The Cloud System Management Software Market is expected to register a CAGR of 30% over the forecast period 2022 – 2031. Cloud computing technology is rapidly becoming the norm with cloud solutions and services growing.
– Cloud computing has reduced the need for organizations and enterprises to invest in their own physical IT infrastructure. According to a 2019 Cloud Computing Survey by the Cloud Security Alliance, 69% of the world’s enterprises are migrating business-critical applications to the cloud. Among the many factors that compel business organizations to move their applications and operations to the cloud include significant financial savings.
– Moving their business processes and operations to the cloud allows for more flexibility, especially for companies with fluctuating bandwidth requirements. The introduction of cloud system management software enabled enterprises to manage all cloud-based operations, resources, data hubs, and more from the unified interface.
– Cloud systems management software services are increasingly adopted by enterprises, owing to the benefits they provide, such as better staff efficiency, easy deployment, higher responsiveness to end-users, optimum resource utilization, reduced cost of maintenance, and enhanced quality.
– A comprehensive cloud management platform includes a resource usage monitor to identify how much resources their business requires while showing how much they are using. This would help them track the number of resources and data they are using and activate other resources only when needed.
– Additionally, cloud systems management software handles system failures automatically with capabilities such as self-monitoring, a notification mechanism, and failure & self-healing
– According to the 2019 Annual State of the Cloud Survey, 84% of enterprises with over 1,000 employees are now adopting a multi-cloud strategy. This figure is a 3-point jump from 81% in 2018. Based on current data, there would be a massive adoption and implementation of multi-cloud strategies in the foreseeable future.
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– However, multi-cloud deployment presents a number of challenges, primarily the monitoring of multiple cloud environments. To address this concern, enterprises are constantly looking for a hybrid cloud management portal customized for multi-cloud strategies.
– The growing adoption of hybrid cloud is further expected to augment the market’s growth positively. According to the Flexera 2020 State of the Cloud Report, 93% of enterprises have a multi-cloud strategy, 87% have a hybrid cloud strategy. Additionally, 20% of enterprises spend more than USD 12 million per year on public clouds, and 59% of enterprises expect cloud usage to exceed prior plans owing to COVID-19.
– Moreover, due to the ongoing outbreak of COVID-19 across the world, it has created huge restrictions on business operating with on-premise IT systems; and hence, many of these organization has rapidly chosen to swiftly migrate to the cloud. Microsoft has mentioned that post-pandemic, the company has witnessed over 775% increase in demand for cloud services. Hence such trends are driving the market’s growth positively.
Key Market Trends
Growing adoption of Cloud Services by SME’s Driving the Market’s Growth
– A large number of small and medium enterprises are focused on introducing their own cloud frameworks to securely cater to their internal computing and data storage and processing requirements.
– With the help of advanced cloud systems management software products, enterprises could enhance their quality and speed of delivery, reduce the cost of undertaking manual tasks, and improve business performance and accuracy.
– Moreover, the enhancements witnessed in cloud-based systems in the past few years have led to a massive increase in the number of customized services and applications, requiring effective management tools for positive outcomes.
– According to the US Small Business Administration (SBA), more than 50% of Americans either own or work for a small business. Additionally, According to the European Commission, there were predicted to be approximately 25.1 million SMEs in the European Union in 2018, with the vast majority of these enterprises micro-sized firms that only employed fewer than nine people.
– Moreover, According to Parallels, the size of small-to-medium-sized business cloud services increased to USD 158.9 billion in 2019 from USD 125 billion in 2016. The growth in the adoption of cloud services among SMEs is anticipated to drive the market’s growth over the forecast period.
– According to the RightScale 2019 State of the Cloud Report from Flexera, top cloud challenges among SMB include lack of resources/expertise, governance, security, compliance, and managing cloud spend, among others.
– However, with innovations in the cloud, these challenges would be easier to address. For example, cloud management software supports robust strategies to facilitate critical business tasks like security audits, compliance management, disaster recovery, and contingency planning. These solutions have become indispensable that the average enterprise uses over 1,400 distinct cloud services, six different file-sharing cloud services, and 210 distinct collaboration cloud services.
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Asia-Pacific is Expected to Witness Highest Growth Rate
– The Asia-Pacific is expected to witness growth owing to the growing spending on IT infrastructure, rise in adoption of cloud-based applications, and increasing demand for automation of processes.
– A cloud management platform is becoming a basic need for enterprises with multi-cloud deployments, one addressed by almost all cloud providers. Multi-cloud has become the norm for most enterprises across the Asia Pacific region. It is expected that 84% of CIOs in the Asia Pacific believe multi-cloud would constitute up to 50% of their hosting environment in the next three years.
– As more Asia-Pacific enterprises move to the hybrid cloud, many innovative solutions have emerged to help organisations manage the lifecycle of cloud applications in a heterogeneous IT environment
– According to the Enterprise Cloud Index Report by Nutanix, a major vendor in enterprise cloud computing, in 2019, the financial sector in India outpaces other industries in the adoption of hybrid cloud, with the deployment of hybrid cloud with a penetration rate of 21%, compared to the global average of 18.5%. Hence such developments are boosting the market’s growth positively.
– Moreover, growing development in the cloud computing industry, along with government initiative, would drive the market’s growth positively over the forecast period. For instance, According to the Development Research Center (DRC) of the State Council, China’s Cabinet, the cloud computing industry in the country is expected to exceed CNY 300 billion (USD 42.3 billion) by 2023, over a threefold increase from its 2018 market value of CNY 96.28 billion. During this forecast, over 60% of the country’s businesses and government agencies would depend on cloud computing as an integral part of their daily operations.
– Strong government backing, along with substantial private sector investment, is behind the growth of China’s cloud computing industry. According to data from the National Development and Reform Commission, the country’s top economic planning body, in each year since 2010, the central government has invested over CNY 1 billion toward developing the domestic cloud computing industry.
– NASSCOM has also stated that Business Process Management (BPM) and IT services in India contributes to over 14% and 10% of the global demand and is expected to continue with the consistent growth in the global cloud adoption rate. The government supported the demand for growing IT and Infrastructure through various incentive programs. The growth of IT services in India will drive the market’s growth positively.
– The growing investments and developments in the IT and telecommunication and BFSI industry in the region are expected to create opportunities for the market. The Indian IT and IT-enabled services industry is the dominating source for most of the countries worldwide, which accounted for over 55% of the global services sourcing businesses in 2018 (IBEF).
– Furthermore, Covid-19 has accelerated customer demand for digital technologies to ensure resilient enterprise business operations across the region, resulting in cloud-based offerings replacing traditional products.
– Key verticals such as BFSI, healthcare and manufacturing sectors are witnessing a surge in demand for cloud-based solutions, owing to features such as remote data storage capabilities and provisioning of privileges for hosted applications.
Competitive Landscape
The Cloud System Management Software market is fragmented with the presence of players such as IBM Corporation, BMC Software, Inc., VMware, Inc., HP Development Company, L.P., Cisco Systems, Inc., Microsoft Corporation, and Oracle Corporation. Prominent cloud systems management vendors deliver customized computing solutions and provide innovative and efficient solutions to end-users, which is also driving the market growth.
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