TECH SUPPLIER Jun 2020 - Market Forecast - Doc # US45082819

Worldwide Cloud System and Service Management Software Forecast, 2020–2024: COVID-19 Disrupts Growth Trends

By: Mary Johnston TurnerResearch Vice President, Cloud Management

Abstract

This IDC study updates IDC's worldwide cloud system and service management software forecast to reflect the impact of COVID-19 and related worldwide economic disruptions. IDC expects the market will grow to $18.8 billion in 2024 at a compound annual growth rate (CAGR) of 20.4% based on "as reported" revenue in U.S. dollar current currency. The previously estimated 2019-2023 CAGR was 24.0%.

"Enterprises continue to prioritize investments in cloud infrastructure and services even during these very uncertain times," states Mary Johnston Turner, IDC research VP for Cloud Management. "As more and more mission-critical workloads move to public, private, hybrid, and multicloud environments, enterprises recognize they need to invest in the tools that will help them to ensure secure, reliable, cost-effective cloud operations and compliance. Cloud system and service management software remains a growth story, albeit somewhat tempered in 2020 and 2021."


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