PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182899
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182899
Multi-Cloud Management Market size was valued at USD 7,000.2 Million in 2021, expanding at a CAGR of 25.9% from 2022 to 2028.
Multi-cloud management is used to manage multiple cloud services like SaaS, PaaS, and IaaS. Additionally, under a single heterogeneous architecture, these services can be managed by enterprises using multi-cloud management solutions. Due to multi-cloud management, the enterprise-class application can be managed and deployed across private, public, and hybrid clouds. Moreover, it also allows enterprises to streamline cloud storage management while strengthening security. Furthermore, such factors propel the market growth including expansion of high-speed 5G networks, advances in modern technologies such as machine learning and AI, and the greater flexibility offered by the latest cloud computing innovations.
The rising factors such as efficiency, growing emphasis on automation, and effective organizational governance processes are propelling market growth. Moreover, to ensure reliable and more efficient services at a lower price while avoiding vendor lock-in situations enterprises are adopting multi-cloud management across various platforms. Thus the rising interest in cloud computing technologies and growing adaptability of containerization for cloud-native applications is expected to boost the market growth for the multi-cloud management market. However, challenges associated with redesigning the network for the cloud and concern over privacy protection are some factors that act a restrain the market's growth.
Furthermore, the higher levels of flexibility and customization of services are a tremendous opportunity for the end-user to adopt cloud services. Additionally, the service providers are trying to get into the multi-cloud management market space and are maintaining, implementing, and offering support for multiple cloud support that can further stimulate the market growth. The COVID-19 pandemic has had a favorable impact on the multi-cloud management market. The restriction imposed by the government due to the spread of the coronavirus has fueled the demand for advanced digital technologies and robust networks. Organizations are moving their workload to the cloud, thereby impacting the demand for the multi-cloud management market.
The Global Multi-Cloud Management Market is segmented on the basis of solution, enterprise size, end-use, and region.
The market is divided into five categories based on the solution: reporting & analytics, security & risk management managed service, training & consulting, cloud Automation, and others. The Cloud automation segment is expected to grow during the forecast period. To facilitate better forecasting of infrastructure requirements, cloud automation helps in capacity planning. Moreover, to analyze more contingent data increasing ML capabilities can benefit the cloud automation segment.
The market is divided into two categories based on enterprise size: small & medium enterprises (SME), and large enterprises. Small and medium enterprises are estimated to dominate the market during the forecast period. With the increasing interest of medium and small enterprises towards multi-cloud services, due to reducing the dependency on a single factor, such enterprises are moving their applications towards cloud-based platforms. As a result, these businesses are beneficial for market growth during the forecast period.
The market is divided into seven categories based on end-use: BFSI, IT & telecom, consumer goods & retail, manufacturing, healthcare, media & entertainment, government, and others. The BFSI segment is expected to hold the market share. A multi-cloud environment is typically preferred by BFSI companies to enhance operational efficiency and ensure instant customer services.
With the presence of several regional and global players multi-cloud management market is highly competitive. To increase their market share such market players are pursuing various strategies such as launching new products, mergers & acquisitions, product expansion, product differentiation, and strategic collaborations and partnerships to increase their market share to hold their position in the market. As a result, it can help to expand their business and further propel the market growth.
The scope of this report covers the market by its major segments, which include as follows: