Cloud Management Platform Market Size, Competitive Landscape and Gross Margin Analysis till 2024

Market Highlights

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.

Growth Drivers and Top Challenges

A number of enterprises across the globe are adopting cloud management platform solutions for managing the deployment models. Soaring business demand for optimum flexibility of resources as well as the fast-paced changes in technology is expected to turn hosted and cloud-based solutions into the most sought-after dominant models in the near future. Cloud management solutions include several tasks including security, performance monitoring (response times, latency, uptime, etc.), resource management, disaster recovery, external tool management and auditing & management.

Various software solutions are increasingly being developed for better management and monitoring of computing resources. The global cloud management market is a rapidly maturing and evolving market, given the presence of a variety of technologies and software that are developed for efficient operation and delivery of applications as well as computing services to enterprises.

Another factor that is inducing market growth is the increasing acceptance of cloud-based architectures across organizations and service providers. Significant functions like service management, infrastructure management, security management, data and analytics management and platform management also work in favor of the cloud management market.

Segmentation:

The segmental analysis of the worldwide cloud management platform market size 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.