is the lack of quality standards in SLA (Service level agreement). Also, certain security and privacy issues associated with the technologies and rising need for high network bandwidth are some challenges in IT service management tools market.
IT Service Management Tools Market Segmentation By Application – Availability and performance management, Network management, Application performance management, Configuration management, DBMS, Others; By Basis Of Services – Professional Services, Managed Services; By Basis Of Vertical – Banking, Financial Services, and Insurance (BFSI), Government and Public Sector, Healthcare and life sciences, Manufacturing, Retail and consumer packaged goods, Energy and Utilities, Others. The Prominent players in IT Service Management are BMC Software, Inc., CA Technologies, EMC corporation, Altiris, Axios Systems PLC, IBM Corporation, Hewlett Packard Enterprise Company, Cherwell Software, LLC, , Citrix Systems Inc., Heat Software USA Inc., Service-now, Hornbill Corporate Limitedand others.
On geographic basis, North America will be the largest market for IT service management market due to rapid adoption of BYOD policies. APAC market will be the fastest growing IT service management tools market. Countries like China, India, Japan, and South Korea are witnessing high investor interest in IT and IT service management. Also, due to the rise in the number of internet users in APAC and technologies like 4G LTE are also fueling the growth in this region. Latin America offers potential growth opportunities in IT Service Management tools market due the rise in technologies and organization which offers better customer experience.
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