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ServiceNow - Statistics & Facts

ServiceNow is a U.S.-based software startup that creates a cloud computing platform to help businesses manage digital processes for enterprise operations. Cloud computing technology refers to the storage, management, and data-processing via a network of remote servers and is typically accessed over the internet. ServiceNow was founded as Glidesoft, Inc. in 2003 by Fred Luddy and later incorporated in California in 2004. The company changed its name to ServiceNow Inc. in 2006 and has been publicly traded since June 2012. Today, ServiceNow is a platform-as-a-service provider supporting big companies with technical management assistance for their IT operations, such as IT service management and help-desk capabilities.

Business model

The ServiceNow business strategy is centered on selling cloud computing software as a service (SaaS), aiding the digital transformation of an enterprise. It entails putting in place systems to define, administer, automate, and structure business services. ServiceNow users will find the software valuable in various areas, including security, operations, customer support, HR, and others. The company's product suite also includes software for managing service-level projects and production instances within a department and tools for physical and cloud-based IT needs. By using ServiceNow scripting and current technologies, a company can create bespoke applications and modules that meet the needs of the business.

ServiceNow acquisition and competition

As a result of several acquisition transactions, ServiceNow has grown to become the go-to firm for digital workflow automation. In the last year, the company has purchased many companies, including Element AI, Lightstep, Gekkobrain, Swarm64, and Mapwize. These strategic acquisitions will help ServiceNow increase its competitive edge and assert its market dominance.
Some of the biggest competitors of ServiceNow are Salesforce, Zendesk, Oracle, Jira, and Workday. All the mentioned companies provide enterprise solutions as a service, and look to leverage artificial intelligence (AI) into their services to improve their automation capabilities. Salesforce, unlike ServiceNow, has a one-stop solution for process automation with its integrated platform. Hence, we will see ServiceNow acquiring many more companies in the future to become a one-stop solution like Salesforce.

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