Information technology or IT services is an umbrella term for technology and computing services that help organizations create, manage, stay up-to-date, and make business information easily accessible. IT service management is characterized by adopting a process approach towards management, focusing on customer needs and IT services for customers rather than IT systems, and stressing continual improvement. It allows businesses to run smoothly and more effectively. Especially post Covid 19, when demand for information technology gained momentum, implementing IT-based services within different industries has helped businesses operate smoothly and more efficiently.

The provision of IT as a service is the central tenet of ITSM. As IT systems become more dynamic and advanced, the traditional lines separating these various occupations are blurring. Further, the industry dynamics have been complex due to its multifaceted components. Therefore, it becomes challenging for new and existing companies to enter the market and survive the changing dynamics of the industry. 

The study is prepared within the following cases: 

a. To give an overview of the market landscape around the ITSM industry. 

b. To give an in-depth understanding of ITSM’s competitive landscape. 

c. To provide a geographical analysis around ITSM analysis.

d. To conduct SWOT and PESTLE analysis of the ITSM industry. 

Clients’ requirements: 

Peak Blockchain clients were ITSM-based companies catering to two different industry components (Services and Clouds). They want an in-depth understanding of the industry’s marketing landscape and potential in the coming years, the key players in their industry, and the geographical segmentation of the industry. 

Solutions shared by Peak Blockchain: 

Overview: 

Peak Blockchain offered an overview of the industry and layered the industry’s components from secondary and primary perspectives. Moreover, they have been given insights into upcoming technologies by providing the adoption cycle that will shape the industry in the coming years so that they can decide which technologies to invest in. They provided a detailed SWOT and PESTLE analysis to understand new opportunities that can be monetized and weaknesses and threats that need to be taken care of. 

Marketing aspects: 

We conducted intensive secondary and primary research to fulfill the client’s requirements. We calculated the industry’s potential CAGR (Compound Annual Growth Rate), 16.78%, and provided them with insights into the industry’s potential by predicting a market size of $22 Billion for 2025.  

Industry Adoption:  

To understand where the industry of ITSM is heading, it becomes essential to see its application across different domains/industries. This will help us understand how various sectors are adopting ITSM to streamline their processes and workflows. The existing players and new entrants can plan and strategize according to the requirement and scope of the various sectors that will help them to create new innovative technologies and solutions. We notice that professional services are leading among all the industries comprised of Software Development, IT Support, Consulting, etc. 

Competitive Landscape: 

Understanding competitors can catalyze the success of any business. Companies are constantly innovating services as per the feedback from their clients and ascertaining the cost-effectiveness to have an edge above others. A qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. 

Therefore, we provided them with a detailed competitor analysis, where we profile key players according to their market share. 

Our methodology involves finding the top players in the ITSM industry, following which the comparison has been made based on the company’s revenue with the overall industry. Companies are constantly innovating services as per the feedback from their clients and ascertaining the cost-effectiveness to have an edge above others. The results were then backed by the survey conducted for 800 ITSM professionals. 

We further provided the financials of these players and how they are performing by giving recent updates about the companies. 

Geographical segmentation: 

The adoption of ITSM tools varies from country to country; it reflects the behavior of service providers toward their customers in terms of prioritizing the smooth delivery of services and maximum uptime for increased customer satisfaction and reliability of the services. The United States is the most significant contributor to the ITSM industry, followed by the United Kingdom. The analysis will help our client to have a bird’s view of the fastest-growing region. 

ITSM key trends and challenges 

With 2022 as the base year, we examined the data and the main trends, causes, and difficulties. Companies can improve their marketing tactics by comprehensively analyzing drivers to acquire a competitive edge. 

We further identified the challenges of the ITSM industry and provided ways to overcome them to help our clients.  

Conclusion: 

IT Service Management, often referred to as ITSM, is sometimes confused with basic IT  due to the frequent interaction of customers with IT. However, there is a thin line of difference between both. Over the period ITSM industry has witnessed a great boom. According to our analysis, the market size of the ITSM industry is going to increase by a CAGR of 16.78% from FY 2021. 

Factors like covid drove the demand for ITSM remote working tools & software, and the adoption of emerging technologies like AI, ML, RPA, IoT, Cloud, and others have triggered the growth of the ITSM industry. The exponential growth and eagerness to integrate new technologies have affected the competitive landscape. This has resulted in the increased market size and the number of ITSM platforms in the market. Thus, it affects the leadership quadrant of the industry and makes companies like ServiceNow, Atlassian, BMC, Ivanti, and others as the industry’s major players. The existing companies can grow by entering new markets like the Asia Pacific Region, one of the growing regions in the ITSM market, followed by the North American and European regions. We further provided them with the future landscape of the industry.