Increased adoption of cloud computing & new age technologies and the rise in digitalization drive the growth of the global ServiceNow store apps market.
PORTLAND, Ore., April 3, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "ServiceNow Store Apps Market by Type (Cloud-Based, Web-Based), by Enterprises Size (Large Enterprises, Small and Medium Enterprises (SMEs)): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global ServiceNow store apps industry was estimated at $5.9 billion in 2021 and is estimated to reach $94.9 billion by 2031, exhibiting a CAGR of 32.5% from 2022 to 2031.
Drivers, restraints, and opportunities
Increased adoption of cloud computing & new age technologies and the rise in digitalization drive the growth of the global ServiceNow store apps market. On the other hand, expensive licensing cost restrains the market growth to some extent. However, the surge in investment in ServiceNow stores is anticipated to provide lucrative opportunities for the expansion of the market during the forecast period.
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Covid-19 scenario
- Governments worldwide implemented lockdowns to curb the spread of the virus. This led businesses and organizations to adopt ServiceNow store apps to assist clients in identifying vulnerabilities during this crisis.
- Additionally, the increased use of AI and ML requires a platform capable of efficiently running complex algorithms, further driving the demand for ServiceNow store apps.
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The cloud-based segment garnered the major share in 2021
By type, the cloud-based segment held the major share in 2021, accounting for more than two-thirds of the global ServiceNow store apps market revenue and is projected to lead the trail by 2031. This is due to the platform's single data model and common services which enable developers in IT and other enterprise departments to build, test, and deploy applications in an integrated development environment. The web-based segment, on the other hand, would showcase the fastest CAGR of 34.8% during the forecast period.
The large enterprises segment to maintain the dominant share
By enterprises size, the large enterprises segment contributed to the highest share in 2021, holding more than two-thirds of the global ServiceNow store apps market revenue. This is because this segment possesses greater market shares, technical know-how, and successful business plans. The SMEs segment, however, would showcase the fastest CAGR of 34.8% from 2022 to 2031.
North America held the highest share
By region, Asia-Pacific garnered the major share in 2021, generating nearly two-fifths of the global ServiceNow store apps market revenue, and is projected to rule the roost by 2031. The same region would also portray the fastest CAGR of 35.5% throughout the forecast period. This is owing to the growing adoption of ServiceNow store apps by businesses to build and develop enterprise service catalogs and evolve the IT service model.
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Frontrunners in the industry
- xMatters, Inc.
- Talkdesk, Inc.
- Microsoft Corporation
- teamviewer
- International Business Machines Corporation
- Dynatrace LLC
- Cisco Systems Inc.
- Okta, Inc.
- PagerDuty
- SAILPOINT TECHNOLOGIES INC.
The report analyzes these key players in the global ServiceNow store apps market. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of the players.
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