Increasing adoption of hybrid cloud and multi-cloud strategies to drive the cloud system management market
The global cloud system management market size is expected to grow from USD 10.6 billion in 2020 to USD 31.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 24.1% during the forecast period. Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global giants are providing customers with cost-effective and productive digital solutions as every industry is economically hard-hit from the pandemic. The sudden shutdowns of offices, schools, and enterprises have increased the demand for cloud solutions and services. The cloud system management market in verticals such as IT, telecom, BFSI, and media and entertainment has impacted positively due to the work from home initiative. Employees are using cloud collaboration platforms for communicating and consuming OTT streaming services heavily as they need to stay at home amidst lockdowns.
IT Operations Management (ITOM) to help enterprises in gaining visibility across infrastructure
ITOM involves technology infrastructure components and requirements of individual applications, services, storage, networking, and connectivity elements within an enterprise. It is responsible for the smooth functioning of the infrastructure and operational environments that support the application deployment to internal and external customers, including network infrastructure, server and device management, computer operations, IT infrastructure library (ITIL) management, and help desk services to an organization. It mainly represents the tools needed to manage the provisioning, capacity, performance, and availability of the computing, networking, and application environment.
IT and ITeS vertical to grow at the highest rateduring the forecast period
The IT and ITeS vertical has experienced significant growth in recent years. In their constant struggle to manage the reducing margins, ITeS companies have taken several steps, such as business process and IT outsourcing, infrastructure sharing, and revenue assurance, to reduce their operating costs and increase their revenues. To ensure the effectiveness of these steps, it is important to ensure the effectiveness of the IT services supporting these steps. In the ITeS industry, cloud management is done in a complex manner where the prime focus is on the customer’s needs rather than the businesses. Cloud system management solutions are helping organizations’ IT to mature to the level of IT governance aligned with the overall corporate strategy, which would further drive business performance. Hence, it is important to have an effective cloud ITSM framework to satisfy the growing expectations of customers. Furthermore, the increased use of smartphones and tablets across organizations has enabled employees to work remotely.
North Americato hold the largestmarketsize andAsia Pacific (APAC) to grow at the highest rate during the forecast period
North America is the most mature market in terms of cloud system management solutions adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise. APAC is expected to offer significant growth opportunities for cloud system management solutionsvendors during the forecast period. Rapid advancements in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have led many organizations to adopt cloud system managementsolutions.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The breakup of the profiles of the primary participants as follows:
- By Company Type: Tier I:35%, Tier II: 45%, and Tier III:20%
- By Designation: C-Level:35%, D-Level:25%,and Others:40%
- By Region: North America:45%, Europe:20%, APAC: 30%, and RoW: 5%
The report profiles the following keyvendors:
- VMware (US)
- Microsoft (US)
- IBM (US)
- Cisco (US)
- BMC Software (US)
- New Relic (US)
- Splunk (US)
- ServiceNow (US)
- Dynatrace (US)
- Datadog (US)
- Google (US)
- Micro Focus (UK)
- Oracle (US)
- Broadcom (US)
- AWS (US)
- Flexera (US)
- ScienceLogic (US)
- Puppet (US)
- HPE (US)
- Turbonomic (US)
- Apptio (US)
- Chef (US)
- Densify (US)
- Riverbed (US)
The report segments the global cloud system management market by component, the cloud system management market has been segmented into ITOM, ITSM,and ITACM. By the deployment model, the cloud system management market has been segmented into on-premise and cloud. Based on organization size, the market has been classified into Small and Medium-sized Enterprises (SMEs) and large enterprises. By vertical, the cloud system management market has been classified into Banking, Financial Services and Insurance (BFSI); telecommunications; IT and Information Technology-enabled Services (ITeS); government and public sector; retail and consumer goods; manufacturing; energy and utilities; media and entertainment; healthcare and life sciences; and others (education, travel and hospitality, and transportation and logistics). By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in the cloud system management market with information on the closest approximations of the revenue numbers for the overall cloud system management market and the subsegments.
- The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.