Cloud Management Platform Market Plans and Industry Growth with High CAGR by Forecast 2024

Market Highlights

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.

Market Research Future (MRFR) reveals that the global cloud management platform market value in 2018 was USD 8,182.2 Million. It could record a striking CAGR of 18.4% during the forecast period (2019-2024) and is estimated to touch the valuation of USD 26,767.0 million by 2024.

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Leading Players

The players that are leading the worldwide cloud management platform market are ServiceNow (US), Citrix Systems Inc. (US), HP Enterprise Development LP (US), Embotics Corporation (US), CloudBolt Software, Inc. (US), HyperGrid™ (US), MORPHEUS DATA, LLC. (US), VMware, Inc (Dell Technologies) (US), BMC Software, Inc. (US), DivvyCloud (US), RackWare (US), Turbonomic Inc, (US), Scalr Inc (US), RightScale, Inc. (US), Cisco Systems Inc., (US), among others.

Other than the aforementioned companies, some other prominent companies in the market are Puppet (US), Amazon Web Services (AWS) (US), Dynatrace (US), Splunk Inc. (US), and others.

Regional Analysis:

The main markets for cloud management platform include South America, Europe, the Middle East and Africa (MEA), Asia Pacific (APAC), and North America.

North America grabbed the largest share of the global cloud management platform market in 2018. Europe secured the second position in the worldwide market that same year. Asia Pacific is touted to grow at the fastest rate from 2019 to 2024.

North America was identified as the leading market for cloud management platform in 2018 and could maintain its growth graph even during the review period. Market growth in North America is the outcome of the high adoption rate of hybrid cloud solutions coupled with the presence of renowned players like Microsoft Corporation, Citrix Systems, and Cisco Systems Inc. The rising need for high-level of governance as well as policies is projected to boost market demand in the region.

Europe, with the second-largest share of the market, is supported by massive investments by local vendors in various countries along with surging government policies that encourage digital initiatives as well as development of cloud infrastructure.

APAC is estimated to be the fastest-gaining market for cloud management platform during the conjectured timeframe. Surge in the adoption rate of cloud-based services across several verticals along with increasing IT skills for developing robust cloud services benefits the market. Leading markets for cloud management platform in the region are India, China, among others.

Segmentation:

The segmental analysis of the worldwide cloud management platform market includes component, deployment mode, organization size, and vertical.

With respect to the component, the global cloud management platform market is considered for solution and services. The types of solutions in the cloud management platform market are governance and compliance solution, automation and orchestration solution, security solution, cost management solution, and performance monitoring solution. The services segment is split into professional services and managed services. The types of professional services are integration services, consulting services, and other support services.

The market, in terms of the deployment mode, contains private cloud, public cloud, and hybrid cloud.

Depending on the organization size, the market caters to small and medium enterprises (SMEs), and large enterprises.

Vertical-wise, the global cloud management platform market can be broken down to financial services and insurance (BFSI), IT & telecom, banking, healthcare, government and defense, retail and e-commerce, energy and utilities, and others.

Industry Update

April 2019

RackWare Inc. recently developed a hybrid cloud platform, which helps integrate the whole cloud implementation lifecycle, ranging from disaster recovery and backup to cloud migration process as well as hybrid multi-cloud management.

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