The integrated cloud management platform market has garnered USD 2,502.2 million in 2021, and it is projected to rise at the rate of 15.1% from 2022 to 2030, to capture USD 8,854.9 million by 2030, as per the report by market research company, P&S Intelligence.
This growth can be credited to the fast acceptance of hybrid and multi-cloud approaches. Furthermore, the rising popularity of bring your own device and shifting workload to cloud settings are boosting the market growth.
Additionally, the COVID-19 epidemic has given a lift to the industry by compelling businesses to move to the work-from-home model from the work-from-office model, either fully or partly.
In 2021, the solutions category held the larger market share, of above 55%, as companies are progressively powering their cloud settings because of the inadequate availability of human resources.
The services category, which includes support and maintenance, training and education, consultation, and integration and implementation services, is expected to advance at a higher growth rate.
The service category, which comprises maintenance and support, consultation, education and training, and implementation and integration services, is projected to grow at a higher development rate.
In 2021, The BFSI sector, generated the highest revenue share of above 30%, as more than 90% of the banking firms and financial service administrations have accepted hybrid and multi-cloud models.
This generates the demand to efficiently achieve the movement of information between on-premises servers and multiple cloud settings. Consequently, BFSI firms are increasing their expenditure in integrated cloud management channels, to synchronize and administer their cloud utilization across environments and cloud service providers.
In 2021, North America held the highest integrated cloud management platform market share, of 40%, credited to the quick execution of the private cloud infrastructure by companies to manage their networks. Furthermore, the utilization of wireless connectivity, with IoT devices and connected devices, is projected to lift the development in the utilization of these platforms by enterprises in the continent.
The U.S. led the regional industry credited to the growing funding by the government for digitalization. Furthermore, the nation is house to the highest count of businesses working in the space, which are conducting research and development for new and advanced integrated cloud management solutions.
The growing acceptance of the hybrid cloud infrastructure has offered several openings for businesses to enlarge their operations. IT businesses are quickly moving toward the hybrid cloud infrastructure to maintain a certain number of workloads on-premises, because of data security.
Hence, the fast acceptance of hybrid and multi-cloud approaches. Furthermore, the rising popularity of bringing your own device and shifting workload to cloud settings, are the major factors driving the integrated cloud management platform industry.
This post was created with our nice and easy submission form. Create your post!