What is Cloud Cost Management Software Market?
Cloud expense management software helps companies control their cloud service spending by monitoring a company's resource usage and computing needs. These tools are typically combined with Infrastructure as a Service (IaaS) software to minimize the cost of their pay-as-you-go model. Cloud charge management software helps companies reduce waste by alerting users to lower demand or automatically scaling usage to optimal rates. Organizations also use these tools to increase the efficiency of their cloud service usage. Cloud charge management solutions often offer reporting capabilities to describe waste and redundancies. Cloud expense management software has some overlap with SaaS expense management software. However, the latter is used to monitor and manage to spend on cloud applications instead of cloud infrastructure.
Highlights from Cloud Cost Management Software Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Cloudability Inc. (United States), AWS (United States), Turbonomic (United States), VMware (United States), IBM Storage Insights (United States), Microsoft Corporation (United States), ParkMyCloud (United States), CloudHealth Technologies (United States), RightScale (United States), Nutanix Beam (United States), Abiquo (United Kingdom), CloudCheckr (United States), Nomad (United States) and Skeddly (Canada) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Cloud Cost Management Software market throughout the forecasted period.
Cloudability Inc. (United States), AWS (United States), Turbonomic (United States), VMware (United States), IBM Storage Insights (United States), Microsoft Corporation (United States), ParkMyCloud (United States), CloudHealth Technologies (United States), RightScale (United States), Nutanix Beam (United States), Abiquo (United Kingdom), CloudCheckr (United States), Nomad (United States) and Skeddly (Canada) are some of the key players profiled in the study. Cloud Cost Management Software Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | Billing & Provisioning, Cost Management and Multi-Cloud Management |
Type | Web-Based and On-Premise |
Organization Size | Large Enterprises,SMEs |
Deployment Type | Installed - Windows / Mac,Web-Based, Cloud, SaaS,IPhone / iPad,Android |
Subscription Type | Monthly Subscription,Annual Subscription,One-Time License |
Features | Access Control,Capacity Analytics,Demand Monitoring,Performance Analytics,SLA Management,Supply Monitoring,Workflow Approval |
Number of Users | 2-9,10-49,50-99,100-499,Others |
On the basis of geography, the market of Cloud Cost Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Introduction of New Technologies for Cloud Cost Management Software and Facilitating Simplified Management of Complex and Heterogeneous Cloud Environments
Market Growth Drivers:
Growing Need to Accurately Estimate the Cost of Projects in Order to Reduce Related Expenses and The Rising Cloud Management Post-COVID-19 across the Globe
Challenges:
Risk of Data Theft
Restraints:
Growing Intricacy of Malware Threats and Growing Number of Cyber-Attacks and Security Breaches
Opportunities:
Increasing Demand for Cloud Cost Management Software Across the Globe and Increasing Investments in AIOps Technology
Key Target Audience
Providers of Cloud Cost Management Software, End-Users, Potential Investors, Market Research Firms and Others
Market Leaders & Development Strategies
In April 2020, VMware launched the vRealize Operations Cloud. The vRealize Operations Cloud is a unified operating platform for managing the VMware Cloud and multiple clouds. It offers benefits such as reducing unplanned downtime, lowering costs, providing faster time to value, and mitigating risk.
In May 2020, Microsoft announced Microsoft Cloud for Healthcare to address COVID-19 challenges. Microsoft introduced industry-specific cloud offerings for healthcare organizations, improved workflow efficiency, and optimized interactions. Microsoft Cloud for Healthcare includes data analysis for structured and unstructured data.