Jaw-dropping ServiceNow Statistics for 2023 You’ll Want to Know

ServiceNow is making moves. While most enterprise software sneaks under the radar, this cloud disruptor zoomed to dominance, enabling digital transformations across 90% of the Fortune 500! But how vast are we talking about? Would you believe ServiceNow raked in a jaw-dropping $5.5 billion dollars last year, helping humanity thrive in the future of work?

And their red-hot growth shows no signs of slowing down. Subscription revenues continue shooting for the stars as more global game-changers box out dinosaurs dragging their feet on cloud migration. Despite this rollercoaster economy, we’re unpacking the real numbers quantifying ServiceNow’s complete dominance across sectors. Buckle up for shocking stats revealing their hypergrowth recipe.

From illuminating workforce expansion to benchmarking performance vs peeps like Salesforce, let’s glimpse the massive momentum accelerating this enterprise engine as THE #1 productivity powering businesses into the next decade. This article discussed more about the company, featuring the must-know ServiceNow statistics and facts for 2023 and the previous years.

1. Fred Luddy and his co-founders, David Loo, Patrick Casey, Don Goodliffe, and Bow Ruggeri, invented ServiceNow in 2003.

2. The innovators sought to create a cloud-calculating organization for bulky and accurate data presentation to its clients. 

3. So, in 2003, these successful founders got what they had wanted and called it Glidesoft Inc., which became amalgamated in 2004 in California.

4. ServiceNow Inc. has its headquarters in the U.S., Santa Clara, and California and also amassed great cash flow in 2007. That was a great markup in its history!

5. ServiceNow got itself itemized on the “run-of-the-mill” exchange marketplace, and that was because it realized $210 million due to its “Initial Public Offering” (IPO) in 2012.

6. This firm can’t make it without having some important personalities put in place. Thus, it got Bill McDermott to be its existing chief executive officer and chairman. He has been in operation since 2019, till date.

7. Currently, ServiceNow w renders its services online, reaching clients globally. It has been itemized on the “World’s Fortune List” of Admired Companies since 2020 and is gaining traction globally. 

8. It supplies organizations with high-class software services. Such firms include public, health centers, telecommunications, and financial sectors.

9. The company conveys its items and services of diverse sizes to firms and helps their workflows use IT procedures.

10. Finn Partners, the (FEMA)-Federal Emergency Management Agency, and Zendesk Inc. have been its backbone for years. Their patronage is number one when ranking those behind ServiceNow Inc.

11. Bizarrely, ServiceNow’s users have beat 6,200, and stats have it that about 56% of these clients come from the United States, and 7% are from the United Kingdom.

12. Statistics show that its information technology and services ranked first among all industries patronizing ServiceNow.

13. The second industry that uses more ServiceNow services is the computer software industry.

14. The five top countries that patronize U.S.-based cloud computing companies are the United States, the United Kingdom, Canada, India, and Australia.

15. Research shows 41% of ServiceNow customers are from medium-sized companies, and 34% are from large companies.

16. Statistics show that about 1,093 ServiceNow customers have over $1 million annual contract value.

17. From the world data, 80% of “Fortune 500 Best” Companies use ServiceNow items and services.

18. August 2023 marked a great period as Service Inc. proclaimed its attachment to the “Fortune 100” Grade for Best Companies.

19. More than 275 workers were in the firm in January 2011, hailing from Atlanta, Frankfurt, New York, and London offices. 

20. In December 2022, the U.S.-based firm featured 20,433 workers from all nations of the world. Yet, ServiceNow Inc. didn’t stop; its workforce increased to 24,031, a 17% boost that year. 

21. It’s interesting that due to their attitude towards the employees’ satisfaction, it has dedicated workers who stay up to at most 5 years and at least 15 years. This fact about customers’ workplace contentment boosts its pride and positions the firm as top-notch! Furthermore, the company considered this the ultimate factor that pushed it to the top of the Fortune 100 list of best Companies.

