Cloud Management Platform Market Share, Covid-19 Analysis and Growth Factors Impact Analysis 2024
iCrowdNewswire Jan 8, 2021 4:04 PM ET
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 spendings, 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.
According to MRFR analysis, 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. The solution segment accounted for the larger market share in 2018 and is expected to dominate the market owing to the rising demand for integrated toolsets by enterprises across verticals and the increasing need for hybrid and multi-cloud models that enable enterprises to have centralized control of various cloud-based infrastructures. Based on 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 automation and orchestration solution segment accounted the largest market share in 2018 and security solution segment is expected to have the highest CAGR during the forecast period
The services segment has further been subsegmented into professional services and managed services. The managed services segment accounted for the larger market share in 2018 and professional services is expected to have a higher CAGR during the forecast period. The market growth for managed services is attributed to rising complexities in handling huge volumes of datasets that encourage enterprises to outsource the services to third-parties. The professional services segment has been further subdivided into consulting services, integration services, and other support services. The consulting services segment gained the largest market share in 2018 and integration services is expected to have the highest CAGR during the forecast period.
Based on the size of the organization, the market has been categorized as small and medium enterprises (SMEs), and large enterprises. The large enterprises segment accounted for the larger market share in 2018 and the SMEs segment is expected to register the higher CAGR during the forecast period owing to rising investments by tier 1 companies to develop high-quality and affordable solution for small enterprises. The market growth is attributed to the rising need to lower the IT costs and surge in need to handle the complex and rapidly evolving cloud-based environments.
Additionally, the market is further categorized based on deployment mode that includes private cloud, public cloud, and hybrid cloud. The public cloud segment accounted for the largest market share in 2018, and the hybrid cloud is expected to have the highest CAGR during the forecast period. The market growth is attributed to the ability to secure the database and digital transformation that enable enterprises to adopt multi-cloud and hybrid environments to create more agile and cost-effective IT environments. However, the public cloud segment is expected to have the highest market share owing to rising investment by enterprises to access the data.
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. The BFSI segment gained the largest market share in 2018 and the retail and e-commerce segment is expected to register the highest CAGR during the forecast period. The market growth for BFSI is attributed to highly regulated environments with cost and security standards to deliver innovative, agile multi-cloud platforms. Moreover, an increase in mobile e-commerce applications that require uptime at peak hours, need for high visibility and control over entire inventory, and security are some of the factors likely to drive the market during the forecast period.
Some of the key players in the global cloud management platform market include MORPHEUS DATA, LLC. (US), Scalr, Inc. (US), CloudBolt Software, Inc. (US), RightScale, Inc. (US), HyperGrid™ (US), HP Enterprise Development LP (US), BMC Software, Inc. (US), DivvyCloud (US), RackWare (US), Turbonomic Inc., (US) , Embotics Corporation (US), Cisco Systems Inc., (US), VMware, Inc. (Dell Technologies) (US), Citrix Systems Inc. (US), and ServiceNow (US).
Apart from the aforementioned companies, other vendors operating in the market include Dynatrace (US), Amazon Web Services (AWS) (US), Puppet (US), Splunk Inc. (US), and others.
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