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In cloud computing resource management plays a significant role in data centres and it is directly dependent on the application workload. Various services such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) are offered by cloud computing to provide compute, network, and storage capabilities to the cloud users utilizing the pay-per-usage approach. Resource allocation is a prior solution to address various demanding situations like the under/overload handling, resource wastage, load balancing, Quality-of-Services (QoS) violations, VM migration and many more. The primary aim of Virtual Machine Placement (VMP) is mapping of Virtual Machines (VMs) to physical machines (PMs), such that the PMs may be utilized to their maximum efficiency, where the already active VMs are not to be interrupted. It provides a list of live VM migrations that must be accomplished to get the optimum solution and reduces energy consumption to a larger extent. The inefficient VMP leads to wastage of resources, excessive energy consumption and also increase overall operational cost of the data center. On this context, this article provides an extensive survey of resource management schemes in cloud environment. A conceptual scheme for resource management, grouping of current machine learning based resource allocation strategies, and fundamental problems of ineffective distribution of physical resources are analyzed. Thereafter, a complete survey of existing techniques in machine learning based mechanisms in the field of cloud resource management are explained. Ultimately, the paper explores and concludes distinct approaching challenges and future research guidelines associated to resource management in cloud environment.