IT service management software market expected to reach £2998 million by 2025

According to a recent report, the global IT Service Management (ITSM) software market is expected to reach £2998 million (3940 million USD) by the end of 2025. To show how quickly this sector is growing, in 2017 it was valued at just 1625 million USD. So that’s an increase of 142%.

What is IT Service Management (ITSM)?

ITSM helps organisations to strategically design, deliver, manage and improve the way they use information technology (IT). It includes a whole range of activities and processes including:

  • Service management
  • Service operation
  • Change management
  • Problem and incident management
  • Continual service improvement
  • Asset management
  • Knowledge management.

Crucially, rather than focusing on specific IT systems, it emphasises customer needs. Or, put simply, it’s about how a company uses its IT services to benefit its customers. As such, companies that are known for providing excellent customer support and service usually have a robust ITSM strategy.

Why is the market growing so fast?

According to the report, one significant trend in the IT service management market is the emergence of cloud computing. Indeed, for businesses across the UK and beyond, the combination of cloud services and service management processes can be transformative. The cloud is important for ITSM because:

  • It offers a new approach to service delivery that does not include the costs of buying, managing and upgrading the backend IT infrastructure
  • It provides access to cutting edge tools that allow businesses to compete
  • It helps organisations to align their needs with their IT services.

How can businesses improve their ITSM experience?

  • Focus on service excellence and customer experience. Look to create a service-first culture to higher levels of customer satisfaction. Get five simple steps to building a service led culture here
  • Employ the right mix of people. Employ IT staff with a combination of technical and people skills. You also need to help encourage collaboration and teamwork across your organisation
  • Use the right framework. ITSM success depends on the processes that you use (e.g. ITIL, agile, DevOps etc.)
  • Take a phased approach to ITSM. This will help you to get the fundamentals right before expanding
  • Use the right combination of tech. Technology such as AI, bots and automation are likely to lead to significant changes for companies committed to customer success. Find out more here
  • Adopt an integrated approach. Your business may already have different pieces of ITSM. However, rather than disparate systems relying on different tech, you must integrate and connect the dots
  • Make customer service a competitive differentiator. It’s vital that all service-led businesses look at how they can innovate now to make sure they are ahead of the game.

When implemented correctly, ITSM can help you to deliver unparalleled levels of service excellence. To find out how our service management software can help, contact us today for an informal chat.

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