Global multi-cloud management market valued at US$ 75 billion in 2032
Published on : Monday 12-09-2022
Multi-cloud management enables the deployment and administration of enterprise-class applications across public, private, and hybrid clouds.
September 2022 – The multi-cloud management solutions market to flourish at a CAGR of 23.6% during the 2022-2032 forecast period. As per the study, the multi-cloud management industry is forecast to reach a valuation of US$ 75 bn by 2032. Multi-cloud management platforms enable businesses to manage numerous cloud services, such as SaaS, PaaS, and IaaS, within a single heterogeneous architecture. Multi-cloud management enables the deployment and administration of enterprise-class applications across public, private, and hybrid clouds. It also enables enterprises to streamline cloud storage administration while increasing security.
The continuous rollout of high-speed 5G networks, developments in cutting-edge technologies such as AI and Machine Learning (ML), and the improved flexibility provided by cutting-edge cloud computing technologies are likely to boost the sector throughout the projection period. Concerns about the dependability of single clouds and vendor lock-in situations, as well as a growing preference for cost-effective cloud installations and increasing pressure to ensure compliance with various data security and privacy protection regulations, are driving enterprises to adopt multi-cloud management solutions.
End-users have more negotiating power with multi-cloud management since they may switch between several providers rather than depending on a single provider. Furthermore, end users may employ multi-cloud management to divide their workload across many clouds and provide greater flexibility in data distribution. During the projection period, North America is estimated to have the greatest market share in the Multi-Cloud Management market, followed by the European region. The region's cloud services industry is rapidly transitioning from isolated cloud solutions to platforms that incorporate onsite, public, and private IaaS. Because of its powerful economic infrastructure and corporate need for cloud services, Europe is expected to be the industry's second biggest region in terms of market size.
Key takeaways from the market study:
· By 2022-end, multi-cloud management deployment will likely acquire a value of US$ 9 bn.
· According to Fact.MR, large enterprises will likely account for bulk of multi-cloud management use, expanding at a 22% CAGR.
· Multi-cloud management market in the U.S to accumulate a market share of 35% in 2022
· Germany to be a key growth hotspot in Europe, accelerating at a 21% CAGR
· The BFSI segment is anticipated to grow at a CAGR of 23% during the projected period
· Global multi-cloud management market to flourish 8.3x from 2022 to 2032.
“The major factors driving market growth are uncertainty about single cloud reliability, an increase in organizations’ preference for price-sensitive cloud deployments, an increase in the need to avoid vendor lock-in, and an increase in the need for policy compliance from regulatory bodies for data sovereignty,” says an analyst at Fact.MR.
These insights are based on a report on Fact.MR: https://www.factmr.com/report/multi-cloud-management-market
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