Cloud services providers (CSPs) involved in cloud system management have something new to be happy about. According to a report released by IT research firm TechNavio, the cloud system management market is expected to increase at a compound annual growth rate (CAGR) of 32.51 percent.

Cloud management involves software and technologies designed for operating and delivering applications and computing services to enterprises and end-users.

The report outlined several drivers impacting the market, including hybrid cloud computing and a shifting focus to platform-as-a-service (PaaS) solutions among enterprises.

"This hybrid infrastructure is creating some unique challenges for the market," senior Technavio analysts stated in the report.

They added: "Cloud system management software solutions facilitate easy and efficient integration of the cloud infrastructure with existing computing infrastructure, which is driving the global cloud system management software market."

The report stated that to address the increasing complexity of platforms in the market, enterprises are widely adopting PaaS solutions.

Additionally, more enterprises are developing their own applications, which is creating a need for a common platform to support the various applications and services, the report revealed.

Follow CJ Arlotta on Twitter @cjarlotta and Google+ for further updates on the story above.