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Spendings on cloud ITSM will reach $40 billion. The increasing complexity of IT environments will drive up the expenditure on their management at least until 2032. Large companies need Cloud ITSM the most, according to the data. The Cloud ITSM (IT Software Management) market will grow by an average of 17.2 percent every year in the years 2024 – 2032.It will reach a value of $40.8 billion, Market Research Future estimates.

ITSM spending for the cloud is driving the increasing complexity of IT environments, which is driving the need for effective service management solutions to maintain and improve system performance. Cloud ITSM solutions, on the other hand, are designed to provide the flexibility, scalability and cost-effectiveness necessary to effectively manage such complex IT environments.

European companies will spend more and more. Spending on cloud ITSM in Europe is expected to increase steadily until 2032. This is because digital transformation is a strategic priority for many companies and the scale of cloud technology implementations. In 2023, 42.5% of EU businesses purchased cloud computing services, mainly for email, file storage and office software. This represents an increase of 4.2 percentage points compared to 2021. The Asia-Pacific region will grow the fastest in the coming years.

Solutions dominate spending. The report divides the Cloud ITSM market in terms of the offer for solutions and services. In 2023, solutions had a higher share in revenues. They dominate due to the increasing demand for software tools to manage, monitor and analyze IT services. According to the report, cloud-based solutions are particularly attractive for this purpose, as they can be easily scaled and the subscription model is more affordablefor users.

Based on the deployment mode, the market has been divided into public, private and hybrid cloud. The latter segment had the largest share in 2023, due to flexibility, scalability and cost optimization.

Large companies will invest. In terms of the size of the organization, large enterprises had the largest market share in 2023. They dominate due to their complex IT infrastructure, which requires end-to-end ITSM solutions. In addition, the growing demand for operational efficiency in large companies—where inefficiencies can quickly turn into major issues affecting productivity and profitability—is driving investments in Cloud ITSM.

In terms of industries, the financial sector has spent the most on cloud ITSM in 2023. This improves quality control and operational efficiency.