ServiceNow’s Cloud Services Gets Gartner Recognition

ServiceNow recently announced that it has been recognized as a Visionary in the 2023 Gartner Magic Quadrant for Application Performance Monitoring (APM) and Observability.

Customers want to speed up product innovation and make their software more reliable which requires a sound observability strategy. ServiceNow offers one of the few solutions that combine Cloud Observability with Event Management and Service Operations.

ServiceNow Cloud Observability helps organizations handle the scale and complexity of cloud and cloud-native infrastructure by unifying logs, metrics and tracing data. It provides clarity across the enterprise by helping organizations easily find issues, reduce MTTR and break down siloes to protect revenues and boost customer satisfaction.

ServiceNow Cloud Observability is powered by Lightstep and Era Software that NOW acquired in 2021 and 2022. They extend the benefits of observability across the Now Platform.

ServiceNow, Inc. Price and Consensus

Lightstep and ServiceNow co-created OpenTracing and OpenTelemetry open-source projects, leading the industry’s migration towards open standards-based acquisition of telemetry data.

Recent product innovations for ServiceNow Cloud Observability include — ServiceGraph Connector for OpenTelemetry, Cloud-Native Logging and Unified Query Language (UQL).

ServiceNow’s Strong Portfolio to Boost Top Line

ServiceNow offers a diverse portfolio of cloud-based workflow platforms and solutions that automates digital workflows to accelerate enterprise IT operations.

Per an article by Gartner, the worldwide spending in IT services is expected to grow by 9.1% to $1.36 trillion in 2023, despite macroeconomic headwinds. The IT services segment will continue its growth through 2024, primarily driven by the infrastructure-as-a-service market that is expected to witness around 30% growth in 2023.

ServiceNow, which belongs to a similar industry, has gained 45.6% year to date compared with the Zacks Computers – IT Services industry’s rise of 12.9% in the same time frame.

The uptick can be attributed to the rising adoption of its workflows by enterprises undergoing digital transformation and new product innovations. Expanding clientele, global presence and strategic acquisitions have been major tailwinds.

In March 2023, it announced the launch of Now Platform Utah, its latest version of the intelligent, end-to-end platform to enhance automation, simplify the work process and offer greater organizational agility to ServiceNow customers.

Expanding Customer Base to Aid Prospects

Major companies like AT&T, The PNC Financial Services Group, and Marriott International have been working with ServiceNow to accelerate their own transformation.

ServiceNow and AT&T announced their co-development of a global telecom network inventory to help communications service providers manage 5G and fiber network inventory.

PNC works with ServiceNow to modernize the way it manages disputes, which will reduce losses and improve case closures.

ServiceNow works as a Technical Architect in Marriott who is responsible for developing and maintaining the strategic technical roadmap of Marriott’s ServiceNow Platform. It also has an IT Support Technician position that provides second-level, escalated support and break-fix for multiple units of Marriott.

ServiceNow’s continued innovation and availability of all solutions on a single platform has been noteworthy. It continues to see healthy customer engagement with enterprise buying patterns demonstrating the extensibility of the Now Platform.

This Zacks Rank #1 (Strong Buy) company expects second-quarter 2023 subscription revenues between $2.04 billion and $2.045 billion, suggesting a year-over-year growth of 23.5-24% on a constant currency (cc) basis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for second-quarter revenues is pegged at $2.13 billion, indicating a 21.52% growth from the year-ago quarter’s reported figure.

The consensus mark for earnings has remained unchanged at $2.05 per share in the past 30 days, indicating a year-over-year growth of 26.54%.

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