22. According to reports, ServiceNow Inc. has a 31.88% market share in the IT asset management sector.

23. The reports show that the Cloud computing company has 94 competitor tools to compete with rivals in the IT asset management market.

24. Statistics show that in November 2023, ServiceNow Inc. had outstanding shares of 205.06 million. Its remaining shares display an extra 1.55% higher than what was obtainable in 2022.

25. November 2023 marked great news: the company’s co-founders received 0.23% of its shares, while the institutional investors got 91.94%.  

26. Still, it reported some overall worth holdings of $108,811 in the same year.

27. The firm’s newest active post has 154 holders “by way of “over 1.24 million stocks in November 2023. Yet again, for the firms’ sold-out positions, it showcases 97 holders with at least 1.22 million shares.

28. Some harsh tags on ServiceNow are as follows: in 2023, the best three official holders here are Vanguard Group Inc., Price Rowe Associates Inc., plus BlackRock.

29. According to stats, Vanguard Group Inc. got an additional 232,169 shares in 2023, precisely in June, making 1.334% in shares. These additional shares brought an overall share of 17,631,204, worth $10,697,909. Vanguard Group Inc. became ServiceNow Inc.’s highest institutional holder with this value.

30. Another noticeable influential stakeholder in ServiceNow Inc. is BlackRock. It occupies 15,082,600 of the firm’s shares, worth $9,151,518.

31. Statistics show that ServiceNow stock value on November 3, 2023, was $606.76, with a yearly 48% positive change, a 10% change in stock value, and a 19% gain margin.

32. Furthermore, the firm’s net worth was $122.61 billion plus a $124.42 billion market cap on November 3, 2023. However, the NYSE standard give-and-take marketplace cap position is 74. That signifies a $138.8 billion market cap in 2022, showing a shift away from the value of October 2021. In October 2021, this figure has taken the top position in the firm’s history since 2012.

33. After its stock exam, the report shows that the marketplace cap has fluctuated as it rose since 2012, but land crashed again in 2022. From June 2012 till 2022, its market cap underwent a shocking and tremendous revamp of $2.96 in June, and it jumped off again to $124.42 billion. That indicated great expansion by 4,103%, meaning a 39% annual development rate.

34. This firm has been developing constantly since 2015. And up till now, this cloud computing organization has not been disappointed in its revenue. For instance, the 2020 fiscal year accounting proved it made $4.519 million. That was a markup of $3,460 million on its income in 2019. It’s still worth knowing that the 2020 financial year gain exam highlighted a 30.61% markup in ServiceNow’s year-over-year worth from 2019.

35. Having $5.896 million in income in 2021 boosted the 2020 recorded value of $4,519 million in ServiceNow’s finances. This signifies a 30.47% rise in 2021 to $4.519 million in 2020.

36. From Stock Analysis 2022, the firm had a financial annual income of $7.245, which showed a 22.88% jump-up over $5.896 million in 2021.

37. Expenditure stats showcase $2.622 million in the 2019 fiscal year, which signifies a 29% rise above the $2.029.

38. Expenditure accruable was $3.333 million in 2020 for its routine or day-to-day activities and $4.286 million for the same reason in 2021. That’s an extra 29.00% on operational overheads in that same financial year.

39. Out of all overheads, $3.549 million was for distribution, sales, general overhead, and administration sectors in the 2022 fiscal year. Alarmingly, the amount utilized was more than $2.889 million spent in the previous year, 2021.

40. Although we won’t overemphasize the spending aspect of this firm, it’s worth knowing that it skyrocketed by $2.309 million used in 2020. However, all was for Selling, General, plus Admin Units, showing an additional $1.873 million above the 2019 figure.

41. The 2022 monetary check revealed an expenditure worth $5.317 million for day-to-day running. However, this figure exceeded its 2021 ($4.286 million) expenditure. In a nutshell, they spent an additional $1.031 million on their operations in 2022.

