As companies continue to advance their digital transformation strategies, enterprise technology companies like ServiceNow are becoming the most important partners for driving success. ServiceNow CEO Bill McDermott envisions a bright future for the company, which is already an IT service management (ITSM) leader with nearly 40% market share in 2021. On the heels of better-than-forecasted 2021 financial results, driven by record numbers of new million-dollar transactions and 25% year-over-year customer growth, McDermott is convinced that technology strategy is the new business strategy for successful enterprises. He also sees his company’s revenue increasing from in excess of $5 billion in 2021 to $15 billion or more by 2026.
According to McDermott, digital transformation trends that may have been catalyzed by the pandemic are now in a period of sustained growth. In Q4 of 2021, the company closed 135 new transactions of $1 million or more, giving it nearly 1,400 customers with annual contract values of the same amount. The CEO plans to further expand the global footprint of ServiceNow across sectors by targeting organizations that need workflow improvements across domains, such as CVS, which is broadening its scope to include more health and wellness programs. “We’re growing like a fast-moving startup with the profitability of a global market leader,” said McDermott. “We are not opportunity constrained, as our customers’ need for digital transformation is ever expanding.”