The cloud management platform market has experienced rapid growth in recent years, escalating from $16.08 billion in 2023 to $18.79 billion in 2024, with a compound annual growth rate (CAGR) of 16.9%. The growth in the historical period can be attributed to the increasing need for resource optimization, a focus on automation and orchestration within cloud environments, and growing concerns regarding security and compliance. Looking forward, the market is expected to maintain its rapid growth trajectory, projected to reach $37.58 billion by 2028, with a CAGR of 18.9%. The anticipated expansion is driven by increased integration with DevOps practices, a heightened focus on cost optimization strategies, the adoption of container orchestration tools such as Kubernetes, and the automation of governance and policy frameworks. Major trends in the forecast period include enterprise digital transformation initiatives, the proliferation of hybrid cloud deployments, the continued emphasis on container orchestration and management, and enhancements in user experience and interface design.
Major Driver In The Cloud Management Platform Market
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 cloud management platform market growth. The market size for cloud management platforms is anticipated to reflect the increased adoption of cloud computing, with substantial growth projected in 2023, 2024, and beyond.
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Cloud Management Platform Market Competitive Landscape
Google LLC, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services Inc., Turbonomic Inc., International Business Machines Corporation, Cisco Systems Inc., Hewlett Packard Enterprise Company, CloudBolt Software Inc., VMware Inc., ServiceNow Inc., NetApp Inc., Citrix Systems Inc., Splunk Inc., BMC Software Inc., Nutanix Inc., Red Hat Inc., New Relic Inc., Rapid7 LLC, Cohesity Inc., Apptio Inc., LogicMonitor Inc., Flexera Software LLC, Flexera Software LLC, OpsRamp Inc., Scality Inc., CloudHealth Technologies Inc., CloudCheckr Inc., ParkMyCloud Inc., Fugue Inc., Zenoss Inc., Stratodesk Corporation
Cloud Management Platform Market Segmentation
The cloud management platform market covered in this report is segmented –
1) By Component: IT Operations Management (ITOM), IT Service Management (ITSM), IT Automation And Configuration Management (ITACM)
2) By Deployment Mode: Private Cloud, Public Cloud, Hybrid
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Verticals: BFSI, Telecommunications, IT And ITeS, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Energy And Utilities, Media And Entertainment, Healthcare
By Geography:The regions covered in the cloud management platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the cloud management platform market in 2023.
The Cloud Management Platform Global Market Report 2024 furnishes information about the global cloud management platform market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
