Integrated Cloud Management Platform Market To Generate Revenue Worth $8,854.9 Million by 2030
- Published: July 2022
The global integrated cloud management platform market is expected to generate $8,854.9 million revenue by 2030, advancing at a considerable rate, of 15.1%, during 2021–2030. The increasing adoption of the hybrid cloud infrastructure and integrated AIOps technologies is creating opportunities for the startups and established companies operating in the market.
Large enterprises have already extensively adopted integrated cloud management platforms as they continually adopt new technologies, whereas SMEs are expected to witness significant growth in this regard during the forecast period, as they are facing aggressive competition from large corporations.
Between solutions and services, integrated cloud management platform services are set to witness the faster adoption growth during the forecast period, as organizations implementing these platforms would require training and consultation, along with maintenance and support services, in the coming years.
BFSI Sector Is Largest Vertical in Market
The BFSI sector is the largest vertical in the industry, as most of the organizations and companies operating in this sector have adopted cloud computing, which has been creating a strong need for cloud management platforms.
The usage of these solutions in the retail and consumer goods sector is expected to witness the highest growth rate during the forecast period due to the rapid shift toward online shopping. Since many e-commerce companies host their shopping applications on the cloud, the adoption of cloud infrastructure management platforms continues to rise here.
North America Leads Market
The North American integrated cloud management platform market generated 40% of the global revenue in 2021, and it is expected to maintain its dominance during the forecast period, owing to the swift adoption of private cloud infrastructure and connected devices by enterprises. The U.S. is the larger market in the region, as a major proportion of the companies offering such solutions are headquartered in the country and are focusing on developing new and innovative products for end users. Moreover, the industry growth in Canada is expected to gain momentum during the forecast period.
The APAC region is likely to witness the fastest growth during the forecast period, with China dominating the region’s market. The major reasons for this growth include the concerns over reliability on a single cloud and easy availability of the required skilled labor, along with the increasing adoption of the cloud infrastructure.
New Product Launches and Innovations Are Driving Market
In recent years, the major companies operating in the market have been involved in technological advancements to improve their position. For instance, in April 2022, VMware Inc. announced the availability of VMware vRealize Cloud Management Services in India, which would enable enterprises to smoothen their SaaS-based multi-cloud management.
Major players in the integrated cloud management platform market include Microsoft Corporation, IBM Corporation, VMware Inc., Dynatrace Inc., Micro Focus International Plc, Snow Software Inc., Cognizant Technology Solutions Corporation, BMC Software Inc., Lumen Technologies Inc., and Splunk Inc.