The multi-cloud management market is expected to grow at a CAGR of 28% between 2023 and 2033, from US$ 10.28 billion to US$ 121.35 billion.
Throughout the forecast period, the market is expected to grow, with a growing emphasis on automation, efficiency, and effective organizational governance procedures. Businesses are opting for multi-cloud management tools to ensure effective and dependable services at lower costs across multiple platforms while avoiding vendor lock-in.
The growing adaptability of cloud computing technologies, as well as the growing popularity of containerization and microservices for cloud-native applications, are encouraging signs for market growth. With multi-cloud management solutions, enterprises can manage SaaS, PaaS, and IaaS clouds as a single heterogeneous architecture.
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With the help of multi-cloud management, enterprise-class applications can be deployed and managed on public, private, and hybrid clouds. Furthermore, businesses can enhance security while simplifying cloud storage management. Businesses are increasingly preferring multi-cloud management solutions due to concerns about single-cloud reliability and vendor lock-in.
End users have more negotiating power when using multi-cloud management because they can switch between multiple providers rather than being dependent on just one. End users can also use multi-cloud management to distribute their workload across multiple clouds and increase data deployment flexibility.
Throughout the forecast period, the industry’s growth is expected to be fueled by the continuous rollout of 5G high-speed networks, recent technological advancements such as AI and ML, and improved tractability provided by recent cloud computing revolutions.
The multi-cloud management industry may grow as a result of the vast potential for multi-cloud service expansion. At the moment, there are only a few corporate-level installations for the multi-cloud management approach, which is still in its infancy. Using its advantages, the platform overcomes issues such as vendor lock-in, latency, and higher costs while improving security and compliance for cloud-based models.
KEY TAKEAWAYS
Given the widespread use of cloud technologies as well as the growing demand from businesses for effective administration and optimization of their cloud resources, North America now has a dominant share of the multi-cloud management market.
The rising use of multi-cloud strategies by enterprises is driving growth in the multi-cloud management market in Europe. The market is anticipated to keep expanding as a result of the rising demand for cloud-based products and services.
Given variables including the need for improved administration of cloud resources, rising demand for cloud-based services, and increasing complexity of cloud systems, the Asia Pacific multi-cloud management market is anticipated to expand at a substantial rate.
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COMPETITIVE LANDSCAPE
To meet the rising need for effective multi-cloud management solutions, industry participants in this space are concentrating on extending their product and service portfolios. To create cutting-edge technologies that offer seamless automation and integration across various cloud settings, they are investing in research and development.
They offer solutions for governance, security, monitoring, and orchestration of the cloud. In addition to managed services for multi-cloud systems, several market participants also provide migration, optimization, and cost management.
To enhance automation and decision-making skills, there is also a trend toward the integration of artificial intelligence and machine learning technologies in multi-cloud management systems. Players in the market are concentrating on strategic alliances and collaborations to improve their market presence and acquire a competitive edge.
Key Market Players
- BMC Software, Inc.
- Citrix Systems, Inc.
- CloudBolt Software, Inc.
- CoreStack
- Dell Technologies, Inc.
- Flexera Software LLC
- Jamcracker Inc.
- Microsoft Corp.
- Concierto.cloud
- VMware Inc
- Accenture
RECENT DEVELOPMENTS
In May 2022, CoreStack and Ingram Micro Cloud teamed together to supply cutting-edge FinOps and Cloud Governance solutions. CloudOps for cloud administration and acceleration, FinOps for cloud cost management, and SecOps for cloud security posture management are some of the CoreStack offerings. Dell Technologies also expanded its multi-cloud offerings in May 2022 to include data analytics, cyber recovery, and partner ecosystem.
Key Segments in the Multi-cloud Management Market
Multi-cloud Management Industry By Type:
- Multi-cloud Management as Multi-Cloud Security & Risk Management
- Multi-cloud Management as Multi-Cloud Training & Consulting
- Multi-cloud Management as Multi-Cloud Reporting & Analytics
- Multi-cloud Management as Multi-Cloud Automation
- Multi-cloud Management as Managed Multi-Cloud Services
- Multi-cloud Management as Other Multi-Cloud Management Types
Multi-cloud Management Industry By Enterprise:
- Multi-cloud Management for Small & Medium Enterprises (SME)
- Multi-cloud Management for Large Enterprises
Multi-cloud Management Industry By End Use:
- Multi-cloud Management for BFSI
- Multi-cloud Management for IT & Telecom
- Multi-cloud Management for Consumer Goods & Retail
- Multi-cloud Management for Manufacturing
- Multi-cloud Management for Healthcare
- Multi-cloud Management for Media & Entertainment
- Multi-cloud Management for Government
- Multi-cloud Management for Other End Uses
Multi-cloud Management Industry By Region:
- Multi-cloud Management in North America Market
- Multi-cloud Management in Europe Market
- Multi-cloud Management in Asia Pacific Market
- Multi-cloud Management in Latin America Market
- Multi-cloud Management in the Middle East & Africa Market
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