New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cloud Management Platform Global Market Report 2023" - https://www.reportlinker.com/p06319489/?utm_source=GNW
The global cloud management platform market grew from $14.24 billion in 2022 to $17.15 billion in 2023 at a compound annual growth rate (CAGR) of 20.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cloud management platform market is expected to grow to $35.2 billion in 2027 at a CAGR of 19.7%.
The cloud management platform market includes revenues earned by entities by data recovery, enterprise IT management, enterprise mobility management, incident management and IT asset management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The cloud management platform refers to integrated software management tools used to implement and monitor the public, private, and hybrid cloud environments.It combines a set of features or modules which enable the management to work on different virtual cloud environments.
The platform’s purpose is to assist IT teams in the security and optimization of cloud infrastructure, including the applications and data. It aims to improve the management of cloud settings, cost and performance optimization, and security enhancement.
North America was the largest region in the cloud management platform market in 2022. The regions covered in the cloud management platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of cloud management platform include IT operations management (ITOM), IT service management (ITSM) and IT automation and configuration management (ITACM).ITACM refers to a software and SaaS solutions that automate the configuration, transfer, and workload management of physical and virtual systems, apps, and the workloads they serve on-premises and in the cloud.
These components are deployed through private cloud, public cloud and hybrid methods into SMEs and large enterprises. The major verticals that use the cloud management platform include BFSI, telecommunications, IT and ITeS, government and public sector, retail and consumer goods, manufacturing, energy and utilities, media and entertainment and healthcare.
The growing adaptability of cloud computing technology is expected to propel the growth of the cloud management platform.Cloud computing aims to improve internet-based database capabilities and scalability while lowering costs and risks.
Organizations use cloud computing, or remote computers hosted on the Internet, to store, manage, and process essential data.These improvements and uses provide distribution of computing services such as servers, networking, software, analytics, storage, databases, and intelligence through the Internet to provide faster innovation, more flexible resources, and cost savings.
For instance, according to the Flexera 2022, State of the Cloud report, a survey of 753 respondents on the cloud adoption was performed in 2021, the survey states an increase in Y-O-Y spending on cloud, with 53% spending $1.2 million in 2022, up from 38% in 2021. Therefore, the growing adaptability of cloud computing technology will drive the growth of the cloud management platform market.
The use of a multi-cloud management platform is a key trend in the cloud management platform market.It is a set of services that work together to address the issues associated with multi-cloud deployments for simplified hybrid IT management.
The multi-cloud management platform includes application identification and dependency mapping, migration planning, capacity optimization, cloud cost control, cloud security automation, increased performance and availability, and intelligent IT service management.These functionalities ease the workflow process and decrease the operational cost for the company.
For instance, in October 2020, Oracle, a US-based computer software company, launched multi-cloud observability and management platform. This combines a comprehensive set of management, diagnostic, and analytics services to assist customers in removing the complexity, risk, and cost associated with a fragmented approach to managing multi-cloud.
In July 2020, Freshworks, a US-based IT services and IT consulting company, acquired Flint for an undisclosed amount.With this acquisition, Freshworks will provide IT teams with greater visibility, allowing them to manage hybrid infrastructure better, optimize budgets, and automate staff functions.
Flint is a Singapore-based IT orchestration and cloud management platform company.
The countries covered in the cloud management platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cloud management platform market research report is one of a series of new reports that provides cloud management platform market statistics, including cloud management platform industry global market size, regional shares, competitors with a cloud management platform market share, detailed cloud management platform market segments, market trends and opportunities, and any further data you may need to thrive in the cloud management platform industry. This cloud management platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06319489/?utm_source=GNW
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