Market Research Future (MRFR) reveals that the global cloud management platform market value in 2018 was USD 8,182.2 Million. It could record a striking CAGR of 18.4% during the forecast period (2019-2024) and is estimated to touch the valuation of USD 26,767.0 million by 2024.
Growth Drivers and Top Challenges
A number of enterprises across the globe are adopting cloud management platform solutions for managing the deployment models. Soaring business demand for optimum flexibility of resources as well as the fast-paced changes in technology is expected to turn hosted and cloud-based solutions into the most sought-after dominant models in the near future. Cloud management solutions include several tasks including security, performance monitoring (response times, latency, uptime, etc.), resource management, disaster recovery, external tool management and auditing & management.
Various software solutions are increasingly being developed for better management and monitoring of computing resources. The global cloud management market is a rapidly maturing and evolving market, given the presence of a variety of technologies and software that are developed for efficient operation and delivery of applications as well as computing services to enterprises.
Another factor that is inducing market growth is the increasing acceptance of cloud-based architectures across organizations and service providers. Significant functions like service management, infrastructure management, security management, data and analytics management and platform management also work in favor of the cloud management market.
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The segmental analysis of the worldwide cloud management platform market includes component, deployment mode, organization size, and vertical.
With respect to the component, the global cloud management platform market is considered for solution and services. The types of solutions in the cloud management platform market are governance and compliance solution, automation and orchestration solution, security solution, cost management solution, and performance monitoring solution. The services segment is split into professional services and managed services. The types of professional services are integration services, consulting services, and other support services.
The market, in terms of the deployment mode, contains private cloud, public cloud, and hybrid cloud.
Depending on the organization size, the market caters to small and medium enterprises (SMEs), and large enterprises.
Vertical-wise, the global cloud management platform market can be broken down to financial services and insurance (BFSI), IT & telecom, banking, healthcare, government and defense, retail and e-commerce, energy and utilities, and others.
The main markets for cloud management platform include South America, Europe, the Middle East and Africa (MEA), Asia Pacific (APAC), and North America.
North America grabbed the largest share of the global cloud management platform market in 2018. Europe secured the second position in the worldwide market that same year. Asia Pacific is touted to grow at the fastest rate from 2019 to 2024.
North America was identified as the leading market for cloud management platform in 2018 and could maintain its growth graph even during the review period. Market growth in North America is the outcome of the high adoption rate of hybrid cloud solutions coupled with the presence of renowned players like Microsoft Corporation, Citrix Systems, and Cisco Systems Inc. The rising need for high-level of governance as well as policies is projected to boost market demand in the region.
Europe, with the second-largest share of the market, is supported by massive investments by local vendors in various countries along with surging government policies that encourage digital initiatives as well as development of cloud infrastructure.
APAC is estimated to be the fastest-gaining market for cloud management platform during the conjectured timeframe. Surge in the adoption rate of cloud-based services across several verticals along with increasing IT skills for developing robust cloud services benefits the market. Leading markets for cloud management platform in the region are India, China, among others.
The players that are leading the worldwide cloud management platform market are ServiceNow (US), Citrix Systems Inc. (US), HP Enterprise Development LP (US), Embotics Corporation (US), CloudBolt Software, Inc. (US), HyperGrid™ (US), MORPHEUS DATA, LLC. (US), VMware, Inc (Dell Technologies) (US), BMC Software, Inc. (US), DivvyCloud (US), RackWare (US), Turbonomic Inc, (US), Scalr Inc (US), RightScale, Inc. (US), Cisco Systems Inc., (US), among others.
Other than the aforementioned companies, some other prominent companies in the market are Puppet (US), Amazon Web Services (AWS) (US), Dynatrace (US), Splunk Inc. (US), and others.
RackWare Inc. recently developed a hybrid cloud platform, which helps integrate the whole cloud implementation lifecycle, ranging from disaster recovery and backup to cloud migration process as well as hybrid multi-cloud management.
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List of Tables
FIGURE 1 Global Cloud Management Platform Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Cloud Management Platform Market
FIGURE 4 Value Chain Of The Global Cloud Management Platform Market
FIGURE 5 Share Of The Global Cloud Management Platform Market, By Country, 2018 (In %)
FIGURE 6 Global Cloud Management Platform Market, 2019–2024
FIGURE 7 Sub-Segments Of Service Type
FIGURE 8 Global Cloud Management Platform Market Size, By Service Type, 2018
FIGURE 9 Share Of The Global Cloud Management Platform Market, By Service Type, 2019–2024
FIGURE 10 Global Cloud Management Platform Market Size, By Component, 2018
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