It really depend what use case you have, both are great products. If you plan use several tools through out SDLC then Atlassian already has set of tools that can be integrated together. Share more details on what exactly you want to achieve?
Thanks @Ravi Sagar [Author - Mastering JIRA 7] for replying.
Can we have lookup fields in Jira like we have it in service now, where we can lookup project codes and their names.
Attached a screenshot of lookup field in Service now. Here "Project ID" is a lookup field.
If Click on Search icon a dialogue box gets opened for lookup.
As you can see in screenshot there around 1400 project codes. If we implement this in JIRA in a drop down field it will look be a mess.
You'd want to revise the shape of some of your data.
I wouldn't try to "replace" Service Now with plain JIRA nowadays, I'd use JIRA Service Desk, and then add the Insight add-on if you have complex, heavy and detailed asset management / cmdb data to go with it.
While you can extend JIRA to add asset details, it is best to integrate JIRA with a real CMDB like Device42 to get all the functionality you can get from a ITSM + CMDB tool like servicenow. More details here: http://www.device42.com/integrations/jira/
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