DUBLIN, August 04, 2021--(BUSINESS WIRE)--The "Cloud System Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Cloud System Management Software Market is expected to register a CAGR of 26.2% over the forecast period from 2021 - 2026.
BMC Software Inc.
IBM Corporation (Red-Hat)
New Relic Inc.
Cisco Systems Inc.
Broadcom Inc. (CA Technologies)
RightScale (Flexera Software LLC )
Amazon Web Services, Inc.
Micro Focus International PLC
Key Market Trends
BFSI is Expected to Hold Significant Share
As more banks and financial services organizations look to monetize data by predicting customer spending patterns, insights-driven from unstructured datasets, the demand for AI, predictive analytics, and big data continues to grow. As a result, multi-cloud financial management and FinOps are becoming significant drivers of cloud management for systems and services. The present state of data science and machine learning pervasiveness in banking and other financial service offerings attract the mission-critical development of cloud management.
Moreover, the General Data Protection Regulation (GDPR) led BFSI-based organizations to change how they think about data. Being accustomed to stringent regulation, banks, investment funds, insurance companies, and allied businesses have been tasked with managing their data even more closely to avoid fines and reputational loss from failing to comply with the regulations.
Likewise, American Fidelity (AF), supplemental insurance products and enrollment benefits provider, has over 1.5 million policyholders across 49 states of America, with more than 2.5 million policies. The company struggled to realize the performance of its critical customer-facing enrollment systems. These enrollments further operate across a hybrid, multi-cloud environment built on a mix of on-premise systems, Azure and AWS environments. Dynatrace offers multiple monitoring tools to obtain single view-based visibility into its environment and eliminate performance blind spots, which significantly improved AF's application performance.
Asia-Pacific is Expected to Witness Highest Growth Rate
The Asia-Pacific is expected to witness growth owing to the growing spending on IT infrastructure, rise in adoption of cloud-based applications, and increasing demand for automation of processes. A cloud management platform is becoming a basic need for enterprises with multi-cloud deployments, one addressed by almost all cloud providers. Multi-cloud has become the norm for most enterprises across the Asia Pacific region. It is expected that 84% of CIOs in the Asia Pacific believe multi-cloud would constitute up to 50% of their hosting environment in the next three years.
As more Asia-Pacific enterprises move to the hybrid cloud, many innovative solutions have emerged to help organizations manage cloud applications' lifecycle in a heterogeneous IT environment. According to the Enterprise Cloud Index Report by Nutanix, a significant vendor in enterprise cloud computing, in 2019, the financial sector in India outpaces other industries in the adoption of hybrid cloud, with the deployment of hybrid cloud with a penetration rate of 21%, compared to the global average of 18.5%. Hence such developments are boosting the market's growth positively.
Moreover, growing development in the cloud computing industry and government initiative would positively drive the market's growth over the forecast period. For instance, According to the Development Research Center (DRC) of the State Council, China's Cabinet, the cloud computing industry in the country is expected to exceed CNY 300 billion (USD 42.3 billion) by 2023, over a threefold increase from its 2018 market value of CNY 96.28 billion. During this forecast, over 60% of the country's businesses and government agencies depend on cloud computing as an integral part of their daily operations.
Strong government backing and substantial private sector investment are behind the growth of China's cloud computing industry. According to data from the National Development and Reform Commission, the country's top economic planning body, in each year since 2010, the central government has invested over CNY 1 billion toward developing the domestic cloud computing industry. NASSCOM has also stated that Business Process Management (BPM) and IT services in India contributes to over 14% and 10% of the global demand and is expected to continue with the consistent growth in the worldwide cloud adoption rate.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Adoption of Hybrid and Multi - cloud Architectures
4.2.2 Growing Unified Management of Container -based Applications
4.2.3 Preferences for SaaS -based Delivery Model
4.3 Market Challenges
4.3.1 Lack in Cloud Spend Management and Vendor Lock -in Issues in Multi -cloud Architecture
4.3.2 Security and Data Governance Challenges
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.5 Impact of COVID -19 on the Cloud System Management Industry
5 MARKET SEGMENTATION
5.2 Deployment Model
5.3 Enterprise Size
5.4 End-user Industry
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/c7p16d
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005506/en/
Laura Wood, Senior Press Manager
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