Cloud Management Platform Market Size to Grow USD 23,896.08 Million by 2028 at a CAGR of 13.56% | Valuates Reports
BANGALORE, India, Aug. 24, 2022 /PRNewswire/ -- The Cloud Management Platform Market is Segmented by Type (SaaS, On-Premise), by Application (Financial, Retail, Internet): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
The global Cloud Management Platform Market size was USD 9,812.67 Million in 2021 and is projected to grow at a CAGR of 13.56% to reach USD 23,896.08 Million by 2028.
Major Factors Driving the Growth of the Cloud Management Platform Market:
Cloud management platforms offer flexibility, provide real-time access to services, avoid costly downtime, are secure, scalable and highly elastic which will increase adoption thereby driving the growth of the market.
The integration of AI and increase in functional capabilities due to automation will augment the demand of the market.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL CLOUD MANAGEMENT PLATFORM MARKET
Businesses are increasingly outsourcing IT services to third-party providers as it saves the costs of hiring specialists in-house. Industries are in favor of low-managed service subscriptions. The software tracks expenses including IT cost , total data utilization and recommends the correct infrastructure size. The platform identifies resources and aids in cloud migration and also helps to analyze, plan and monitor data center insights such as VM distribution, cost trends, CPU and memory utilization summary of resources, etc.
Cloud services provide real-time access to several platforms and integrated services. Employees can log in through phones, tablets, and desktops. This in turn will drive the demand for the cloud management platform market. It offers newer service options and greater flexibility with resources and tools already consumed.
Dedicated cloud platforms update consistently thereby avoiding costly downtime. The in-house systems are secured by patching the loopholes while delivering new features. New software and hardware can be added seamlessly with variable payment tiers. This will bolster the growth of the cloud management platform market during the forecast period. Scaling costs are kept low and appropriate resources are added as and when required. It also provides quick backups for fast recovery during major data disruptions.
Unprotected or mismanaged cloud infrastructure creates security issues. Data intrusions, DDoS attacks, malware, viruses, and non-compliant configurations lead to severe cases of malicious attacks and extensive data compromise situations. The security risk is mitigated when the entire set-up is passed on to cloud-based services. This will expand the cloud management platform market in the forthcoming years. The ownership credentials of individual resources are determined specifically and approvals are automated based on predefined rules and regulations.
Cloud services are highly scalable and elastic. The platform can easily scale the environment in terms of compute, storage, networking and memory up and down as per the workload requirements. This ensures low latency, high bandwidth and cost efficiency. The data is processed and stored with real-time sync. Multiple clusters are prepackaged and optimized rationally in a centralized place, ensuring operations' reliability across multiple cloud environments.
Automation is crucial for managing the operational tasks of hybrid cloud infrastructure. The surge in technological advancements and AIops tools have eliminated the manual duties like managing the system load which removes a huge burden on system developers and administrators. This will foster the growth of the global cloud management platform market. Testers need fast, self-service services for development, testing, and production. AI enables developers to spend less time troubleshooting configuration changes as the algorithms manage all the complex operations while providing a user-friendly interface.
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CLOUD MANAGEMENT PLATFORM MARKET SHARE ANALYSIS
Based on type, the on-premise segment is expected to dominate in the cloud management platform market share due to the rising need for data security and cheaper cloud deployment.
Based on application, the financial segment will be the highest during the forecast period as BFSI companies are implementing multi-cloud environments for workload management, data security, regulatory compliance, operational efficiency, and prompt customer service.
Based on region, Asia-Pacific will witness considerable growth due to the increasing need for CMS by several industry verticals for cutting costs and improving employee productivity.
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Key Companies:
- Flexera (RightScale)
- Cisco
- VMware
- Turbonomic
- HashiCorp
- Platform9
- Morpheus Data
- CloudCheckr
- CoreStack
- CloudHealth
- CloudBolt Software
- IBM (Red Hat).
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