Multi-Cloud Management Market Size Expected to Reach USD 49,894 Million by 2030 Fueled By Growing Adoption of Hybrid Cloud

TOKYO, July 13, 2022 (GLOBE NEWSWIRE) -- The Global Multi-Cloud Management Market size was accounted for USD 4,585 Million in 2021 and is estimated to reach the market value of USD 49,894 Million by 2030.

According to an IBM report, over 85% of enterprises used multiple clouds in 2018. One of the current multi-cloud management market trends is avoidance of vendor lock-in. One of the most compelling benefits of using this service is that it keeps businesses from becoming overly reliant on a single service operator. A multi-cloud strategy enables businesses to implement specialized services instead of relying on a single service provider for all software requirements. It ensures that businesses can utilize the most recent services and deliver software to people in order for them to do their tasks as efficiently as possible.

The global multi-cloud management industry analysis suggests that the market is expected to grow over30% throughout the forecast timeframe 2022 – 2030. The multi-cloud management market has progressively grown in popularity because it enables an organization to reduce page loading times for all kinds of content. Another reason for using multi-cloud management is that it provides the hardware, software, and infrastructure redundancy required to optimize fault tolerance.

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Report Coverage:

COVID-19 Impact on Multi-Cloud Management Market

Because of the adoption of a "work from home" culture as a result of the lockdown, organizations with workloads on the cloud have an advantage over those who were moving to the cloud and attempting to adapt to the situation. Effective cloud management enables employees to work remotely without sacrificing productivity.

Apart from deploying devoted solutions to assist their workforce in working remotely, organizations have also collaborated with companies such as Microsoft, AWS, and Zscaler to improve agility while assisting clients and providing sufficient data security in the aftermath of the pandemic's outbreak. As a result, the market witnessed a spike in growth during the pandemic.

Multi-Cloud Management Market Dynamics

The global market's major growth driving factors include agility, security, lower costs, and flexibility. As a result, the rise in popularity of multi-cloud management adoption across different industry verticals has fueled the global market growth. Furthermore, multi-cloud management is intended to provide commercial firms with a variety of applications. As a result, the market is expanding, and new opportunities for improved work efficiency are emerging.

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Risk management is another advantage of multi-cloud management. In the event of an infrastructure meltdown or an attack, for example, a multi-cloud user can easily switch to another cloud service provider or return to a private cloud. However, multi-cloud providers provide a number of services to mitigate risks, including vulnerability testing, API asset centralization, and independent systems that provide reliable authentication mechanisms. As a result, implementing a multi-layered security approach is a reliable way of ensuring powerful risk management.

However, application portability in various cloud environments is considered to be one of the restraining factors for the multi-cloud management market share. Furthermore, the rise in the need for policy compliance from regulatory bodies for data sovereignty is one of the aspects that is expected to generate enormous multi-cloud management market revenues throughout the forecast timeframe from 2022 to 2030.

Worldwide Multi-Cloud Management Market Segmentation

The global multi-cloud management market has been segmented into platform, deployment mode, application, service, industry vertical, and region. The platform segment is categorized into internal brokerage enablement and external brokerage enablement. The external platform is likely to register the fastest growth rate during the forecast timeframe.

Based on deployment, the market is categorized into private, public, and hybrid cloud. According to our analysis, the hybrid cloud can grow with a significant growth rate in the coming years. Compliance management, identity and policy management, infrastructure and resource management, lifecycle management, metering and billing, provisioning, and others are covered under the application segment.

The service segment is further split into cloud automation, data security & management, migration & integration, monitoring & access management, reporting & analytics, training & consulting, and others, and others. Furthermore, the industry vertical segment is segregated into BFSI, energy and utilities, healthcare, IT & telecommunication, public sector, retail and consumer goods, and others.

Multi-Cloud Management Market Regional Overview

The global multi-cloud management market regional outlook is given as North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. The North America region accounted for the leading market share in 2021. The highest number of cloud management companies, growing demand from hybrid cloud companies, a surge in ICT expenditure, and increasing technological advancements are some of the leading aspects driving the North America multi-cloud management market. On the other hand, the Asia-Pacific region is likely to witness the fastest growth rate owing to the increasing number of IT companies, high internet penetration, and rising number of youth active on social media platforms.

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Multi-Cloud Management Market Players

Some multi-cloud management companies covered globally include International Business Machines Corporation, BMC Software, Inc., Dell Technologies Inc., Microsoft Corporation, Citrix Systems, Inc., VMware Inc., CloudBolt Software, Inc., Flexera Software LLC, CoreStack, and Jamcracker Inc.

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