January 16, 2024 | Posted in News
Multi-Cloud Management Market – Business Prospects and Growth Projections
According to our latest study on “Multi-Cloud Management Market Size and Forecasts (2019 – 2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component, Application, Verticals, and Geography,” The market is expected to grow from US$ 7.76 billion in 2022 to US$ 33.48 billion by 2028; it is estimated to grow at a CAGR of 27.6% from 2022 to 2028. The majority of organizations worldwide accept cloud services as a viable IT deployment model. The most popular rationale for cloud adoption continues to be the flexibility and data security of the cloud as a delivery platform. Many businesses have already migrated to one or more cloud services, influencing others to uptake the cloud to gain a competitive advantage. For instance, in July 2019, Amazon Web Services (AWS), which is Amazon’s cloud computing business, launched its cloud solutions in Bahrain, making it the first country in the Middle East. Through the debut of its services in this region, the corporation hopes to tap into the technical potential of Middle Eastern businesses.
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The cloud is now recognized as a credible deployment model within the context of an organization’s IT strategy, with satisfaction levels remaining high and two-thirds of global end users utilizing a cloud service today expect to expand their footprint over the coming year. According to the US, the combined market share of Amazon, Microsoft, and Google in the global public cloud services market was more than 50%. Cloud service providers are well-positioned to expand their global footprint while maintaining innovation and commercial leadership.
Several investments in cloud technologies are as follows:
· In September 2021, the cloud deployment service Qovery raised US$ 4 million in funding. The company intends to support the Google Cloud Platform as well.
· In September 2021, RunX raised US$ 4.1 million to make cloud infrastructure deployment easier for developers.
· In July 2019, Google LLC acquired Elastifile, an enterprise cloud storage provider, to expand its cloud-based file storage capabilities for enterprise-grade applications. The former company’s current file storage offerings, third-party partner offerings, and Cloud Filestore were all broadened due to this acquisition.
· Thus, acceptance of cloud solutions as mainstream IT deployment is expected to fuel the growth of the multi-cloud management market over the forecast period.
Surge in Need to Avoid Vendor Lock-in to Drive the Market
Vendor lock-in refers to a situation wherein an organization wants to transfer its business from one of its current vendors but cannot do so due to various reasons, such as projected cost, duration, and complexity of switching. The following could be the circumstances that may negatively impact a business if businesses are locked in with a specific cloud vendor:
· If a vendor’s quality of service declines or never meets the desired threshold, the business will be stuck with it.
· If the vendor changes its offerings in such a way that it no longer meets a business’s needs, the business will be again stuck.
· A vendor may go out of business altogether.
· Vendors may impose massive price increases for the service, knowing that businesses are locked in.
Due to the reasons mentioned above, there is a surge in the need to avoid vendor lock-in. Avoiding vendor lock-in is the most frequently mentioned among the many benefits of a multi-cloud strategy. As per a survey conducted by Stratoscale, more than 80% of businesses expressed moderate anxiety about being tied to a single public cloud platform. However, adopting multi-cloud management can help avoid such instances, which are among the basic needs of some organizations. A multi-cloud approach reduces dependence on any single vendor, enables vendor diversification, and prevents lock-in. This is important for enterprises to ensure that they can adopt the most relevant platforms for their business objectives and move among cloud stacks as needed. Due to the multi-cloud approach, end customers can now switch between several providers, which lessens their reliance on a single supplier. This relative independence encourages customers to haggle with merchants for lower prices. Service level agreements (SLAs) for multi-cloud management services provide data deployment flexibility and permit end users to migrate their workloads to different clouds as needed. End users can also utilize multi-cloud management systems to manage complicated applications across several heterogeneous cloud platforms to benefit from the highest level of independence. Because of the abovementioned factors, multi-cloud management removes vendor lock-in and permits easy switching between vendors. Thus, the elimination of vendor lock-in ability by multi-cloud management contributes to market growth.
Global Multi-Cloud Management Market: Segmental Overview
The multi-cloud management market is segmented on the basis of component, deployment, application, vertical, and geography. Based on component, the market is segmented into solution and services. In terms of deployment, the multi-cloud management market is bifurcated into public cloud and private cloud. Based on application, the market is segmented into infrastructure and resource management, identity and policy management, compliance management, metering and billing, and provisioning and lifecycle management. The multi-cloud management market, by vertical, is segmented into IT & telecommunications, BFSI, government, retail and consumer goods, travel and hospitality, healthcare and life science, and others. Based on region, the Multi-Cloud Management market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America.
In Europe, cloud adoption is expanding at a faster pace in countries such as the UK, France, Germany, Spain, and Italy. IoT is closely associated with Big Data, machine learning (ML), 5G, and artificial intelligence (AI). An increase in the adoption of ML and AI augments the need to transfer data to the cloud, which further boosts the adoption of multi-cloud management solutions. In addition, the emergence of the COVID-19 pandemic encouraged the adoption of the work-from-home model, which propelled the need for multi-cloud management solutions in Europe.
The growth of the market in Asia Pacific is primarily attributed to flourishing industrial automation in prime economies in the region, which results in the generation of large data volumes. Industries across the Asia Pacific are striving to improve their operational efficiencies while offering more interactive and digitized customer experiences through the adoption of advanced technologies such as IoT, AI, and ML. The adoption of these advanced technologies is associated with the corresponding growth in the volume of data generated and collected at the edge of networks. The need to manage such data volumes, in turn, drives the need for multi-cloud management solutions. Countries such as China, India, Australia, Japan, Singapore, and Hong Kong witnessed a rise in investments in colocation data centers in 2021, which is likely to favor the multi-cloud management market growth in the region during the forecast period.
The countries in the MEA are witnessing huge digital transformation across various industry verticals. Moreover, a surge in the adoption of IoT platforms across various applications, giving rise to a large number of connected devices, is propelling the multi-cloud management market growth in the region. The growth in IoT can be primarily attributed to proactive initiatives taken by governments to achieve their smart city visions.
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Global Multi-Cloud Management Market: Competitive Landscape and Key Developments
The Multi-Cloud Management market has already established a prominent presence across developed economies. With an extensive scope of applications, the demand for Multi-Cloud Management is only slated to rise in the years to come. BMC Software, Inc.; Cisco Systems, Inc.; Flexera; International Business Machines Corporation; Micro Focus International plc; Zerto Ltd.; VMware, Inc.; Snow Software, Inc.; UnityOneCloud; and Dynatrace, Inc. are a few of the key companies operating in the Multi-Cloud Management market. The Multi-Cloud Management market leaders focus on expansion and diversification, new product launches, and acquisition strategies, which allow them to access prevailing business opportunities.
· In 2022, Micro Focus announced that the company included SaaS support for its Hybrid Cloud Management X (HCMX) Solution.
· In 2022, Snow Software announced that the company enhanced its Snow Commander product, which is designed to help firms advance their cloud journey.
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