Worldwide Cloud System and Service Management Software Forecast Update, 2020-2024: Enterprise Investments Rebound

Worldwide Cloud System and Service Management Software Forecast Update, 2020-2024: Enterprise Investments Rebound

  • December 2020 •
  • 18 pages •
  • Report ID: 6001635 •
  • Format: PDF
This IDC study provides our updated 2020-2024 forecast for the cloud system and service management software market. IDC now expects the worldwide market for cloud systems and service management software will total $21.9 billion in 2024, an increase of 16.1% when compared with the prior forecast. This represents a five-year compound annual growth rate (CAGR) of 24.1% based on "as reported" revenue in U.S. dollar current currency, an increase from the previously forecast 20.4% CAGR."Enterprises are increasing investments in cloud infrastructure and services as they reset business priorities and plan ahead for uncertain conditions," states Mary Johnston Turner, research VP for IDC's Cloud Management. "As more and more mission-critical workloads move to connected cloud architectures that span public, private, hybrid, and multicloud environments, enterprises recognize they need to invest in the tools that will help them ensure consistent policies and performance across all platforms and end users."