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, to gain a competitive edge, they are adopting integrated cloud management platforms, which would enable quick responses, timely decisions, and overall enhanced business productivity.
The integrated cloud management platform comprises major providers, such as 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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The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements, partnerships, mergers, and acquisitions, have been the most dominating strategies adopted by the major players from 2019 to 2022, which helped them strengthen their offerings and broaden their customer base.
Microsoft develops, manufactures, supports, and sells a range of software products and services. The company provides various solutions for cloud, mobility, and productivity. Microsoft’s major cloud offerings include SaaS (Microsoft Dynamics Online [Enterprise Resource Planning (ERM + CRM)] and O365 Online), and IaaS and PaaS (Microsoft Azure [compute, integration, and networking]). Microsoft has been investing heavily in managed services for hybrid cloud, IoT, and edge computing platforms. Innovations, such as Azure Sphere, Digital Twins, and Azure IoT Central, have placed Microsoft ahead of its competition in the IIoT and edge computing industries. The company has introduced Azure Edge Zones, which is a convergence of cloud-managed services, hardware, and high-speed 5G networks. Microsoft, by partnering with hardware vendors, such as Dell EMC, HPE, and Lenovo, plans to deliver converged infrastructure for Azure Stack, along with associations with worldwide telecom companies. This move is expected to provide the company opportunity to build the most comprehensive and expansive edge network. It caters to several verticals, including healthcare, retail, government, BFSI, manufacturing, and education. The company caters to a broad customer base in over 100 countries and has a presence in North America, Asia Pacific, Latin America, the Middle East & Africa, and Europe.
IBM is a leading provider of cloud platform services and cognitive solutions, which work across domains, such as cloud, IT infrastructure, security, services, and research. IBM operates in more than 175 countries and caters to industries across the world. The company functions through six main segments: Global Technology Services, Cloud and Cognitive Software, Global Business Services, Systems, Global Financing, and Others.
IBM offers infrastructure, hosting, and consulting services in different areas that consist of customer relationship management, business analytics optimization, outsourcing, software, and security. IBM is focused on developing solutions and products that are powered with the latest technologies, including AI and ML, analytics, big data, and IoT. The company also offers services to help clients transform their businesses. The service portfolio comprises application services, security, business processes and operations (BPO), cloud services, digital workplace services, and more.
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