ID: MRFR/ICT/6471-HCR | 111 Pages | Published By Ankit Gupta on April 2023
The Global Cloud Management Platform Market Size USD 7.2 Billion will grow by CAGR 16.10% Forecast By 2030.
$ 7.2 Billion
The cloud management platform market is projected to register a CAGR of 16.10% from 2022 to 2030. The increasing adoption of multi-cloud services from several industry verticals, including BFSI, retail, government, hospitality, and consumer goods, influences the market's growth. Cloud services offer several advantages, such as faster deployment, flexibility, minimized operational cost, and can be scaled up compared to traditional on-premise IT solutions. The cloud management platform market size is expected to reach approximately USD 7.2 billion by 2030. Moreover, the growing inclination of small and medium enterprises to adopt cloud management platforms is influencing the enhancement of the multi-cloud management market. Small and medium-sized enterprises are shifting their applications to cloud-based platforms to significantly reduce the dependency on a single factor. These pursuits are favorable to the growth of the market.
COVID-19 Impact Analysis
The COVID-19 pandemic has positively impacted the integrated market. Corporations are increasingly adopting technology-aided tools that can be leveraged remotely and ensure hiring and business continuity amid disruptions. Due to this, the requirement for the SaaS platform is continuously growing. Top enterprises, such as Microsoft, are witnessing a huge number of subscribers during this period. This is driving the growth of integrated cloud management platforms amid the ongoing COVID-19 pandemic to cater to the increasing adoption of multi-cloud and hybrid cloud models, with the rising adoption of remote working models.
Cloud Management Platform Market Dynamics
Enterprises are choosing cloud management platforms due to a growing tendency toward price-sensitive cloud installations and increasing pressure to ensure compliance with various data security and privacy protection regulations. The market is anticipated to be driven by the predictability of single-cloud services and the growing demand for strict control & regulation over the forecast period. Additionally, expanding use of containerization and microservices for cloud-native applications is anticipated to fuel market expansion. Lack of security, knowledge, and difficulties in redesigning the network for the cloud is likely to act as restraints for the market.
Artificial Intelligence (AI) for IT operation (AlOps) capabilities provide several services that allow enterprises to automate their IT processes. Root cause analysis, actionable insights, anomaly identification, and others are a few AlOps solutions features. Enterprises are deploying these advanced solutions to predict upcoming threats before they happen. AlOps aids businesses in avoiding the high costs of downtime created by application and infrastructure concerns. Firms can automate alerts, issue tickets, and gain insight by deploying AlOps systems. Furthermore, several firms are planning to invest in IT infrastructure. This would create significant opportunities for AlOps solution providers in this ecosystem to merge with a cloud technology provider to expand their cloud management platform offerings.
Cloud management platforms assist businesses in enhancing their operations by delivering cost savings, dependability, manageability, agility, and other attributes. However, allowing the privacy and security of the company data is one of the issues that major players are confronting. As a result, businesses are still determining about migrating sensitive data to the cloud. Despite various improvements and innovations in cloud technology, attaining high levels of interoperability and security has proven to be crucial. For instance, cloud services are the third-highest targeted site by hackers, as per the 2020 Trustwave Security Report.
Technological advancements are expected to raise integrated market growth opportunities. Launching a hybrid cloud infrastructure will provide exceptional benefits to the market. The adoption rate of the hybrid cloud platform will be immense during the forecast period. The low initial cost is a crucial factor that increases the hybrid cloud adoption rate. SMEs are expected to have demand for the hybrid cloud infrastructure. The flexibility, scalability, efficiency, and high-end features will attract a wider customer base. The set-up and maintenance costs are much lower for hybrid cloud management.
Cloud Management Platform Market Segmentation
The cloud management platform market segmentation, based on component, is solutions and services. The cloud management platform market growth was prominently high under the services category in 2021 due to the growing demand for maintenance in various stages. However, the solution was a faster-growing category in the coming years due to the growing acceptance of cloud technologies and a growing number of business activities.
