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Global IT Service Management (ITSM) Software Market is Projected to Reach US$ 3.6 Bn by 2023

Author: QYResearch | Publish date: 2018-08-17 | Views: 54
New report published by QY Research which offers insights on the global IT Service Management (ITSM) Software market. The IT Service Management (ITSM) Software market has been experiencing steady growth graph since past years. During the 2017-2023 timeline, the global market for IT Service Management (ITSM) Software is expected to reflect 2 times increase in the revenue growth. In 2018 the global IT Service Management (ITSM) Software market was valued at US$ 2,048.4 Mn and by the end of the assessment year (2023), it is estimated to touch a value more than US$ 3,599.5 Mn growing at a value CAGR of 12.14% throughout the period of forecast.

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The leading companies own the advantages on better performance, more abundant product’s types, better technical and impeccable after-sales service. Consequently, they take the majority of the market share of high-end market. Looking to the future years, the slow upward price trend in recent years will maintain. As competition intensifies, prices gap between different brands will go narrowing. Similarly, there will be fluctuation in gross margin.


The industry is expected to remain innovation-led, with frequent acquisitions and strategic alliances adopted as the key strategies by the players to increase their industry presence. Market stays in mature period with a clear concentration. Meanwhile, optimize product mix and further develop value-added capabilities to maximize margins.


The IT Service Management (ITSM) Software industry concentration is unbalanced, and there are many small and new companies in this industry. Global giant manufactures mainly distributed in U.S. The manufacturers in U.S. have a long history and unshakable status in this field. The key consumption markets locate at developed countries. The USA takes the market share of 43.6% in 2017, followed by EU with 29.7%. China’s consumption market has a quicker growing speed, with a market share of 8.48%. We tend to believe this industry becomes more and more mature, and the consumption increasing rate will show a smooth curve.


In the international market, the marketing channels characteristic differ from company to company. The giant companies are more likely to set their own big agents in some major countries and regions taking charge of regional business building their international market position. Companies in developing countries such as China, in contrast, put more effort on native and domestic market, their product quality is not advanced enough when comparing with leading companies.


Company mergers and acquisitions, and inter-companies cooperation have occurred for development and growth. As the downstream consumption usually follows with developed and rapid economic growth areas, the developed areas’ company now put more effort to underdevelopment regions these years. This industry is affected by the economy, so it’s important to put an eye to economic indexes. With the global economic recovery, the need of IT Service Management (ITSM) Software will increase.


Click to view the full report TOC, figure and tables

https://www.qyresearch.com/index/detail/660794/global-it-service-management-itsm-software-market


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