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.
According to MRFR analysis, the global cloud management platform market was valued at USD 8,182.2 million in 2018, and it is expected to reach USD 26,767.0 million, registering a CAGR of 18.4% during the forecast period. The market growth is attributed to the rising demand for enterprises to have greater control over IT spending, surge in adoption of heterogeneous and multimodal IT service delivery environment, rapid deployment of virtualized workloads, and improved operational efficiency. On the other hand, insufficient technical expertise and the rising security concerns for in-house development of platform are some of the factors expected to hinder the market growth during the assessment period.
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By region, the global cloud management platform market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America dominated the cloud management platform market in 2018 owing to the number of solution providers in the US. The market in Asia-Pacific is expected to be the fastest-growing cloud management platform market during the forecast period. The market growth is attributed to the high investments by local vendors in emerging economies such as China and India and increasing government policies to encourage digital initiatives and develop the cloud infrastructure.
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.
The study of the global cloud management platform market size 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.
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