The cloud management platform market segmentation, based on solution, is automation & orchestration, governance & compliance, performance monitoring, security solution, and cost management. In 2021, the security solution segment accounted for the largest share of the market, owing to rising adoption across BFSI and IT firms for secure transactions. However, the cost management category is to register the highest growth rate during the forecast period. It accelerates innovation through automated resource provisioning, governance, and administration of available cloud services.
Based on services, the market is divided into professional services and managed services. The professional services category dominated the market for cloud management platforms in 2021 due to a rising focus on customer satisfaction and experience surveys. However, the managed services category is to witness significant growth over the forecast period as it helps businesses improve operational efficiency and reduce operating expenses while focusing more effectively on core competencies.
Deployment Mode Insights
By deployment mode, the market has been segmented into the hybrid cloud, public cloud, and private cloud. In 2021, the private cloud category held a prominent market share as it provides organizations with an advanced level of data security. However, the public cloud category is the fastest-growing category during the forecast period due to the rising adoption of cloud-based IT service management applications by SMEs.
Organization Size Inaights
By organization size, the market has been segmented into SMEs and large enterprises. In 2021, the large enterprises' category held a prominent market share. Large organizations are financing this software to address privacy, cloud connectivity failure, and data security issues. However, the SMEs category is the fastest growing category as many retail and e-commerce companies focus on employing cloud management platforms to expand their services through the cloud channel.
Global Cloud Management Platform Market Share by Region, 2021 (%)
Cloud Management Platform Market Overview, by Region
By region, the cloud management platform market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021 due to the early adoption of advanced technologies and a highly competitive landscape. The penetration of cloud management platform software in the region is due to key providers, including VMware, Inc., Microsoft Corporation, IBM Corporation, and BMC Software Inc. The readiness level of end-users to adopt emerging technologies has also encouraged key providers to develop and offer advanced cloud services.
Europe accounted for the second-largest market share in the market in 2021 due to rising digital government initiatives & regulatory environments, and the growing adoption of cloud-based technology in the region is anticipated to drive the growth. Also, industry leaders are focusing on expanding their business in the region.
Cloud Management Platform Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Microsoft(US), IBM(US), VMware (US), Dynatrace (US), MicroFocus (England), and Snow Software (Sweden) dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in August 2022, VMware Aria Graph, a novel graph-based data storage solution that lowers multi-cloud complexity across any cloud, app, and for every persona, is the engine behind VMware Aria.
Prominent players in the cloud management platform market research include Cognizant (US), Flexera (US), Datadog(US), Red Hat (US), New Relic (US), Service Now (US), HashiCorp (US), Turbonomic(US), Abiquo(US), HyperGrid (US), Rafey Systems (US), Centilytics (US), Stacklet (US), RackWare(US), Cirrusform(UK), Corestack(US), Morpheus Data(US), and CloudBolt(US) among others.
Scope of the Cloud Management Platform Market Report
Deployment Mode Outlook
Organization Size Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Cloud Management Platform Market Forecast & Size:
To identify and estimate the market size for the cloud management platform market report segmented by component, solution, services, deployment mode, and organization size by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the cloud management platform market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the cloud management platform market growth
Market Influencing Factors:
To find out the factors which are affecting the cloud management platform market size among consumers
Impact of COVID-19:
To identify and understand the several factors involved in the market affected by the pandemic
To provide a detailed insight into the prominent companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, recent developments, SWOT analysis, product offerings, and key strategies.
|Market Size||2030: USD 7.2 billion|
|CAGR||16.10% CAGR (2022-2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Growth Factors, Competitive Landscape, and Trends|
|Segments Covered||Component, Solution, Services, Deployment Mode, and Organization Size|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Microsoft(US), IBM(US), VMware (US), Dynatrace (US), MicroFocus (England), and Snow Software (Sweden)|
|Key Market Opportunities||The emergence of hybrid cloud infrastructure|
|Key Market Drivers||Integration of AI for IT operation (AlOps) with cloud management platform software|
The cloud management platform market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~16.10% over the next 10 years, according to the cloud management platform market research.
Europe is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 7.2 billion by 2030.
Microsoft(US), IBM(US), VMware (US), Dynatrace (US), MicroFocus (England), and Snow Software (Sweden) are the major companies operating in the market.