As per the report by Fortune Business Insights, the global Cloud System Management Software Market Size is projected to reach USD 85.02 billion in 2029, at a CAGR of 28.6% during the forecast period, 2022-2029
Pune, India, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The Cloud System Management Software Market Size was USD 11.34 billion in 2021. The market is projected to grow from USD 14.60 billion in 2022 to USD 85.02 billion in 2029 at a CAGR of 28.6% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Cloud System Management Software Market, 2022-2029.” The ability to manage, monitor, and improve resource management along with added benefits such as optimal resource usage & lower maintenance costs will boost the growth of the market during the forecast period. Additionally, the integration of artificial intelligence (AI) for a variety of IT operations will increase the footprint of the market.
Key Industry Development-
A strategic alliance formed between IBM Corporation, Siemens AG, and Red Hat, Inc. will enable manufacturers and plant operators toward open, adaptive, and secure solutions. This initiative will further allow others to extract real-time value from operational data with the help of a hybrid solution.
Cloud System Management Software Market Size in 2021
USD 11.34 Billion
Historical Data for
2018 to 2020
No. of Pages
160
Segments covered
Component; Deployment; Enterprise; End-User;
COVID-19 Impact
Rising Demand from Various Sectors to Leave Market Share Unhampered During Pandemic
The ongoing pandemic had a severe impact on various sectors worldwide; however, the sector of cloud system management software was not economically hit. The rising demand for services from various sectors, including healthcare & life science, government, and others, is attributed to the rising spread of the virus. Additional sectors such as BFSI, healthcare, and IT & telecom showed an incremental rise in demand. Rising awareness regarding the benefits of cloud services will fuel the growth of the market during the intended forecast period.
Drivers & Restraints
Rising Deployment of Data Center Infrastructure & Increasing Cloud Video Streaming Services to Bolster Growth
Factors such as the integration of emerging technologies with advanced data centers and rising investments in cloud service providers will boost the cloud system management software market growth during the forecast period. Additionally, the rising deployment of data centers and an increasing number of cloud video streaming services will increase the footprint of the market. Also, the integration of artificial intelligence for IT operations will fuel the growth of the market.
However, concerns related to data privacy & security concerns are expected to limit the growth of the market during the forecast period.
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North America to Witness Dominance due to Early Adoption of Technology
North America will witness the largest cloud system management software market share during the forecast period, owing to a highly thriving competitive landscape and early adoption of technology. Additionally, increasing penetration of cloud system management software technology will fuel the growth of the market. The presence of dominant players in the region and the rising readiness level among consumers to adopt emerging technology will increase the footprint of the market.
Europe will occupy a significant share in terms of global contribution due to the rising number of start-ups across emerging economies such as France, Italy, and Benelux. Rising investments among digital government agencies and increasing regulatory frameworks will boost the growth of the market.
Report Coverage
The report offers a critical analysis by encompassing contributing factors, including market trends and various technologies. Additionally, the report contains the ongoing industry developments and future market trends to provide a better understanding of the market for our readers. The factors that are expected to affect the market in a positive/negative manner are also provided.
Component, Deployment, Enterprise Size, End-User, and Region are Studied
Based on component, the market can be divided into cloud IT operations management, cloud IT automation and configuration management, and cloud IT service management.
By deployment, the market can be divided into cloud and on premise.
With respect to enterprise size, the market can be segmented across large enterprises and small & medium enterprises (SMEs).
On the basis of end-user, the market can be segregated into banking, financial services and insurance (BFSI), IT & telecom, retail & consumer goods, manufacturing, energy & utilities, media and entertainment, government, healthcare, and others.
In terms of geography, the market can be categorized into North America, South America, Europe, Middle East & Africa, and Asia Pacific.
Competitive Landscape
Dominant Players Integrate Partnerships & Acquisitions to Capture a Larger Market Share
The market is extremely fragmented with the dominant players occupying a considerable share. These players are focused on offering their services on a global scale, which bodes them to introduce a variety of services to retain their consumer base. For example, in October 2021, Dell Technologies announced its collaboration with VMware for deriving simple infrastructure-based and multi-cloud solutions. This initiative will help enterprises gather insights from data. Smaller players are focused on employing strategic tactics, including mergers & acquisitions and collaborations to consolidate the remaining market space.
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