Integrated Cloud Management Platform Market To Reach around $8,855 million in 2030

The integrated cloud management platform market will reach about $8,855 million in 2030 from around $2,502 million in 2021, propelling at a growth rate of over 15% in the near future. The main factor attributed to this growth is the fast acceptance of hybrid and multi-cloud approaches. Furthermore, the prevalent trend of BYOD and shifting the load to clouds are pushing the growth. Further, the pandemic has boosted the market by driving companies to shift to the work-from-home model from the traditional model, either totally or partly.

Large companies have vast business networks and several streams of generating revenue, resulting in the necessity for the essential resources to be available at the right time. Moreover, with the purpose of acquiring larger shares and boosting their overall output, they constantly accept new technologies, an attribute that resulted in their larger share of around 71% in the integrated cloud management platform market in 2021.

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The BFSI industry is the largest user of integrated cloud management platforms, making in excess of 30% of sales in 2021, as over 90% of the banking and financial organizations have accepted the multi-cloud and hybrid models. This generates the requirement to efficiently manage the data movement between on-premises servers and numerous cloud environments. So, BFSI corporations are growing their investment in integrated cloud management platforms, to coordinate and manage their usage of cloud across cloud environments.

Solutions had the larger share, of 55%, in 2021, as enterprises are progressively mechanizing their cloud environments because of the limited availability of human resources. Services, which include training and education, support and maintenance, consultation, and integration and implementation services, will advance at a higher CAGR in the integrated cloud management platform market in the years to come.

The North American market, which had 40% of the sales in 2021, is the major regional market, because of the quick execution of the private cloud infra by enterprises for managing their networks. Furthermore, the use of wireless connectivity, accompanied by IoT gadgets and connected devices, will boost the usage of these platforms by regional enterprises.

The APAC market will witness the fastest growth in the coming years and maintain its position worldwide, because of the vendor lock-in concerns and dependability on a single cloud, together with the increasing pressure to fulfill data security and privacy protection guidelines. Additionally, the accessibility of skilled labor and growing cloud acceptance are propelling the growth of the integrated cloud management platform market. Japan, China, and, India are the major nations in terms of the use of these platforms, with China being the market dominator.

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The MEA and LATAM regions will also experience momentous growth in the coming years due to the higher internet penetration and untapped prospects for companies offering software, hardware, e-learning material, and other services. Furthermore, in the MEA region, administrations support mass digitization, chiefly soft skill development, which is pushing the demand for these solutions in the integrated cloud management platform market. In LATAM, Brazil is the largest user, while, the U.A.E. dominates the market in MEA.

The growing demand for integrated cloud management platforms is on the rise because of the increasing adoption of the work-from-home model.

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