Cloud System Management Market worth $31.4 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 26, 2020 /PRNewswire/ -- According to a research report "Cloud System Management Market by component (IT Operations Management (ITOM), IT Service Management (ITSM), and IT Automation and Configuration Management (ITACM)), deployment model, organization size, vertical, and region - Global Forecast to 2025", published by MarketsandMarkets™, 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.
The flexibility and agility of cloud-based models would support the IT service needs of enterprises. The leading CSPs/hyperscalers—Microsoft, Alphabet, IBM, and AWS—are expected to increase their CAPEX primarily for data center expansion to support the increasing workload for their internal and external stakeholders. The increasing volume of data generation in websites and mobile apps, rising focus on delivering customer-centric applications for driving customer satisfaction, and growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are a few factors driving the growth of the emerging technologies. The emerging technologies, such as big data, Artificial Intelligence (AI), and Machine Learning (ML) are gaining traction which is ultimately leading to the growth of the Cloud System Management Market, globally.
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The sudden shutdown of offices, schools, colleges, and physical retail stores has massively disrupted operations; this has led to an increase in the demand for digital workplace tools and services, such as Zoom, Slack, Blackboard, Lynda, Canvas, Google Classroom, AnyMeeting, and Moodle. AWS, Microsoft, and Google host and manage all applications in a public cloud environment. Increased spend on cloud services by select industries due to COVID-19. Industries, such as IT and ITeS, telecom, online retail/commerce, media, and BFSI, are expected to increase spending on cloud-based services to sustain their business. Highly regulated and cash-rich industries, such as BFSI, are also expected to move selective workloads to public cloud environments.
The market is expected to be driven by the functionalities of ITOM, including the availability of a single platform to cater to multiple aspects of service delivery
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 manag the provisioning, capacity, performance, and availability of the computing, networking, and application environment.
Increased security capabilities and customized costing in cloud based solutions is driving the adoption of cloud based deployment
Cloud deployment model offers various benefits to enterprises, such as scalability, reliability, flexibility, and remote location access. Cloud is more preferred by enterprises that have less regulatory hurdles and are willing to partially or fully outsource their storage facilities. The major concern with cloud is data security due to which many enterprises are shifting to private and hybrid cloud solutions. The SaaS-based deployment of cloud systems management solutions is expected to gain traction in the coming years due to all the advantages it offers over on-premises deployment. The growth of cloud deployment is expected to be higher as it offers customization of solutions according to business requirements, billing based on usage, rapid implementation, and reduced overhead cost of implementation.
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North America to dominate the global Cloud System Management Market in 2020
North America is expected to have the largest market size among the regions in the Cloud System Management Market as organizations are shifting toward cloud-based solutions and services with the increasing adoption of digital business strategies. This trend is expected to continue during the forecast period. North America is a mature market due to the presence of many players offering cloud system management solutions. Moreover, enterprises are increasing their budgets to accommodate a cloud system management solution, which is favoring the growth of the Cloud System Management Market in North America. The US and Canada are the top countries in North America which contribute to the Cloud System Management Market. The US, being a major economy, holds a significant market share owing to the country's technological advancements and inclination toward innovation and adoption of new technologies. Furthermore, organizations have invested substantially in advanced technologies to gain competitive advantage and increase business productivity. The Cloud System Management Market is expected to grow steadily as enterprises are adopting cloud-based solutions and services at various levels as a part of their strategy to sustain themselves in the market and achieve improved business functioning. Some of the major players catering to the Cloud System Management Market in North America include Microsoft, IBM, Oracle, HPE, and Cisco.
The Cloud System Management Market includes major vendors, such as 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).
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