DUBLIN--(BUSINESS WIRE)--The "Global Integrated Cloud Management Platform (ICMP) Market with COVID-19 Impact Analysis, by Component (Solutions, Services), Organization Size, Vertical (BFSI, IT & Telecom, Government & Public Sector), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global ICMP Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period, to reach USD 5.8 billion by 2027 from USD 2.9 billion in 2022.
The COVID-19 Impact on the global ICMP Market
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic has had a positive impact on the integrated cloud management platform market. Corporates are increasingly adopting technology-aided tools that can be leveraged remotely and can ensure hiring as well as business continuity amid disruptions. Due to this, the demand for the SaaS platform is continuously growing.
Top companies, such as Microsoft, are witnessing a high number of subscribers during this period. This is driving the growth of integrated cloud management platforms amid the ongoing COVID-19 pandemic to cater to the growing adoption of multi-cloud and hybrid cloud models, with the growing adoption of remote working models.
The COVID-19 pandemic has created an enormous challenge for businesses globally in continuing operations despite the massive shutdown of offices and other facilities. The increasing use of technologies, especially in the pandemic situation, to stay connected and efficiently operate businesses, is expected to drive the market during COVID-19.
Services segment to grow at a higher CAGR during the forecast period
Based on the component, the market is segmented into two categories: solutions, and services. The services segment is expected to grow at a higher CAGR during the forecast period. Services, including consulting, integration and implementation, training and education, and support and maintenance, are required at various stages, from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get maximum RoI.
Services constitute an integral part in deploying the solution onboard, imparting training, and handling and maintaining the software solution. Companies offering these services encompass consultants, solution experts, and dedicated project management teams specializing in designing and delivering critical decision support software, tools, and services.
SMEs segment to grow at a higher CAGR during the forecast period
The ICMP market is segmented by organization size is segmented into SMEs and large enterprises. The SMEs segment is expected to grow at a higher CAGR during the forecast period. Cost-effectiveness is an important factor for SMEs, as they always have a tight budget, leaving them with limited ways to market themselves and gain visibility.
The implementation of cloud storage is expected to result in increased revenues, desired outcomes, and improved business efficiency for SMEs. SMEs adopt the pay-as-you-go model, which offers flexibility to manage their IT infrastructure according to their requirements. SMEs face intense competition from large enterprises; thus, to gain a competitive edge, they are adopting integrated cloud management platforms, which would enable quick responses, timely decisions, and overall enhanced business productivity.
Consumer goods and retail vertical to grow at a higher CAGR during the forecast period
The consumer goods and retail industry vertical is expected to grow at the highest CAGR during the forecast period. The world of retail is changing rapidly, not just in terms of the stores we buy from, but how we shop, when how we pay for goods and the way in which those goods move through the supply chain. The impact of this has redefined the perception of customer experience and the standards retailers today are expected to reach and exceed. Multi-cloud platforms provide retailers with flexibility and allow them to do storage and computing at a lower cost.
Market Dynamics
Drivers
- Increased Mobility, Shifting Workload Toward Cloud Environments, and Growing Trend of Bring Your Own Device
- Facilitating Simplified Management of Complex and Heterogeneous Cloud Environments
- Growing Adoption of Hybrid Cloud and Multi-Cloud Strategies Across Enterprises of Different Industry Verticals
- Rising Adoption of Cloud-Based Business Utility Solutions and Services due to COVID-19
- Increased Savings and Workforce Productivity
- Emergence of AI-Enabled Tools in IT Operations
Restraints
- Concerns About Cyber-Attacks and Data Breaches
- Difficulties Involved in Application Portability
Opportunities
- Emergence of Hybrid Cloud Infrastructure
- Increasing Investments in AIOps Technology
- Proactive Investments by Enterprises in Cloud-Based Models
- COVID-19 Outbreak to Foster Adoption of Cloud-Based Solutions
Challenges
- Complexity in Designing the Network for Cloud and Security Concerns
- Limited Expertise Among Enterprises to Utilize Cloud System Management Solutions
- Increasing Number of Changes in IT Operations
Companies Mentioned
- Abiquo
- Azure
- BMC Software
- Centilytics
- Cirrusform
- Cisco
- CloudBolt
- Cognizant
- Corestack
- Datadog
- Dynatrace
- Flexera
- Hamburg Sud
- HashiCorp
- Hewlett Packard Enterprise
- Hypergrid
- IBM
- Lumen Technologies
- Microfocus
- Microsoft
- Morpheus Data
- NetApp
- New Relic
- Nutanix
- Oracle
- Rackware
- Rafey Systems
- RBC
- Red Hat
- ServiceNow
- Snow Software
- Splunk
- Stacklet
- Turbonomic
- VMware
For more information about this report visit https://www.researchandmarkets.com/r/mh0w3k
