- Private/Hybrid Cloud
Cloud Management Market size was valued at USD 10,634.6 Million in 2022 and is anticipated to grow at a CAGR of 7.9 % over 2023-2029. Cloud management refers to the set of processes, tools, and practices used to oversee and control the utilization, monitoring, optimization, security, and governance of cloud resources and services. As businesses increasingly adopt cloud computing, effective cloud management becomes crucial to ensure the efficient operation of cloud environments while meeting organizational goals and compliance requirements. The proliferation of multi-cloud and hybrid environments plays a pivotal role in driving the revenues of the cloud management market. As organizations increasingly adopt cloud computing, many are opting for diverse strategies that involve using multiple cloud service providers or a combination of on-premises infrastructure and cloud resources. This complex landscape brings forth challenges in managing and orchestrating resources across different platforms seamlessly. Cloud management solutions are uniquely positioned to address these challenges by offering centralized control, automation, and optimization tools that span various cloud providers and on-premises environments. Moreover, factors such as resource scalability, cost optimization, and complexity management are fundamental drivers propelling the growth of the cloud management market. Cloud management solutions address the dynamic nature of cloud environments by offering automated resource scalability, enabling organizations to match resource allocation with changing demand. These solutions empower businesses to optimize costs by providing insights into resource consumption, identifying idle or underutilized assets, and suggesting strategies for cost reduction. As cloud environments become increasingly complex with numerous components and services, cloud management tools provide a centralized platform to simplify management, orchestrate resources, and enhance visibility across multi-cloud and hybrid setups. However, implementing cloud management solutions can be complex and time-consuming, especially when integrating with existing IT infrastructure, legacy systems, and multiple cloud platforms. This complexity might deter some organizations from adopting such solutions. Meanwhile, automation and AI-driven management solutions of cloud management further create opportunities for market growth. Several market players are developing innovative solutions to cater to various end-users. For instance, in April 2023, Cognizant introduced Skygrade, a hybrid cloud and edge management platform that assists companies in adopting modern cloud-native architectures and simplifying their cloud management operations.
Cloud Management Market Key Developments:
Fastest Growing Market
The adoption of cloud management solutions is increasing so as to optimize storage allocation and management and support the monitoring of end-userâ€™s access to the enterprise computing infrastructure. Enterprises are deploying private cloud infrastructure to meet storage and internal computing requirements and are adopting cloud management solutions to efficiently manage the network thus driving the market.
Incorporating artificial intelligence (AI) and machine learning (ML) into cloud management solutions stands out as a significant trend within the cloud management market.
Enhanced cost optimization features, including predictive cost analysis, real-time budget tracking, and recommendations for cost-saving strategies are some of the factors that create opportunities for companies to enhance their revenue over the forecast years.
The cloud management market size was valued at USD 10,634.6 million in 2022
15. Key Assumptions and Acronyms