Cloud Management Platform Market To Hit USD 7.2 Billion by 2030, With a CAGR of 16.10% – Report by Market Research Future (MRFR)
Rising Adaptability of Cloud Computing Technology to Boost Cloud Management Platform Market Growth
New York, US, March 21, 2023 (GLOBE NEWSWIRE) — Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Cloud Management Platform Market Analysis By Component, By Solution, By, By Deployment Mode, By Organization Size Region, Asia-Pacific, and the Rest of the World)—Forecast till 2030, The global cloud management platform market will touch USD 7.2 billion at a 16.10% CAGR by 2030, as per the latest Market Research Future report.
Eminent industry players profiled in the cloud management platform market report include:
- Cognizant (US)
- Flexera (US)
- Datadog (US)
- Red Hat (US)
- New Relic (US)
- Service Now (US)
- HashiCorp (US)
- HyperGrid (US)
- Rafey Systems (US)
- Centilytics (US)
- Stacklet (US)
- Morpheus Data (US)
- Dynatrace (US)
- Amazon Web Services (AWS) (US)
- Puppet (US)
- Splunk Inc. (US)
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Cloud Management Platform Market Report Scope:
|Cloud Management Platform Market Size by 2030||USD 7.2 Billion (2030)|
|Growth during 2022-2030||16.10% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||Integration of AI for IT operation (AlOps) with cloud management platform software|
Rising Adaptability of Cloud Computing Technology to Boost Market Growth
The expansion of cloud management platform is anticipated to be fueled by cloud computing technology’s increasing versatility. Cloud computing promises to reduce costs and hazards and also enhance the capabilities and scalability of internet-based databases. To store, manage, and analyze crucial data, businesses use cloud computing/remote PCs hosted on the net. By distributing computing services including servers, software, networking, analytics, databases, storage, and intelligence across the Internet, these advancements and uses enable quicker innovation, more adaptable resource utilization, and cost savings.
Growing BYOD Trend to offer Robust Opportunities
The use of cloud platforms has been fueled by the growing trend of “bring your own device” (BYOD) among businesses and IT firms. IT businesses can utilize cloud management platforms to give them access to and control over all of the organization’s systems. The BYOD movement is also pushing businesses to use cloud-based platform services for managing mobile devices, especially small and medium-sized businesses that lack the resources to do so. In the era of BYOD, a cloud-based platform offers the most resource- and cost-efficient method for data security. Also, it enables IT professionals to work remotely, which is expected to boost need for cloud management platforms.
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Also, the expansion of multi-cloud management market is being influenced by the increased propensity of small and medium-sized businesses to embrace cloud management systems. To considerably lessen their reliance on a single element, small and medium-sized businesses are moving their applications to the cloud-based platforms. These activities are beneficial to the market’s expansion.
Restraints and Challenges
Data Privacy Concerns to act as Market Restraint
Security and data privacy concerns associated with cloud solutions and insufficient technical expertise may act as market restraints over the forecast period.
The cloud management platform market is bifurcated based on component, solution, services, deployment, organization size, and vertical.
By component, solution will lead the market in the forecast period due to the growing requirement for hybrid & multi-cloud models that enable corporations to have centralized management over diverse cloud-based infrastructures, as well as the expanding demand for integrated toolsets by businesses across verticals.
By solution, security solution will dominate the market over the forecast period.
By services, managed services will spearhead the market over the forecast period. The increased difficulty in managing enormous volumes of datasets, which encourages businesses to outsource the services to third parties, is blamed for the growth of the managed services sector.
By deployment, public cloud will have the lions share in the market the forecast period for the increasing investments by organizations for accessing the data.
By organization size, large enterprise will head the market over the forecast period.
By vertical, BFSI will possess the largest share in the market over the forecast period. Highly regulated settings with cost and security standards to create agile, innovative multi-cloud platforms are blamed for the expansion of the BFSI business. A rise in mobile e-commerce apps that depend on uptime during peak hours, the necessity for complete inventory visibility and management, and security are other factors that are predicted to propel the market throughout the forecast period.
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The integrated market has benefited from the COVID-19 epidemic. Businesses are rapidly implementing technology-assisted solutions that may be used remotely, guarantee hiring, and maintain operations despite setbacks. As a result, the demand for SaaS platform is always increasing. Leading companies are currently reporting extremely high subscriber numbers, including Microsoft. This is driving the expansion of integrated cloud management systems amid the current COVID-19 pandemic to cater to the increasing usage of multi-cloud & hybrid cloud models, and with the rising acceptance of remote working models.
North America to Head Cloud Management Platform Market
A highly competitive environment and early adoption of cutting-edge technology contributed to North America’s dominance of the market share during 2021. Cloud management platform software has become widely used in the area thanks to major vendors as VMware, Inc., IBM Corporation, Microsoft Corporation, and BMC Software Inc. Key providers have been inspired to create and deploy advanced cloud services as a result of end consumers’ level of readiness to adopt evolving technologies. Throughout the projection period, this region is anticipated to grow. The demand for advanced technology, machine learning, automation, and rising unified infrastructure has increased, which enhances corporate relationships and interactions.
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Europe to Have Favorable Growth in Cloud Management Platform Market
Due to expanding regulatory frameworks and digital government activities, Europe held the second-highest market share in 2021. The region’s increased use of cloud-based technologies is also expected to fuel growth. Leaders in the industry are also concentrating on growing their businesses in the area.
APAC to Have Significant Growth in Cloud Management Platform Market
Throughout the anticipated period, the market in Asia-Pacific will grow at the fastest rate. The market expansion is due to significant expenditures made by regional vendors in developing nations like China and India as well as expanding government measures to support digital initiatives and the growth of the cloud infrastructure.
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