Cloud System Management Software Market Size, Share, Growth Analysis, By Component(Operations Management, Automation, Configuration Management, Service Management), By Deployment(Cloud, On-premise), By Enterprise Size(SMEs, Large Enterprises), By End User(BFSI, IT & Telecom, Retail & Consumer Goods, Manufacturing), By Region - Industry Forecast 2024-2031

Cloud System Management Software Market size was valued at USD 13.15 billion in 2019 and is poised to grow from USD 16.32 billion in 2023 to USD 91.81 billion by 2031, at a CAGR of 24.10% during the forecast period (2024-2031).

The cloud system management software market is highly fragmented, with the major firms controlling a sizeable portion. These players are committed to providing their services on a level, which favours their ability to launch a range of offerings to keep their clientele. For instance, Dell Technologies stated in October 2021 that it would be working with VMware to provide straightforward infrastructure-based and multi-cloud solutions. This programme will assist businesses in learning from their data. In order to consolidate the remaining market space, smaller competitors are concentrating on using strategic strategies, such as mergers and acquisitions and alliances. 'VMware, Inc. (US)', 'Microsoft Corporation (US)', 'IBM Corporation (US)', 'BMC Software, Inc. (US)', 'Splunk, Inc. (US)', 'ServiceNow (US)', 'Google LLC (US)', 'Micro Focus International Plc. (UK)', 'Oracle Corporation (US)', 'Broadcom, Inc. (US)'

To support compute-intensive applications like IoT, AI, and Big Data, cloud service providers have made significant investments in cutting-edge data centres outfitted with cutting-edge technologies. The infrastructure of the data centre fosters greater agility and provides services that maximise value, revenue growth, and energy efficiency. The need for software is expanding as a result of the growing number of data centre deployments.

The demand for AI, predictive analytics, and big data continues to rise as more banks and financial services businesses try to monetize data by analyzing client spending patterns and insights-driven by unstructured datasets. As a result, FinOps and multi-cloud financial management are becoming increasingly important forces behind cloud system and service management. Due to the current level of data science and machine learning's widespread use in banking and other financial service offerings, cloud management is becoming an increasingly important technology. Additionally, the General Data Protection Regulation (GDPR) changed the way BFSI-based firms view data. Banks, investment funds, insurance companies, and related industries have been required to manage their data even more carefully since they are used to strict regulation; otherwise, they risk fines and brand damage. Similarly, American Fidelity (AF), a provider of enrollment benefits and supplemental insurance products, has more than 1.5 million policyholders throughout 49 states in the United States and more than 2.5 million policies. The business has trouble achieving the performance of its crucial enrollment systems that interact with customers. Additionally, these enrollments function within a hybrid, multi-cloud architecture constructed from a combination of on-premise systems, Azure, and AWS settings. The performance of the AF application was greatly enhanced by Dynatrace's array of monitoring tools, which provide single view-based visibility into the environment and remove performance blind spots.

North America is anticipated to dominate the cloud system management software market due to early acceptance of breakthrough technology and a highly competitive environment. Cloud systems management software has become widely popular in the region owing to the presence of major players in the cloud system management software market like VMware, Inc., Microsoft Corporation, IBM Corporation, and BMC Software Inc. Key providers have been inspired to create and deploy advanced cloud services as a result of end consumers' level of readiness to adopt evolving technologies.