Global Cloud Management Platform Market is Set to Hit USD 26,767.0 Million by 2027

As per Market Research Future (MRFR), the global Cloud Management Platform Market is expected to reach USD 26,767.0 million with a CAGR of 18.4% from 2020 to 2027 (forecast period). The report demonstrates the market opportunities and the market implications that occurred as a result of the COVID-19 pandemic.

The cloud management platform is a set of integrated software tools that allow companies to monitor and control cloud computing resources. This can also be used solely for private or public cloud deployment; most of the solutions are used for hybrid and multi-cloud models to centralize the control of various cloud-based infrastructures.
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Market Dynamics

Some of the factors driving the growth of the cloud management platform market include the need for businesses to have greater control over IT expenditure, the adoption of a heterogeneous and multimodal IT service delivery environment, the rapid deployment of virtualized workloads, and improved operational efficiency. Nevertheless, security issues and lack of skilled experts are some of the factors expected to restrict the global cloud platform market’s growth during the assessment period.

Enterprises around the world rely on cloud-based solutions and services for their day-to-day work processes. Dependence on cloud-based solutions across industry verticals has greatly increased the need for quicker, more customized services to access various resources from the public cloud infrastructure. This has become a challenge for organizations to handle security and compliance across cloud and conventional data center infrastructure. Thus, in order to deliver innovative solutions, companies are seeking to continually deliver a digital service that coordinates, controls, and secures application and infrastructure services through multiple and hybrid cloud environments. Multiple and hybrid environments are further incorporated into critical IT management processes to mitigate risk and reduce costs. In order to carry out such processes, businesses are adopting cloud management platforms that manage hybrid and multi-cloud environments running from conventional to container based (cloud-native) workloads.

Market Segmentation

  • The global cloud management platform market has been segmented into component, deployment mode, organization size, and vertical.
  • By component, the global cloud management platform market has been divided into solutions and services. The solutions segment has been divided into automation and orchestration solution, security solution, governance and compliance solution, performance monitoring solution, and cost management solution. The services segment has further been segregated 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 global cloud management platform market has been divided into small and medium enterprises (SMEs) and large enterprises.
  • Based on deployment mode, the global cloud management platform market has been segmented into private cloud, public cloud, and hybrid cloud.
  • 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.

Regional Analysis

  • Regionally, 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 accounted for the largest market share of cloud management platforms in 2018. Europe achieved second position in the cloud management platform industry in terms of the market size in 2018 and is projected to expand significantly over the forecast period. However, Asia Pacific is expected to be the fastest-growing region between 2019 and 2024.
  • North America led the global market for cloud management platforms in 2018 and is predicted to continue to lead the market during the analysis period. Market growth is due to the increased adoption of hybrid cloud solutions by companies and the involvement of market giants such as Cisco Systems, Inc., Microsoft Corporation, and Citrix Systems.
  • Asia Pacific is projected to be the fastest-growing segment in the cloud management platform market during the review period. Market growth is due to a growing number of cloud-based services across verticals and an increase in IT skills to develop robust cloud services that allow heavy investment in developing countries like India, China, and other Southeast Asian countries.

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Key Players

The industry giants in the global cloud management platform market include Cisco Systems Inc., (US), Embotics Corporation (US), VMware, Inc (Dell Technologies) (US), HP Enterprise Development LP (US), BMC Software, Inc. (US), Citrix Systems Inc. (US), CloudBolt Software, Inc. (US), RightScale, Inc. (US), HyperGrid™ (US), ServiceNow (US), MORPHEUS DATA, LLC. (US), Scalr, Inc (US), DivvyCloud (US), RackWare (US), Turbonomic Inc, (US).

Apart from the companies mentioned above, other vendors that operate in the market include Amazon Web Services (AWS) (US), Splunk Inc. (US), Dynatrace (US), Puppet (US), and others.

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