The ServiceNow tech services market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 17.4% throughout the forecast period. This means that the market, which is valued at US$ 24.8 billion in 2023, is anticipated to reach a value of US$ 123.2 billion by the year 2033.
Over the course of the forecast period, the market expansion is anticipated to be aided by the rising demand for ServiceNow tech services from the healthcare industry to address the heightened concerns connected to rising instances of security breaches. The major market participants offer products that assist healthcare facilities in better adhering to patient standards and laws.
Additionally, the market is growing as a result of the expanding use of these services by communication and media organizations to adjust to the always-changing market, measure performance, and further optimize the metrics.
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The market is also anticipated to benefit from the increased usage of infrastructure-less solutions by business service providers to effectively manage various business areas. The business’s employees may simply access the ServiceNow platform via mobile devices or any other similarly connected system thanks to the robust cloud-based computing and storage. Additionally, ServiceNow tech services offer the on-the-go feature for bill approvals, round-the-clock system upkeep, and service request inception.
The market for ServiceNow tech services is expected to continue expanding as a result of increased investment in these services, which offer quick access to performance metrics for an individual department or the entire company, generating financial insights for both performance and resource allocation. Furthermore, as users of ServiceNow’s tech services innovate at scale, investigate fresh concepts, and realise value more quickly, the rapid digitization is expanding market potential.
Key Takeaways from the ServiceNow Tech Services Market Report:
- The East Asia ServiceNow tech services market is estimated to grow significantly, witnessing a CAGR of 16.8% between 2023 and 2033. The market is expected to be positively influenced by increasing investments by end-use companies to digitize their businesses. The key industry players residing in the region are emphasizing forming strategic partnerships to elevate their revenues.
- On the basis of service, IT services attained the largest market share, accounting for about 26.1% in 2021. This market valuation can be attributed to the growing demand for automation of internal processes in every department, thus empowering teams to complete the task and further drive innovation.
- By enterprise size, small offices (1-9 employees) are estimated to grow at a rapid pace over the forecast period, expanding at a CAGR of 17.9%. The growing adoption of ServiceNow tech services by small offices is backed by the rising emphasis of key players to create SME-specific ServiceNow tech services with effective pricing.
- By industry, the services segment attained the largest market share in 2021, representing 27.9% of the overall market. The heightened adoption rate of ServiceNow tech services to boost employees’ productivity, reduce compliance risks to a minimum, escalate business profitability, and quickly enlarge the customer base is aiding the market growth.
Competitive Landscape:
The ServiceNow Tech Services market size is anticipated to observe robust growth over the forecast period owing to abundantly emerging opportunities, completion of acquisitions, formation of partnerships, and technological advancements. Following are the companies providing ServiceNow Tech Services in the market, as identified by FMI:
- ServiceNow
- Broadcom Inc. (CA Technologies, Inc.)
- Epicor Software Corporation
- Hewlett Packard Enterprise
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- SYSPRO
- Zoho Corporation Pvt. Ltd.
- Others
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ServiceNow Tech Services Market Segmentation:
By Service:
- IT Services
- Portfolio Management Services
- IT Asset Management Services
- Enterprise Asset Management Services
- Governance, Risk, and Compliance Services
- Operational Technology Management Services
By Enterprise Size:
- Small Offices (1-9 employees)
- Small Enterprises (10-99 employees)
- Medium-sized Enterprises (100-499 employees)
- Large Enterprises (500-999 employees)
- Very Large Enterprises (1,000+ employees)
By Industry:
- Service
- Distribution Services
- Public Sector
- Finance
- Manufacturing and Resources
- Infrastructure
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Oceania
- MEA
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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