42. The stock analysis stated that the firm spent $1.024 million to encourage research and development within the 2020 financial year. That confirmed an extra 37% on top of the $749 thousand spent on operations in 2019. Again, in the 2021 fiscal year, it spent $1.397 million on Research & Development, above the $1.024 million in 2020. Moreover, the company recorded another increment in research and development expenses in the 2022 fiscal year. That year, it spent $1.768 million above the $1.397 million it recorded for the same purpose, meaning ServiceNow Inc. spent an additional $371 thousand on Research & Development.

43. Between the 2018, 2017, and 2016 fiscal years, the company had $1.499 million, $1.499 million, and $818.92 thousand spent on Selling, General, and admin. This exposed a consecutive increment in expenditure across those years on the same course.

44. Statistics reveal that ServiceNow Inc. recorded progressive fiscal year-after-year gross profit between 2017 and 2022. According to Stock Analysis 2018, ServiceNow Inc. had a total gross profit of $1.986 million, above the $1.419 million recorded in 2017. With the value realized in 2018, the company added an extra $567 thousand to the matter in 2017. Further, the growth continued as the company had a $2.664 million gross profit in 2019, above the amount it had in 2018. Again, in 2020, ServiceNow Inc. realized $3.532 million in gross profit, higher than the $2.664 million it had in 2019. 2020 fiscal year accounting showcases a 32% kick-up yearly gross profit till it realized $5.672 million. This means an additional $1.129 million on what was available in 2021.

45. $119 thousand net income indicated an 81% loss from its $627 thousand figure in 2019. Yet, the monetary year’s net gain rose increasingly from 2021, $230 thousand, a 93.28% rise from 2020.

46. Furthermore, in 2022, the company’s net gain was $325 thousand, a mark above 2021 $230, meaning a 41% improvement.

47. The firm ranked high in the United States with No. 6,947. No. 16,291 worldwide in September 2023, among all sites. No. 166 ranks goes to the Computers Electronics and Tech. 

48. Also note that 3.4 million visitors came in September 2023, signifying a reduction of 7% from October, plus a 38.91% springback rate, a mean visit period of 6 minutes, 8 seconds, plus 5.66 pages observed per visit. 

49. Finally, out of every percent of September 2023 visitors, 42.57% are citizens of the U.S., while 17.7% came from India.

50. 92.55% were visitors via organic traffic, while 7.45% were paid traffic.

51. However, a miracle skyrocketed its site traffic, with 47.72% via desktop devices.

52. The leftover traffic sources to its site came from organic search plus referrals, in the following order: 37.3% from organic search and 5.5% from total traffic, respectively.

ServiceNow Inc. has gained traction in cloud computing based on its unique services and products. The organization stands to blossom more magnificently within the cloud computing marketplaces, seeing its sturdy growth in marketplace cap, financial year gross gain, and net income. After removing taxes and expenditures, the 2022 reported growth proportion of 41% in the fiscal year income showed a margin above its income in 2021. Then, its impressive boost in market cap by $124.42 billion on November 3, 2023, from 2022, could indicate its solid stand.

Is it compulsory to have coding information before using ServiceNow?

Coding knowledge is optional in all ServiceNow’s services, especially the fundamental administrative operations.

Will Python be integrated into ServiceNow?

ServiceNow developed its products in a manner that can accommodate Python programming language.

What technical skills are needed to work with ServiceNow?

To become a ServiceNow Inc. developer, you should know and understand CSS, Angular JS, and HTML.

ServiceNow (NOW): New Buy Recommendation for This Technology Giant

Piper Sandler analyst Rob Owens assigned a Buy rating to ServiceNow (NOW – Research Report) today and set a price target of $750.00. The company’s shares closed yesterday at $675.30.

According to TipRanks, Owens is a top 100 analyst with an average return of 22.6% and a 64.07% success rate. Owens covers the Technology sector, focusing on stocks such as Okta, Fortinet, and Palo Alto Networks.

ServiceNow has an analyst consensus of Strong Buy, with a price target consensus of $697.12, implying a 3.23% upside from current levels. In a report released on December 22, Morgan Stanley also maintained a Buy rating on the stock with a $797.00 price target.

