Cloud Management Platform Global Market Report 2024

The cloud management platform market size has grown rapidly in recent years. It will grow from $16.08 billion in 2023 to $18.79 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. Historical growth was driven by the necessity for resource optimization, a heightened focus on automation and orchestration in various industries, and increased concerns regarding security and compliance.

The cloud management platform market size is expected to see rapid growth in the next few years. It will grow to $37.58 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. Anticipated growth in the upcoming period is tied to integrating with DevOps practices, a dedicated focus on cost optimization strategies, the integration of container orchestration and Kubernetes, and the automation of governance and policies. Major trends expected in this forecast period encompass enterprise digital transformation initiatives, the deployment of hybrid cloud systems, advancements in container orchestration and management, and efforts towards enhancing user experiences and interfaces.

The increasing flexibility of cloud computing technology is poised to significantly drive the growth of cloud management platforms. Cloud computing strives to enhance internet-based database capabilities and scalability while concurrently reducing costs and mitigating risks. Organizations leverage cloud computing, employing remote computers hosted on the Internet, to effectively store, manage, and process critical data. These advancements and applications enable the dissemination of computing services ranging from servers, networking, software, analytics, storage, databases, to intelligence via the Internet, fostering rapid innovation, providing more adaptable resources, and yielding cost efficiencies. For instance, as per the Flexera 2022 State of the Cloud report, derived from a survey involving 753 respondents on cloud adoption conducted in 2021, the data revealed a surge in year-on-year spending on cloud services, with 53% of participants allocating $1.2 million in 2022, up from 38% in 2021. Consequently, the escalating adaptability of cloud computing technology is poised to serve as a catalyst propelling the growth trajectory of the cloud management platform market.

The escalating landscape of cybersecurity threats is anticipated to be a significant driver propelling the growth of the cloud management platform market in the upcoming years. Cybersecurity threats encompass hostile actions or potential dangers targeting networks, computers, and digital data with the intent of gaining unauthorized access, causing disruption, inflicting damage, or pilfering information. Cloud management platforms (CMPs) assume a critical role in fortifying cybersecurity by overseeing and managing security measures across diverse cloud environments be it public, private, or hybrid clouds. This capability facilitates swifter identification and response to potential threats, bolstering overall security posture. For instance, in November 2022, as reported by the Australian Signals Directorate's Australian Cyber Security Centre, cybercrime reports surpassed 76,000 an uptick of 13% compared to the preceding fiscal year. This equates to one complaint lodged every 7 minutes, marking a noticeable acceleration from the previous fiscal year's rate of one complaint every 8 minutes. Hence, the mounting prevalence of cybersecurity threats stands as a pivotal catalyst propelling the cloud management platform market forward.

The adoption of multi-cloud management platforms stands as a pivotal trend within the cloud management market. These platforms encompass a suite of services designed to tackle challenges linked with multi-cloud setups, enabling streamlined management of hybrid IT environments. Functionality includes tasks such as identifying applications and mapping dependencies, facilitating migration planning, optimizing capacity, controlling cloud costs, automating security protocols, enhancing performance and availability, and implementing intelligent IT service management. These functionalities collectively streamline workflows and reduce operational costs for businesses. As an illustration, in October 2021, VMware, a US-based leader in cloud computing and virtualization software, introduced Cross-Cloud services. This offering provides a comprehensive solution for organizations seeking simplified management of multi-cloud setups. Its features, including support for diverse application platforms, standardized operations, data portability, and robust security measures, effectively address the intricacies of cloud operations. As a result, this launch significantly reduces operational overhead and streamlines the management of multi-cloud environments, contributing notably to the evolution of the cloud management platform market.

Prominent players within the cloud management platform sector are directing their efforts towards product launches, particularly focusing on innovative solutions such as the multi-hybrid cloud and edge-integrated management platforms aimed at facilitating holistic cloud transformations. The concept of a multi-hybrid cloud denotes a computing environment that amalgamates multiple public and private clouds, fostering seamless mobility of data and applications across diverse cloud infrastructures. An exemplar of this trend occurred in April 2023 when Cognizant, a leading US-based multinational IT services and consulting firm, unveiled Cognizant Skygrade. This platform stands out due to its ability to seamlessly integrate across varied multi-cloud environments, offering unified perspectives, expediting migration processes, providing access to diverse cloud functionalities, minimizing risks, enabling comprehensive management, and adopting an industry-specific approach. These distinctive features collectively position Skygrade as a valuable asset in the cloud management platform market. It equips organizations with an efficient, all-encompassing tool to oversee, modernize, and optimize their cloud landscapes while mitigating risks and fostering innovation tailored to specific industry needs.

In January 2023, Dell Inc., US-based, technology company, acquired Cloudify for $100 million . With this acquisition, Dell significantly bolsters its presence in the cloud management platform market, enhancing its DevOps capabilities and cloud services offerings to better serve customers in the rapidly evolving landscape of multi-cloud orchestration and infrastructure automation. Cloudify, Israel-based, an open-source, multi-cloud orchestration platform that can connect, automate, and manage infrastructure and networking environments.


Major companies operating in the cloud management platform market report are Google LLC, Microsoft Corporation, Dell Technologies Inc., Amazon Web Services Inc., Turbonomic Inc., International Business Machines Corporation, Cisco Systems Inc., Hewlett Packard Enterprise Company, CloudBolt Software Inc., VMware Inc., ServiceNow Inc., NetApp Inc., Citrix Systems Inc., Splunk Inc., BMC Software Inc., Nutanix Inc., Red Hat Inc., New Relic Inc., Rapid7 LLC, Cohesity Inc., Apptio Inc., LogicMonitor Inc., Flexera Software LLC, Flexera Software LLC, OpsRamp Inc., Scality Inc., CloudHealth Technologies Inc., CloudCheckr Inc., ParkMyCloud Inc., Fugue Inc., Zenoss Inc., Stratodesk Corporation.

North America was the largest region in the cloud management platform market in 2023. The regions covered in the cloud management platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cloud management platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cloud management platforms consist of essential elements such as IT operations management (ITOM), IT service management (ITSM), and IT automation and configuration management (ITACM). ITACM involves software and SaaS solutions that streamline the configuration, transfer, and workload management of both physical and virtual systems, along with the applications and workloads they support, whether on-premises or in the cloud. These components are implemented across private, public, and hybrid cloud setups for both small and medium enterprises (SMEs) and large corporations. Key industries utilizing these platforms span across sectors including banking, financial services, and insurance (BFSI), telecommunications, IT and IT-enabled services (ITeS), government and public sectors, retail and consumer goods, manufacturing, energy and utilities, media and entertainment, as well as healthcare.

The cloud management platform market research report is one of a series of new reports that provides cloud management platform market statistics, including cloud management platform industry global market size, regional shares, competitors with a cloud management platform market share, detailed cloud management platform market segments, market trends and opportunities, and any further data you may need to thrive in the cloud management platform industry. This cloud management platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cloud management platform market includes revenues earned by entities by data recovery, enterprise IT management, enterprise mobility management, incident management and IT asset management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.