Cloud Performance Management Market Worth $3.9 Billion By 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 18, 2022 /PRNewswire/ -- Cloud Performance Management Market to grow from USD 1.5 billion in 2022 to USD 3.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period, according to a new report by MarketsandMarkets™. The major factors driving the growth of the Cloud Performance Management market include increasing demand of AL, Big data, cloud solutions.
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Large Enterprises segment to hold the highest market size during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The traction of cloud performance management in large enterprises is said to be higher than SMEs, as they are adopting cloud performance management solutions to improve business operational efficiency across regions.
The increasing deployment of SaaS offerings such as customer relationship management, human capital management, enterprise resource management, and other financial applications creates an advantageous environment for cloud monitoring adoption, particularly in large organisations, improve the overall cloud system, improve the cloud monitoring, and sustain themselves in intense competition. Large enterprises introspect and retrospect on implementing best practices to ensure effective performance management. CMaaS (Cloud-Monitoring-as-a-Service) is a popular software solution for large businesses seeking a fully managed cloud monitoring service for cloud and virtualized environments. These solutions are provided by third-party providers and are monitored 24 hours a day by IT experts with access to the most recent APM technologies and services.
Banking, Financial Services, and Insurance to record the fastest market size during the forecast period
The BFSI vertical is crucial as it deals with financial data. Economic changes significantly affect this vertical. Regulatory compliances and the demand for new services have created an environment where financial institutions are finding cloud computing more important than ever to stay competitive. A recent worldwide survey on public cloud computing adoption in BFSI states that 80% of the financial institutions are considering hybrid & multi-cloud strategies to avoid vendor lock-in. It provides these critical financial institutions the much-needed flexibility to switch to alternate public cloud operators in case of an outage to avoid any interruptions in the services.
New competitors, new technologies, and new consumer expectations are impacting the BFSI sector. Digital transformation provides organizations access to new customer bases and offers enhanced visibility into consumer behaviour through advanced analytics, which helps organizations in creating targeted products for their customers. Most banks are adopting cloud performance management solutions owing to their benefits, such as configuration management and infrastructure automation to increase stability, security, and efficincy. The BFSI business is expected to hold a significant share of the cloud performance management market due to different advantages offered by cloud-based technologies, such as improved performance, reduced total cost of ownership, improved visibility, and standard industry practices. Cloud performance management is adopted for mission-critical industry verticals, such as BFSI, extensively to improve revenue generation, increase customer insights, contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets.
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Asia Pacific is projected to be the highest CAGR during the forecast period
The Asia Pacific region comprises emerging economies, such as China, Japan, Australia and New Zealand, and the rest of Asia Pacific. The demand for managed cloud and professional services is growing, particularly in countries with a mature cloud landscape, such as Japan. This is due to the increasing migration of complex Big Data and workloads such as enterprise resource planning (ERP) to cloud platforms. The expansion of open source technologies, as well as advancements in API-accessible single-tenant cloud servers, also helps to promote acceptance of managed private cloud providers. Furthermore, with the rise of the Internet of Things (IoT), the cloud is becoming increasingly important in enabling the development and delivery of IoT applications. To deal with the data explosion, more businesses in Asia-Pacific are redesigning their networks and deploying cloud services.
The huge amount of data lead to the complexity of managing workloads and applications manually, which would act as the major factor in the adoption of cloud performance management solutions among enterprises in this region. Also, the affordability and ease of deployment of cloud performance management solutions would act as the driving factors for the adoption of cloud technologies among enterprises. The increasing trend toward cloud-based solutions is expected to trigger the growth of the cloud performance management market in this region. Integration of latest technologies, such as AI, analytics, ML, drives the demand for cloud performance management solutions in the region. The availability of advanced and reliable cloud infrastructure presents attractive opportunities for cloud-based technologies. Increase in investments in Asia Pacific by giant cloud providers such as Google is the driver for the growth of CPM market in this region. Strong technological advancements and government initiatives have driven the cloud performance management market. Increase in urbanization, technological innovation, and government support for the digital economy with suitable policies and compliance (regulations) have driven the cloud performance management market.
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Some prominent players across all service types profiled in the Cloud Performance Management Market study include Microsoft (US), IBM (US), HPE (US), Oracle (US), VMware (US), CA Technologies (US), Riverbed (US), Dynatrace (US), App Dynamics (US), BMC Software (US).
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