Cloud Management Platform Market Research Report – Global Forecast till 2024
The global cloud management platform market is set to demonstrate a skyrocketing growth with higher CAGR during the forecast period (2019–2024), claims Market Research Future in its well-established study.
Market Trends & Drivers
The prime factors driving the cloud management platform market growth are accredited to the need for businesses to have greater control over the expenditure on the IT activities, rapid deployment of virtualized workloads, adoption of heterogeneous and multimodal IT service delivery environment, and improved operational efficiency. At present, businesses are dependent on cloud-based solutions and services for efficient work processes. Such a dependency on various industries on cloud services has significantly surged the need for faster yet customized services while accessing multiple resources from the public cloud infrastructure. These are yet other factors that are contributing heavily to the growth of the global cloud management platform market.
At the same time, the factors such as delivery of innovative solutions, the businesses are seeking continuous delivery of digital service that efficiently controls, coordinates and secure applications. These features are, therefore, attracting attention towards cloud management platform, which is boosting the market in a substantial way. By this, the study also revealed that the market is expected to expand more during its growth period.
As an add-on, various business verticals across the globe are rapidly adopting cloud management platforms to manage hybrid and multi-cloud environments that run anything from conventional to container-based (cloud-native) workloads, which is also grabbing considerable attention to the market’s growth. On the flip side, factors such as security concerns and lack of skilled experts can be likely to limit the growth of the global cloud management platform market during the assessment period.
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The study of the global cloud management platform market has been conducted based on component, deployment mode, organization size, and vertical.
In terms of components, the market splits into solutions and services. Among these, solution segment is further categorized into a performance monitoring solution, governance and compliance solution, automation and orchestration solution, security solution, and cost management solution. The services segment has also been segmented into integration services, consulting services, and other support services.
In terms of organization size, the market splits into small and medium enterprises and large enterprises. Furthermore, the market is classified based on deployment mode that includes private cloud, public cloud, and hybrid cloud.
In terms of vertical, the market splits into healthcare, banking, retail and e-commerce, financial services and insurance (BFSI), government and defense, IT & telecom, energy and utilities, and many more.
Regionally, in the detailed study by MRFR, the global cloud management platform market also gets split into North America, Asia-Pacific, Europe, the Middle East and Africa, and South America.
Among these, the region of North America recorded to have the highest market share in the cloud management platform market back in 2018. Now, Europe has attained the second spot in the cloud management platform market in terms of market size, and it is expected to continue to expand significantly during the forecast period. The region is leading the global cloud management platform, where the growth is attributed to the amplified adoption of the hybrid cloud solutions by various businesses and the existence of several market giants such as Inc., Cisco Systems, Microsoft Corporation, and Citrix Systems.
At the same time, the region of Asia-Pacific is also likely to be the fastest emergent segment in the cloud management platform market in the assessment period. The market growth is attributed to the increasing number of adoption of cloud-based services across the verticals and increasing IT skills to develop robust cloud services that allow substantial investments in emerging economies such as China, India, and other Southeast Asian countries.
The prominent players actively contributing to the global cloud management platform market are listed as MORPHEUS DATA, LLC. (US), VMware, Inc (Dell Technologies) (US), Citrix Systems Inc. (US), CloudBolt Software, BMC Software, Inc. (US), HP Enterprise Development LP (US), Cisco Systems Inc., (US), Inc. (US), HyperGrid™ (US), Scalr, Inc (US), ServiceNow (US), DivvyCloud (US), RackWare (US), RightScale, Inc. (US), Embotics Corporation (US), and Turbonomic Inc, (US).
Apart from these, the players such as Splunk Inc. (US), Dynatrace (US), Amazon Web Services (AWS) (US), Puppet (US) are also actively participating in the growth of the market.
- Enterprise software chief VMware is observing consistent demand from all sectors for Cloud adoption in India. Today, more and more enterprises now aiming to be agile and deliver optimal environment for all applications.
- Sanveo Inc., a leader in promoting digital transformation of the AEC industry, announced the release of AECInspire, which is a new procurement and supply chain management platform.
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Global Cloud Management Platform Market Research Report: by Component (Solution and Services), by Solution (Automation and Orchestration, Governance and Compliance, Performance Monitoring, Security Solution, Cost Management), Services (Professional Services, Managed Services), Deployment Mode (Hybrid Cloud, Public Cloud, Private Cloud), Organization Size (SMEs and Large Enterprises), by Industry Vertical (BFSI, IT & telecom) and Region (North America, Europe, Asia-Pacific, Middle East and Africa South America) – Forecast till 2024
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