See the top stocks recommended by analysts >>

Based on ServiceNow’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $2.29 billion and a net profit of $242 million. In comparison, last year the company earned a revenue of $1.83 billion and had a net profit of $80 million

Based on the recent corporate insider activity of 207 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NOW in relation to earlier this year. Most recently, in November 2023, Jeffrey A Miller., a Director at NOW sold 3,250.00 shares for a total of $2,014,220.00.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

ServiceNow (NOW) Company Description:

Founded in 2004 and based in California, ServiceNow, Inc. is a software company which provides enterprise cloud computing solutions to help companies manage digital workflows for enterprise operations. The company offers its solutions to various sectors including healthcare, education, oil and gas, telecommunications, government, consumer products, technology, IT and financial services.

Read More on NOW:

Is ServiceNow Stock a Top Buy for 2024?

Someone forgot to tell ServiceNow (NOW 0.64%) that the cloud software industry has been slowing down in 2023. The digital transformation platform's revenue growth has actually been accelerating throughout the last year, and the stock has picked up steam as 2024 approaches. Shares of ServiceNow are up 80% in 2023 with just weeks left to go until the new year.

A high valuation has prevented many investors from pulling the trigger on buying this top cloud stock. After an epic run, is it still a top buy for 2024?

ServiceNow provides numerous solutions for businesses to manage their workforce and customer experiences. Its platform spans digital workflow management tools, from AI that helps find bottlenecks that are slowing down the completion of tasks to cloud observability solutions that help with app performance.

ServiceNow landed on the radar of many investors this past summer after an expanded partnership was struck with Nvidia. ServiceNow said it would adopt Nvidia's latest and greatest AI systems to improve its own platform, and in turn, Nvidia would expand its use of ServiceNow in its own workflow management for developing more powerful chips and generative AI systems.

This type of AI used to automate more employee tasks is powering "digital transformation" among big customers. In a year like 2023 where cost-cutting has been a top priority in the corporate world, it's helped keep demand high for ServiceNow's software. And, after the bear market of 2022, the company's revenue growth has been ratcheting up again.

Period

Total Revenue

Increase (YOY)

2021

$5.9 billion

30%

2022

$7.25 billion

23%

Q1 2023

$2.1 billion

22%

Q2 2023

$2.15 billion

23%

Q3 2023

$2.29 billion

25%

Data source: ServiceNow. YOY = year over year.  

Even better, though, has been ServiceNow's rapid progress on profitability. Generally accepted accounting principles (GAAP) income from operations was $492 million in the first nine months of 2023, compared to just $200 million in the same period in 2022. Free cash flow (FCF) was $1.36 billion in the first nine months of 2023 (a healthy FCF profit margin of 21%), with the discrepancy between GAAP profitability primarily driven by employee stock-based compensation.

As for that employee stock-based compensation, ServiceNow management reported it repurchased $282 million worth of stock in Q3 2023. This is part of the company's first-ever stock repurchase program, which is aimed at offsetting the impact of dilution from ongoing employee stock-based compensation. About $1.2 billion worth of stock repurchase authorization remained at the end of the quarter.

After the big run-up in stock price in 2023, ServiceNow trades for a high premium of 90 times trailing-12-month earnings per share, or about 60 times trailing-12-month FCF. Of course, part of the premium exists because ServiceNow's profit margins are expected to rise rapidly over the course of the next few years. To wit, shares trade for a bit more reasonable 55 times Wall Street analysts' expectation for 2024 earnings per share.

ServiceNow is nevertheless an expensive stock as we head into the new year. That can cause some turbulence in stock price, including steep sell-offs if ServiceNow misses some short-term financial estimates from one quarter to the next.

However, given the company's fast-and-steady growth for years, and leadership in cloud-based and AI-powered software, investors are rightfully optimistic about the business's trajectory. As I explained this time last year, I think a stock like ServiceNow is best bought in batches over the course of time, perhaps using a dollar-cost averaging plan. This still seems like the right strategy for those investors interested in the long-term potential (a decade and beyond) for ServiceNow.