The global Cloud Performance Management market to grow from USD 1.5 billion in 2022 to USD 3.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period. The major factors driving the growth of the Cloud Performance Management market include increasing penetration of mobile devices and easy availability of internet, and growing demand for cloud usage.
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Large Enterprises segment to hold the highest market size during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The traction of cloud performance management in large enterprises is said to be higher than SMEs, as they are adopting cloud performance management solutions to improve business operational efficiency across regions.
The increasing deployment of SaaS offerings such as customer relationship management, human capital management, enterprise resource management, and other financial applications creates an advantageous environment for cloud monitoring adoption, particularly in large organisations, improve the overall cloud system, improve the cloud monitoring, and sustain themselves in intense competition. Large enterprises introspect and retrospect on implementing best practices to ensure effective performance management. CMaaS (Cloud-Monitoring-as-a-Service) is a popular software solution for large businesses seeking a fully managed cloud monitoring service for cloud and virtualized environments. These solutions are provided by third-party providers and are monitored 24 hours a day by IT experts with access to the most recent APM technologies and services.
Banking, Financial Services, and Insurance to record the fastest market size during the forecast period
The BFSI vertical is crucial as it deals with financial data. Economic changes significantly affect this vertical. Regulatory compliances and the demand for new services have created an environment where financial institutions are finding cloud computing more important than ever to stay competitive. A recent worldwide survey on public cloud computing adoption in BFSI states that 80% of the financial institutions are considering hybrid & multi-cloud strategies to avoid vendor lock-in. It provides these critical financial institutions the much-needed flexibility to switch to alternate public cloud operators in case of an outage to avoid any interruptions in the services. New competitors, new technologies, and new consumer expectations are impacting the BFSI sector. Digital transformation provides organizations access to new customer bases and offers enhanced visibility into consumer behavior through advanced analytics, which helps organizations in creating targeted products for their customers. Most banks are adopting cloud performance management solutions owing to their benefits, such as configuration management and infrastructure automation to increase stability, security, and efficiency. The BFSI business is expected to hold a significant share of the cloud performance management market due to different advantages offered by cloud-based technologies, such as improved performance, reduced total cost of ownership, improved visibility, and standard industry practices. Cloud performance management is adopted for mission-critical industry verticals, such as BFSI, extensively to improve revenue generation, increase customer insights, contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets.
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Unique Features in the Cloud Performance Management Market
CPM is changing as a result of AI and machine learning (ML), which offer sophisticated analytics and predictive insights. These technologies aid in the detection of performance bottlenecks, the prediction of future resource requirements, and the automation of repetitive administrative duties. The time required to identify and resolve performance problems is greatly decreased by AI-driven anomaly detection and root cause analysis.
One essential component of contemporary CPM systems is real-time monitoring. Instantaneous analysis and ongoing data collecting enable firms to address problems as they emerge. Real-time analytics, alerts, and visualizations on dashboards contribute to the maintenance of cloud service availability and optimal performance.
CPM solutions are developing to accommodate a variety of environments as businesses embrace multi-cloud and hybrid cloud strategies at an increasingly rapid rate. These solutions provide centralized management and monitoring for different cloud platforms.
User experience is a critical aspect of performance management. CPM tools now include features for monitoring end-user interactions and performance from the user’s perspective. Synthetic monitoring, real user monitoring (RUM), and session replay capabilities help in understanding how users experience applications and services, leading to better optimization and enhanced customer satisfaction.
Automation is key to efficient cloud performance management. Advanced CPM solutions offer automated remediation features that can take corrective actions without human intervention. This includes auto-scaling resources, restarting services, and adjusting configurations in response to detected performance issues. Orchestration tools further streamline operations by coordinating multiple automated tasks across different systems.
Major Highlights of the Cloud Performance Management Market
The market for cloud performance management has grown significantly in recent years due to the growing use of cloud computing in a variety of industries. Companies are utilizing cloud computing to benefit from scalability, flexibility, and cost-effectiveness by migrating their essential applications and infrastructure.
