New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cloud Management Platform Global Market Report 2022" - https://www.reportlinker.com/p06319489/?utm_source=GNW
The global cloud management platform market is expected to grow from $11.76 billion in 2021 to $14.63 billion in 2022 at a compound annual growth rate (CAGR) of 24.38%. The cloud management platform market is expected to grow to $33.59 billion in 2026 at a compound annual growth rate (CAGR) of 23.09%.
The cloud management platform market consists of sales of cloud management platforms and related services by entities (organizations, sole traders, and partnerships) that 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.
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-premise 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.
North America was the largest region in the cloud management platform market in 2021. 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 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.
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, 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.
Read the full report: https://www.reportlinker.com/p06319489/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
