Integrated Cloud Management Platform Market worth $5.8 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 7, 2022 /PRNewswire/ -- According to a research report "Integrated Cloud Management Platform Market with COVID-19 Impact Analysis, by Component (Solutions and Services), Organization Size, Vertical (BFSI, IT & Telecom, Government & Public Sector) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Integrated Cloud Management Platform Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period, to reach USD 5.8 billion by 2027 from USD 2.9 billion in 2022.
Key factors that are expected to drive the growth of the market are increased mobility, shifting workload toward cloud environments, and growing trend to bring your own device, facilitating simplified management of complex and heterogenous cloud environments, growing adoption of hybrid cloud and multi-cloud strategies, across enterprises of different industry verticals, rising adoption of cloud-based business utility solutions and services due to COVID-19, increased savings and workforce productivity, and emergence of AI-enabled tools in IT operations.
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Services segment to grow at a higher CAGR during the forecast period
Based on the component, the market is segmented into two categories: solutions, and services. The services segment is expected to grow at a higher CAGR during the forecast period. Services, including consulting, integration and implementation, training and education, and support and maintenance, are required at various stages, from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get maximum RoI. Services constitute an integral part in deploying the solution onboard, imparting training, and handling and maintaining the software solution. Companies offering these services encompass consultants, solution experts, and dedicated project management teams specializing in designing and delivering critical decision support software, tools, and services.
SMEs segment to grow at a higher CAGR during the forecast period.
The ICMP market is segmented by organization size is segmented into SMEs and large enterprises. The SMEs segment is expected to grow at a higher CAGR during the forecast period. Cost-effectiveness is an important factor for SMEs, as they always have a tight budget, leaving them with limited ways to market themselves and gain visibility. The implementation of cloud storage is expected to result in increased revenues, desired outcomes, and improved business efficiency for SMEs. SMEs adopt the pay-as-you-go model, which offers flexibility to manage their IT infrastructure according to their requirements. SMEs face intense competition from large enterprises; thus, o gain a competitive edge, they are adopting integrated cloud management platforms, which would enable quick responses, timely decisions, and overall enhanced business productivity.
Consumer goods and retail vertical to grow at a higher CAGR during the forecast period.
The consumer goods and retail industry vertical is expected to grow at the highest CAGR during the forecast period. The world of retail is changing rapidly, not just in terms of the stores we buy from, but how we shop, when how we pay for goods and the way in which those goods move through the supply chain. The impact of this has redefined the perception of customer experience and the standards retailers today are expected to reach and exceed. Multi-cloud platforms provide retailers with flexibility and allow them to do storage and computing at a lower cost. Examples of this are the UK's retailing giant, Sainsbury's and Argos. The merger of the two companies was facilitated by the adoption of a multi-cloud platform because combining the operational requirements of both businesses would have been impossible on-premises. Through multi-cloud, the businesses were able to blend their business processes and maximized reach. Retailers use data to connect the e-commerce and in-store shopping experiences, and the only way they can do this accurately and efficiently is through flexible, scalable technology. The rise of selling on social media platforms also means integrating payment into the user experience, bringing security and protection of customers' data to the forefront of retailers' minds. The hybrid cloud provides the portability and control needed to bring retailers into the new era of customer experience.
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APAC to grow at a higher CAGR during the forecast period.
The APAC market is gaining huge traction among global businesses. The Asia Pacific region comprises emerging economies, such as China, Japan, Australia and New Zealand, and the rest of Asia Pacific. The region is gaining huge traction among global businesses. It consists of countries with a complex ecosystem of start-ups, governments, SMEs, and large multinational companies using and developing an array of valuable ICT solutions. Major factors for technological advancements in the region are the rising levels of urbanization, technological innovation, and government support for the digital economy. Rapid advancements in telecommunications, cloud computing, and IoT have led to several organizations adopting cloud-based strategies. The region is expected to experience huge growth during the forecast period. With the increasing adoption of cloud technologies and the rising amount of business processes, there has been a significant rise in the adoption of integrated cloud management platform solutions.
The Integrated Cloud Management Platform Market comprises major providers, such Microsoft (US), IBM (US), VMware (US), Dynatrace (US), MicroFocus (England), Snow Software (Sweden), Cognizant (US), BMC Software (US), Lumen Technologies (US), Splunk (US), Oracle (US), Cisco (US), HPE (US), NetApp (US), Nutanix (US), Flexera (US), Datadog (US), Red Hat (US), New Relic (US), Service Now (US), HashiCorp (US), Turbonomic (US), Abiquo (US), HyperGrid (US), Rafey Systems (US), Centilytics (US), Stacklet (US), RackWare (US), Cirrusform (UK), Corestack (US), Morpheus Data (US), and CloudBolt (US). The study includes an in-depth competitive analysis of key players in the Integrated Cloud Management Platform Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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