ID: MRFR/ICT/6471-HCR | February 2021 | Region: Global | 111 pages
The global cloud management platform market is valued USD 8,182.2 Million in 2018 and is expected to register a CAGR of 18.4% during the forecast period to reach USD 26,767.0 million by 2024.
Source: MRFR Analysis
A cloud management platform is a set of integrated software tools that enable enterprises to monitor and control cloud computing resources. This can also be exclusively used for private or public cloud deployment; most of the solutions are used for hybrid and multi-cloud models to centralize control of various cloud-based infrastructures.
Some of the factors driving the cloud management platform market growth include the need for businesses to have greater control over the IT spendings, adoption of heterogeneous and multimodal IT service delivery environment, rapid deployment of virtualized workloads, and improved operational efficiency. However, the security concerns and lack of skilled expertise are some of the factors expected to limit the growth of the global cloud management platform market during the assessment period.
Enterprises across the world are dependent on cloud-based solution and services for their daily work processes. The dependence on cloud-based solutions across industry verticals has significantly increased the need for the faster, customized services in accessing various resources from the public cloud infrastructure. This has become a challenge for enterprises to manage security and compliances across cloud and conventional data center infrastructure. Thus, in order to deliver innovative solutions, enterprises are seeking continuous delivery of a digital service that coordinates, controls, and secures application and infrastructure services across multiple and hybrid cloud environments. The multiple and hybrid environments are further integrated to critical IT management processes to manage risk and reduce cost. To carry out such processes, enterprises are adopting cloud management platforms that manage hybrid and multi-cloud environments running anything from conventional to container based (cloud-native) workloads.
The vendors operating in the cloud management platform are majorly from the US. The market players primarily follow inorganic growth strategies such as partnerships, agreements, and collaborations to sustain in the market. The privately-held companies are increasingly following collaborations to enhance their product portfolio and increase their customer base.
Some of the key players in the global cloud management platform market include Cisco Systems Inc., (US), VMware, Inc (Dell Technologies) (US), Citrix Systems Inc. (US), HP Enterprise Development LP (US), BMC Software, Inc. (US), Embotics Corporation (US), CloudBolt Software, Inc. (US), RightScale, Inc. (US), HyperGrid™ (US), MORPHEUS DATA, LLC. (US), Scalr, Inc (US), ServiceNow (US), DivvyCloud (US), RackWare (US), Turbonomic Inc, (US).
Apart from the aforementioned companies, other vendors that operate in the market include Splunk Inc. (US), Dynatrace (US), Amazon Web Services (AWS) (US), Puppet (US), and others.
The global cloud management platform market has been segmented based on component, deployment mode, organization size, and vertical.
Based on the component, the global cloud management platform market has been divided into solution and services. By solution, the cloud management platform market has been categorized as automation and orchestration solution, governance and compliance solution, performance monitoring solution, security solution, and cost management solution. The services segment has further been divided into professional services and managed services. The professional services segment has further been sub-segmented as consulting services, integration services, and other support services.
Based on the size of the organization, the market has been categorized as small and medium enterprises (SMEs), and large enterprises. Additionally, the market is categorized based on deployment mode that includes private cloud, public cloud, and hybrid cloud.
Furthermore, based on vertical, the global cloud management platform market has been divided into IT & telecom, banking, financial services and insurance (BFSI), government and defense, healthcare, energy and utilities, retail and e-commerce, and others.
Geographically, the global cloud management platform market has been divided into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America accounted for the highest market share in cloud management platform market in 2018. Europe attained the second spot in the cloud management platform market in terms of market size in the year 2018 and it is expected to continue to grow significantly during the forecast period. However, Asia-Pacific is expected to be the fastest growing market from 2019 to 2024.
North America dominated the global cloud management platform market in 2018 and is expected to continue to lead the market during the review period. The market growth is attributed to the increased adoption of the hyrbid cloud solutions by enterprises and the presence of market giants such as Cisco Systems, Inc., Microsoft Corporation, and Citrix Systems.
Asia-Pacific is expected to be the fastest growing segment in the cloud management platform market during the review 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 heavy investments in emerging economies such as China, India, and other Southeast Asian countries.
On April 2019, RackWare, Inc. launched a hybrid cloud platform that integrates the entire cloud implementation lifecycle starting from cloud migration process to disaster recovery and backup, to hybrid multi-cloud management.
On February 2019, Trend Forward Capital, the investment arm of Trend Micro partnered with Turbonomic, Inc., to expand its business unit in Asia-Pacific. This partnership helps both the companies to accelerate the adoption of self-managed workloads, from anywhere in real time and enable their customers to modernize IT infrastructure and accelerate the digital transformation process.
Frequently Asked Questions (FAQ) :
By platform the market is segmented into customer management platform, cloud based platform, software-as-a-service based platform and business to business cloud platform.
The leading players in the marketing cloud platform market are – Adobe Systems Incorporated (U.S.), Oracle Corporation (U.S.), Salesforce.Com (U.S.), International Business Machines Corporation (U.S.), Cision Ab (Sweden), Etrigue Corporation (U.S.), Hatchbuck (U.S.), Hubspot (U.S.), Infusionsoft (U.S.), Leadsquared (India) among others.
North America is the leading market for marketing cloud platform, owing to the adoption of advanced marketing techniques in enhancing business and increase adoption of analytics by organization in cloud marketing platform.
Major factors driving the marketing cloud platform market include the growing adoption of content marketing software for personalized marketing and customer engagement, increased use of social media for advertising, development of the mobile marketing platform due to an increasing use of smart mobile devices, and the emergence of location-based marketing.
The large and small and medium size enterprise are utilizing the cloud platform in order to get various benefits from its features which includes flexibility and robustness and this can be utilized in their internal business operation. With the evolution in technology such as content management, cloud computing, and analytics. The global cloud computing market has advanced from marketing tools to marketing automation platforms in recent years, which serves as an opportunity for the market in the future.