Market Overview
The Cloud Management Platform (CMP) market comprises of sales of cloud management platforms and related services by businesses (organizations, sole proprietorships, and partnerships) that refer to integrated software management solutions used to establish and monitor the public, private, and hybrid cloud environments. It brings together a number of functions or modules that let management operate in various virtual cloud environments. The platform's goal is to help IT teams secure and optimize cloud infrastructure, including the data and applications that are stored there. It intends to boost security, cost and performance optimization, and cloud setting administration. IT operations management (ITOM), IT service management (ITSM), and IT automation and configuration management (ITACM) are the three key components of a cloud management platform.
Report Analysis
According to the research report, “Global Cloud Management Platform (CMP) Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)” asserts that the expansion of the Cloud Management Platform (CMP) is anticipated to be fueled by the increased augmentation of cloud computing technologies. Cloud management platforms also offer flexibility, and real-time access to services, prevent expensive downtime and are safe, scalable, and highly elastic, all of which will enhance acceptance and propel the market's expansion. Moreover, the CMP market will experience increased demand as a result of the integration of AI and the growth in functional capabilities brought on by automation.
The Cloud Management Platform (CMP) Market, in terms of types, is categorized into SaaS and On-Premise. Due to the growing demand for data security and more affordable cloud deployment, the on-premise sector is anticipated to hold a disproportionately large share of the global market for cloud management platforms.
On the basis of applications, the Cloud Management Platform (CMP) Market is primarily split into Financial, Internet, Retail, and Others. Since BFSI organizations are deploying multi-cloud environments for workload management, data security, regulatory compliance, operational efficiency, and quick customer service, the financial industry will have the highest growth throughout the projection period.
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Regional Analysis
In terms of regions, the Cloud Management Platforms (CMP) market constitutes North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America and Europe are the main revenue providers to the cloud management platform market, with growth driven by increasing instances of digitalization among companies and the increasing adoption of cost-effective cloud-based solutions to clients in these regions. The adoption of advanced hiring solutions was previously slow in these regions, but now traction is seen across these regions as a result of an increase in the digitalization of enterprises. Other regions, such as Asia-Pacific, the Middle East & Africa, and South America, are anticipated to grow at a high rate.
Key Players
Some major key players in the Global Cloud Management Platform (CMP) Market are:-
HashiCorp
IBM (Red Hat)
Turbonomic
CoreStack
Cisco
CloudHealth
VMware
Platform9
Morpheus Data
Others
Impact of COVID-19
The proliferation of COVID-19 has aided the demand for Cloud Management Platforms (CMP). Technology-assisted solutions that can be utilized remotely and guarantee to recruit as well as business continuity in the event of disruption are being used by businesses at an increasing rate. This is causing the development of cloud management solutions to keep up with the rising popularity of remote working models in the middle of the ongoing COVID-19 pandemic. Cloud Management Platforms also offer robust management, remote data storage, and other services.
Future Outlook
In the forthcoming years, the Global Cloud Management Platform (CMP) Market will rapidly rise due to the increased digitization in every sector by the forecast period till 2026. Additionally, the adoption of advanced hiring solutions and increased adaptability of cloud computing technologies will further grow the Global Cloud Management Platform Market.
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Global Cloud Management Platform (CMP) Market
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