Cloud management platform Market size was valued at $8.16 billion in 2019, and it is estimated to grow at a CAGR of 15.32% during 2020-2025. The growing trend for Bring Your Own Device (BYOD), and shifting focus toward cloud from on-premises have been providing opportunities for cloud management platform market. Rapid adoption of cloud based platform by IT enterprises and other organizations for improved operational efficiency set to drive the market. Furthermore, the dependence on cloud based solutions across various industry verticals has significantly increased the adoption of cloud platform for faster and customized services. This has been pushing the organizations to invest in cloud platform and this is anticipated to propel the Cloud management platform market growth during the forecast period.
Deployment Mode – Segment Analysis
Hybrid Cloud management platform segment held the largest share 39.56% in the Cloud management platform market in 2019. As hybrid cloud is the combination of both private and public cloud, many companies prefer this deployment mode for greater flexibility, and reliability. It enables organizations in connecting existing systems that run on traditional architectures. It offers benefits such as optimized cost management, improved analytics and increased efficiency. Adoption of this mode of deployment by IT organizations set to propel the cloud management market.
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Industry Vertical – Segment Analysis
BFSI sector is the fastest growing industry in cloud management platform market estimated to grow at a CAGR of 16.45%. The cloud platform provides banks the ability of responding quickly to the changes in the market with its scalability. It also assists BFSI sector to cope up with the changing needs of the customer and the technology to perform the tasks efficiently. It creates a multi channel relationship with the customers at every aspect of the service. It ensures banks and financial institutions in securing transactions and enhances better customer relationship. Online fund transfers, securing online payments, payment gateways, digital wallets, online fund transfer, and secure online payments can be done easily with the adoption of this platform. In January 2020, Temenos, the banking software company had partnered with Google cloud in order to assist financial organizations. This partnership has been made for smooth running of banking applications on Google Cloud that create profitable business models, and to improve customer experience. This is poised to drive the cloud management platform market in the BFSI sector in near future.
Geography- Segment Analysis
North America dominated the Cloud management platform market in 2019 with a share of 38.56%, followed by Europe and APAC. As the North American countries such as the U.S. and Canada are the early adoption of advanced technologies, there is huge adoption of cloud management platform which is set to drive the market. Most of the key vendors such as Microsoft, VMware, IBM, Cisco, Hewlett Packard Enterprise, Oracle, CA Technologies and other companies have headquarters at U.S. Many U.S. companies have been acquiring other cloud management platform business to strengthen their businesses. For instance, at the end of 2018, Flexera had acquired one of the top multi cloud management provider RightScale to empower its IT services. These are the key factors for the growth of Cloud management platform market in North America.
Drivers –Cloud management platform Market
Increased mobility and growing trend of bring your own device
Growing trend for Bring your own device (BYOD) in organizations and IT companies has driving the adoption of cloud platform. Cloud management platform can leverage and provides IT companies in controlling each and every system in the organization. The BYOD trend also drive organizations in adopting cloud based platform services for mobile device management mainly in the small and medium based enterprises where they lack the staff and budget in order to adequately deal. Cloud based platform provides most cost effective and least resource intensive way in order to secure data in the period of BYOD. It also helps IT employees to work anywhere and this set to increase the demand for cloud management platform market.
Increased savings and workforce productivity
With increasing digitalization, there has been significant shift towards adoption of cloud based platform. This platform provides greater flexibility and can be able to adopt and deploy services easily and monitor workloads which provide huge gain for the organization. According to Forbes survey, 64% of the respondents indicated that cloud-based collaboration tools have helped their organizations in executing work faster than before. Around 87% of the respondents indicated that cloud-based solutions represent a true breakthrough in collaboration. Additionally, cloud management platform provide consistency, reliability, increase scalability, accelerate workflows, and reduce disaster recovery downtimes to organizations and this set to escalate the market growth.
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Challenges – Cloud management platform Market
Complexity in designing the network for cloud and security concerns
High security issues and distributed denial of service attacks are the major challenges for cloud management platform. The lack of visibility pushes public security cloud and can lead to unauthorized access to data, improper handling, and duplication of data leading to the deletion of confidential data from infrastructure. In addition to these, the designing of networks from on-premises to cloud needs high investment which is one of the major challenges mainly for small medium enterprises that have small budgets. Complexity in designing of cloud platform is hindering the growth of the cloud management platform market.
Acquisitions and R&D activities are key strategies adopted by players in the cloud management platform market. In 2019, the market of Cloud management platform has been consolidated by the top ten players – Vmware, Microsoft, IBM, Cisco, Hewlett Packard Enterprise, Oracle, Dynatrace, CA Technologies, Micro Focus, Red Hat and others.
In August 2018, VMware had acquired Cloud Health Technologies Company which is a multi-cloud management platform that works on various platforms such as Goggle Cloud, Microsoft Azure, and AWS. VMware acquired this company in order to expand and manage public and private clouds that help customers in managing across a hybrid and multi cloud environment.
In February 2019, Microsoft had acquired DataSense Company for data management platform that can be used to collect, integrate and report information from online educational technology BrightBytes. Microsoft had integrated this functionality into Azure cloud platform to strengthen its portfolio. Thus, the acquisitions of the companies in order to expand the cloud platform services set to propel the cloud management platform market.
North America dominated the Cloud management platform market in 2019 owing to early adoption of advanced technologies and high investments in adopting them.
Growing demand for BYOD devices has been driving the market growth in IT companies and other organizations for high productivity of work in shorter period of time by reducing downtime errors.
Growing trend for digitalization has been pushing enterprises in adopting cloud based platform for maximum flexibility, reducing costs, increase the business agility, and to increase revenue.
The major drawback is the security concerns and lack of skilled expertise for solving the issues hinders the growth of the Cloud management platform market.
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