The CPM market is being revolutionized by the incorporation of cutting-edge technology like machine learning (ML) and artificial intelligence (AI). Performance management may be carried out more effectively and efficiently thanks to these technologies, which also make predictive analytics, automatic anomaly detection, and intelligent troubleshooting possible. By proactively identifying possible problems and offering useful insights, AI and ML assist to improve performance overall and decrease downtime.
Real-time monitoring has become a critical feature in CPM solutions. Organizations need instant visibility into their cloud environments to quickly detect and resolve performance issues. Real-time analytics provide continuous insights into system performance, resource utilization, and user activities. This immediate feedback loop allows for rapid response and proactive management, ensuring that cloud services remain reliable and performant.
The rise of multi-cloud and hybrid cloud strategies has necessitated the development of CPM solutions that can manage performance across diverse environments. These solutions offer unified monitoring and management for various cloud platforms and on-premises infrastructure. This capability simplifies operations, provides a comprehensive view of the entire IT landscape, and ensures consistent performance regardless of the underlying cloud provider.
User experience monitoring has become a focal point in the CPM market. Understanding how end-users interact with applications and services is crucial for optimizing performance. CPM tools now include features like synthetic monitoring, real user monitoring (RUM), and session replay to capture user experiences and identify areas for improvement. Enhancing user experience leads to higher satisfaction and retention rates.
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Top Companies in the Cloud Performance Management Market
Major Cloud Performance Management vendors include Microsoft (US), IBM (US), HPE (US),Oracle (US), VMware (US), CA Technologies (US), Riverbed (US), Dynatrace (US), App Dynamics (US), BMC Software (US). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements to expand their presence in the Cloud Performance Management market. Product enhancements and collaborations have been the most adopted strategies by major players from 2019 to 2022, which helped companies innovate their offerings and broaden their customer base.
A prominent player in the Cloud Performance Management market, Apple focuses on inorganic growth strategies such as partnerships, collaborations, and acquisitions. For instance, in August 2021 IBM collaborated with Clearblade. ClearBlade joined IBM’s edge ecosystem, an initiative designed to assist equipment manufacturers, networking, IT, and software providers in implementing open standards-based cloud-native solutions capable of managing edge applications autonomously at scale. In September 2020, Microsoft launched Azure Data Service, which is a new capability enabled by Azure Arc, which would allow customers to run Azure data services on-premises, multi-cloud, and edge, using Kubernetes on the hardware of choice. Azure Arc-enabled SQL Managed Instance and Azure Arc-enabled PostgreSQL Hyperscale are available in preview now, with other services to come over time. In August 221, Microsoft collaborated with EY. EY and Microsoft Corp. announced the expansion of their strategic relationship. The increased collaboration has centered on the development of new solutions and platforms that will assist organizations in addressing business and societal challenges at scale via digital transformation. In June 2021, HPE launched HPE GreenLake edge to a cloud platform. The company announced the expansion of its HPE GreenLake edge to cloud platform to include support for Microsoft Azure Stack HCI and Microsoft SQL Server.
Hewlett Packard Enterprise (HPE) is a global provider of software, networking products, and solutions to end users that range from small business startups to global leading enterprises. It has a wide range of product offerings and solutions, categorized into data storage, servers and systems, networking, and software solutions. The company, through Hewlett Packard Labs, focuses on innovation to fuel growth, offers its customers enhanced product offerings, and helps overcome consumer and social challenges. HPE provides cloud services, software, IT infrastructure solutions, and advisory services to its customers spanning different verticals worldwide.
It deals in servers, storage, networking, containerization software, consulting, and support. It is an information technology company formed as a part of the splitting of Hewlett-Packard. It operates through four business segments: the hybrid IT segment which provides industry standard servers and storage solutions, the intelligent edge segment which provides software-defined architecture, the financial services segment that provides flexible investing solutions, and the corporate investments segment in HP labs and various business incubations. HPE offers network management solutions, such as HPE Intelligent Management Centre (IMC), It provides thorough network management for both data centers and campus core networks. IMC transforms meaningless network data into useful information to maintain the operation of your network and your company. Network management portfolio has various solutions such as, HPE IMC Basic, HPE IMC Standard, HPE IMC Enterprise, HPE IMC Network Traffic Analyser, HPE IMC Virtual Application Networking, HPE IMC Branch Intelligent Management System.
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