Pune, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Cloud System Management Market Size Analysis:
“According to SNS Insider Research, The Cloud System Management Market size was recorded at US$ 19.35 Billion in 2023 and is expected to reach US$ 180.9 Billion by 2032, growing at a CAGR of 28.2% over the forecast period 2024-2032.”
Market Overview:
The Cloud System Management market is witnessing an explosive growth phase with the growing trend of cloud computing among companies that are spread across every industry. The growing difficulty of operating hybrid and multi-cloud environments, paired with a focus on cost efficiency and increased security is causing the need for advanced cloud management solutions to various ongoing issues. Additionally, modern IoT devices and colossal data production are also driving the market up at the fastest pace. For Instance, more than 95% of companies worldwide from various domains are dependent on the cloud platform for their operations. Moreover, The U.S. and Europe are the hub of the cloud-based operation with major key players such as AWS, Microsoft Azure, and Google Cloud Platform. Their offerings can allow organizations to track their cloud resources easily, optimize costs, and be compliant with the different industry regulations. Moreover, industries other than IT, such as financial services, healthcare, and retail, are taking the route of AI-driven cloud management for strides in competitiveness, customer experience, and innovation. For instance, in healthcare, PACS, an archiving and communication system for pictures, in modern radiology, acts as a digital platform when it comes to storing, retrieving, distributing, and presenting medical images.
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Major Players Analysis Listed in this report are:
- VMware, Inc.
- BMC Software, Inc.
- CA Technologies, Inc.
- Cisco Systems, Inc.
- Hewlett Packard Enterprise Development LP (HPE)
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Red Hat, Inc.
- ServiceNow, Inc.
- VMware, Inc.
- Other Players
Cloud System Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 19.35 Bn |
| Market Size by 2032 | US$ 180.9 Bn |
| CAGR | CAGR of 28.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Rising demand for emerging technologies and cloud service platforms. • Increasing trend of Artificial Intelligence (AIOps) in IT, to reduce cost, increase privacy, and help in decision-making. |
Some ongoing trends in the Cloud System Management Market:
One of the major driving forces for the cloud system management market is the growing popularity of hybrid and multi-cloud platforms that enable consistent building and operation across cloud, on-premises, and edge environments. Cloud computing has taken digital transformation and optimization initiatives to a whole different level by helping in numerous aspects. Companies invest in organized innovation programs to achieve business objectives, react to market circumstances, and execute expedited digital transformation projects. For instance, there's Red Hat OpenShift, developed by IBM, which recognizes hybrid cloud container technology. Red Hat OpenShift allows users to develop and get access to cloud services anywhere and from any cloud.
In addition, with innovative startups specializing in cloud management, the field is beginning to witness real competition that drives further innovation. For Instance, the top cloud computing startups in recent years are cast AI, Coastal Cloud, CloudHesive, Cleancloud, etc. some of which boost the cloud system management market with profitability and opportunity to expand.
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Recent Developments
- In 2023 IBM purchased Instana, an Application Performance Monitoring and Observability company to improve its artificial intelligence for IT operations (AIOps) requirements. IBM adds a new set of capabilities to manage complex cloud environments.
- Microsoft also released Azure Arc-enabled SQL Managed Instance in 2024, enabling customers to deploy fully managed instances of a given version of SQL Server on any infrastructure including those on-premises or at the edge as well as other cloud environments. This not only gives you a common way to manage hybrid and multi-cloud management but it allows your developers access via code for deploying their apps.
Segment Analysis:
Based on the Verticals, the BFSI sector held the dominant position with more than 30% of the market share in 2023.
The demand for AI, predictive analytics, and big data continues to increase as more banks and financial services organizations contemplate ways of monetizing data through the prediction of customer-spending patterns and insight-driven, unstructured datasets to better the business model. Therefore, as a result, multi-cloud financial management and FinOps built in the cloud turned out to be significant drivers of cloud management for systems and services. Furthermore, other top companies have also launched cloud-based platforms such as Google Cloud, Microsoft Cloud, AWS, Oracle, etc. to optimize banking functions with the help of AI (Artificial Intelligence)/ML (Machine Learning) and deliver personalized customer experience.
Cloud System Management Market Key Segmentation:
Based on Component
- IT Operations Management (ITOM)
- IT Service Management (ITSM)
- IT Automation and Configuration Management (ITACM)
Based on Deployment Model
- On-premises
- Cloud
Based on Organization size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Based on Verticals
- Banking, Financial Services, and Insurance (BFSI)
- Telecommunications
- IT and ITeS
- Government and Public Sector
- Retail and Consumer Goods
- Manufacturing
- Energy and Utilities
- Media and Entertainment
- Healthcare and Life Sciences
- Others
Regional Analysis:
North America held the largest market share of more than 42% in the Cloud System Management Market during 2023. The reason behind their dominance is that the major Corporations in the region of the US have adopted cloud computing faster compared to other regions including emerging economies. In Addition, the U.S. Govt. as well as companies are investing in the Cloud platform to develop the market and improve cybersecurity.
Secure cloud services are recognized by the government Designed to ensure a standardized approach for assessing and authorizing cloud services that government agencies use, the Federal Risk and Authorization Management Program (FedRAMP) Teddy Kim/Mashable In a similar vein, Microsoft has invested vast sums to grow Azure's networks and offerings as well, but especially in AI/ML expertise for use by companies with which the two can develop innovation solutions. Google Cloud is extending its SaaS efforts, particularly in collaboration and data analytics. Google launches workspace in 2024, introduces new features to improve productivity and collaboration for businesses
Europe is expected to grow at the fastest growth rate, with rising investment in cloud-based start-ups originating from countries including France, Italy, and Benelux. These are all helping the region to make a steady transition towards digital government and with favorable regulatory environments supporting cloud adoption, provide essential growth drivers.
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Key Takeaways:
- The Cloud System Management market is reaping remarkable growth as the cloud environments become more and more complex, and the need for management of the resources is ever more vital.
- BFSI is the biggest adopter of cloud system management solutions due to its stringent regulatory requirements, coupled with the need for data-driven insights.
- North America dominates the market, followed by Europe and the Asia Pacific region.
- AI and ML are making a difference in the way cloud systems management is done due to their inherent strengths in advanced analytics and automation.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Cloud System Management Market, By Component
8. Cloud System Management Market, By Deployment Type
9. Cloud System Management Market, By Organization Size
10. Cloud System Management Market, By Verticals
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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