Global cloud system management market hits US$15.3 billion in 2022

The global cloud system management market has witnessed remarkable growth, with a market size of US$ 15.3 billion in 2022. The market is poised for further expansion and is expected to reach US$ 53.2 billion by 2028, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 23.6% during the forecast period of 2023-2028, according to Research and Markets.

Cloud System Management: Transforming Cloud Infrastructure
Cloud system management is a web-based solution employed for the setup, configuration, monitoring, and optimization of cloud infrastructure. It is seamlessly integrated into existing cloud environments as a virtual machine (VM), comprising a database and a server. The server communicates with application programming interfaces (APIs) to connect the database and virtual cloud resources.

This technology involves comprehensive performance monitoring, security, compliance, disaster recovery, and contingency solutions. Cloud system management solutions play a vital role in data storage, facilitated by third-party cloud data hosting vendors. As a result, they find extensive applications across various industries, including banking, financial services, and insurance (BFSI), telecommunications, information technology (IT), and healthcare.

Key Market Trends Driving Growth
The robust growth of the information technology (IT) industry worldwide is a significant driver for the cloud system management market. Moreover, the widespread adoption of public, private, and hybrid cloud environments by organizations is fueling market growth. Cloud system management solutions efficiently handle complex multi-cloud strategies for enterprises with diverse operations.

The onset of the COVID-19 pandemic has accelerated the adoption of remote work models, further boosting the demand for cloud system management systems. Technological advancements, such as AI-based tools for cloud management, are acting as growth catalysts. AI-enabled cloud management solutions automate organizational functions, enhance security, and streamline incident ticketing and knowledge reuse. Other factors, including the growing preference for Software-as-a-Service (SaaS)-based delivery models, extensive research and development (R&D) activities, are anticipated to further drive the market. Research and Markets