ITSM Growth Wave in 2024: ServiceNow Partners

An Overview of the ITSM Industry

The market for IT service management (ITSM) is expanding rapidly due to the increasing use of cloud-based technologies and the need for efficient IT operations management. The global market for IT service management (ITSM) was projected to be worth USD 10.5 billion in 2023. According to MarketsandMarkets, it is predicted to more than double and reach USD 22.1 billion by 2028, with a compound yearly growth rate (CAGR) of 15.9% during this five-year period. According to Allied industry Research, the industry is expected to continue its upward trend and reach USD 28.7 billion by 2032. ServiceNow has established itself as a dominant player in the cloud-based workflow platform industry within this ever-changing environment. ServiceNow significantly increases operational efficiency for businesses with its powerful solutions.

The business, which is well-positioned for substantial expansion, makes use of its cutting-edge technology and full range of services to solidify its role as a major force in streamlining IT operations management and enabling enterprise-level digital changes. Future Market Insights projects that the ServiceNow tech services market will expand from $24.8 billion to $123.2 billion at a compound annual growth rate (CAGR) of 17.4% between 2023 and 2033.

ITSM trends fueled by ServiceNow

Service management is shaped by a number of factors, and several trends are expected to have a big impact on ITSM this year and in the future. By examining six major trends based on platform capabilities, industry effect, and service provider influence, ServiceNow-enabled innovation and transformations align with more general market trends and business concerns.

  • Global Service Delivery Optimization: Businesses are using ServiceNow's CSM and FSM features to improve both internal and external client services while consolidating, standardizing, and optimizing global service delivery.

  • Advanced AI/ML Integration: In order to enhance customer support, ServiceNow is developing its AI and ML technologies and combining them with field service management and CRM.

  • Process Digitization and Optimization: ServiceNow works with Celonis to leverage data for process improvement, using its low-code/no-code technologies to expedite the deployment of digital workflows.

  • Legacy System Transformation: By offering new levels of insight, scalability, and speed, ServiceNow's platform and low-code/no-code solutions are revolutionizing legacy systems.

  • ESG Management and Industry-Specific Solutions: ServiceNow is improving ESG data management capabilities and creating industry-specific solutions for industries including education, healthcare, and finance.

  • Company Resilience and Innovation in Operations: By connecting services to technology and supporting creative operational models for platform governance and sustainability, ServiceNow improves company resilience.

Program for an Improved Partner Ecosystem

By incorporating cutting-edge technology like artificial intelligence (AI) to promote efficiency and creativity, ServiceNow continuously improves its products to better suit the demands of contemporary businesses. The Vancouver platform update includes AI-driven features like Now Assist, which use generative AI for customer service, HR, IT service management, and creator workflows.

The enhanced Partner Ecosystem Program is essential to fostering growth as ServiceNow expands its market reach and platform capabilities.

Significant Deals for ServiceNow Partners

Acquisitions of ServiceNow partners are becoming more common in the digital transformation landscape, indicating a purposeful shift toward improved enterprise solutions. ServiceNow has emerged as a key component of businesses' global attempts to improve efficiency and optimize operations. The desire to buy rather than build the specialized capabilities that ServiceNow partners contribute in IT service management, asset management, and operations management, as well as the development potential in the ServiceNow segment, are the driving forces behind the increasing acquisition trend among mid-sized IT services and digital transformation. These complementary investments enable businesses to maintain their competitiveness in this quickly changing market by strengthening their larger Digital Transformation portfolio with ServiceNow products.

Below are a few of ServiceNow partners' significant acquisitions:

  • THIRDERA GETS THE SILVERSTORM

SilverStorm Solutions, a European Elite-level ServiceNow partner, has been purchased by Thirdera, a world leader in ServiceNow services. SilverStorm was founded in 2002 and is well-known for its customized services and solutions, including implementation and maintenance. In response to the growing need for cloud-based solutions that enable remote work, like ServiceNow's Customer Service and Order Management systems, this acquisition supports Thirdera's strategic development into Europe. Thirdera expands its clientele and service capabilities in Europe with SilverStorm's extensive certifications and more than 160 consultants. The United Nations and Banco Santander are two of SilverStorm's well-known clients, which support Thirdera's position as the world's biggest pure-play ServiceNow partner. This action strengthens Thirdera's market leadership and promotes digital transformation throughout its clientele by broadening its geographic reach and specialized talent pool. In order to strengthen its ServiceNow capabilities in the European market, Cognizant subsequently purchased Thirdera.

  • UNIFII ACQUIRED BY INETUM

SilverStorm Solutions, a European Elite-level ServiceNow partner, has been purchased by Thirdera, a world leader in ServiceNow services. SilverStorm was founded in 2002 and is well-known for its customized services and solutions, including implementation and maintenance. In response to the growing need for cloud-based solutions that enable remote work, like ServiceNow's Customer Service and Order Management systems, this acquisition supports Thirdera's strategic development into Europe. Thirdera expands its clientele and service capabilities in Europe with SilverStorm's extensive certifications and more than 160 consultants. The United Nations and Banco Santander are two of SilverStorm's well-known clients, which support Thirdera's position as the world's biggest pure-play ServiceNow partner. This action strengthens Thirdera's market leadership and promotes digital transformation throughout its clientele by broadening its geographic reach and specialized talent pool. In order to strengthen its ServiceNow capabilities in the European market, Cognizant subsequently purchased Thirdera. By utilizing Unifii's experience and track record in digital transformation, this calculated move seeks to dominate the European ServiceNow market. Inetum's dedication to growing its capabilities inside ServiceNow's partner ecosystem, satisfying the growing need for cutting-edge digital workflow solutions, and assisting clients on their digital transformation journeys is demonstrated by this acquisition.

  • SOFTWAREONE GETS BENIVA

Beniva Consulting Group, a Canadian business that specializes in ServiceNow, IT Operations Management (ITOM), and cloud advice, has been bought by SoftwareOne, a multinational Swiss technology firm. SoftwareOne was established in 2000 and employs 8,706 people in 90 countries. It provides services such as cloud solutions, asset management, and software licensing. Beniva, which was founded in Calgary in 2016 and has 59 employees, improves SoftwareOne's capacity for service management and process automation. By incorporating Beniva's specialized knowledge, this acquisition enhances SoftwareOne's IT Asset Management (ITAM) services, positions the business to better assist clients in software and cloud portfolio optimization, and solidifies its position in the cutthroat global market for end-to-end digital transformation solutions.

Prospects for the Future

With tremendous growth potential fueled by new investment opportunities, technology breakthroughs, and a growing worldwide footprint, the ServiceNow market is at a turning point. The market will continue to grow due to the emphasis on cloud-based solutions and customized services for particular industries. In order to fulfill the varied and expanding demands of the digital age, ServiceNow Partners and service providers are anticipated to play a critical role in this transformation, stressing innovation, cooperation, and strategic expansion. By strengthening their partnership with ServiceNow and making wise investments, ServiceNow Partners can maintain their position as a major force in the ITSM industry as the market develops.