Dublin, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The "Multi-Cloud Networking Market by Component (Solutions and Services), Deployment Type (Public Cloud and Private Cloud), Organization Size, Vertical (IT & ITeS, BFSI, Healthcare & Life Sciences) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The analyst forecasts the global Multi-Cloud Networking market to grow from USD 2.7 billion in 2022 to USD 7.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 22.5%
The major factors driving the growth of the Multi-Cloud Networking market include growing adoption of hybrid cloud and multi-cloud strategies across enterprises from different industry verticals, need of the hour for higher-level governance and policy to be administered, large shift of workforce to remote working caused due to the pandemic outbreak.
Solutions segment to hold the highest market size during the forecast period
A multi-cloud solution is one in which an organization uses multiple public cloud services, often from different providers. It is a cloud computing solution that is portable across the cloud infrastructures of multiple cloud providers. Multi-cloud solutions are usually built on open-source, cloud-native technologies, such as Kubernetes, which are supported by all public cloud providers.
They also usually include the ability to manage workloads across multiple clouds from a single console (or 'single pane of glass'). As multi-cloud environments become the norm for today's distributed applications, connecting cloud-based services through a more efficient, software-defined networking approach is becoming increasingly difficult.
Traditional networking solutions, such as physical/virtual firewalls, routers, and VPNs, necessitate manual service stitching, provide little visibility into cloud service provider environments, create security gaps, and are built with a jumble of proprietary tools. It is obvious that modern enterprises require a new method of ensuring seamless connectivity, end-to-end security, and observability between services in a multi-cloud environment.
Public Cloud segment to record the highest market size during the forecast period
The public cloud refers to computing that shares resources, such as storage, computing, and networking, with external entities outside the organization depending on the demand. In the public deployment model, various resources, such as applications, storage, virtual servers, and hardware, are available to client enterprises over the internet.
The services offered over the public deployment model are either free or offered under a subscription model. It helps organizations meet their scalability demands, provides pay-per-usage pricing strategy, and ease of deployment. The public cloud is typically designed with built-ins redundancies to prevent data loss. Public cloud is based on the multi-cloud networking model, on which the service providers build applications and offer them to the public over the internet.
Multi-cloud deployment is best effective when the public cloud is used together with the on-premises resources. The public cloud services may be offered free of cost or on the pay-per-usage model, depending upon the requirement of the end-users. Generally, the public cloud deployment model is used for web servers or system architecture, where security and compliance are not an issue.
The public cloud deployment model offers various benefits to organizations, such as scalability, reliability, flexibility, and location-independent services, at any place. Public CSPs own and operate the infrastructure and offer access via the internet. The major concern with the public cloud deployment model is data security, so many companies are moving toward private and hybrid cloud deployment models for cloud operations.
Europe to record for the second largest market size during the forecast period
The established internet and robust economic infrastructure with business demand for cloud services, make Europe one of the top 3 markets for cloud-based services and the second largest market in the overall multi-cloud networking market. The major countries considered in this report for analysis are the UK, Germany, and others.
The UK and Germany are the countries with the highest potential for the multi-cloud networking market among all other countries. Business demands in the European market are diverse, reasonably like North America. Enterprises in this region have strong technical expertise along with bigger IT budgets.
However, Internet of Things (IoT) and growing customer expectations are a few drivers expected to increase the adoption of multi-cloud networking in the European market. Major players, such as Microsoft, Oracle, IBM, and OVH, have established their data centers in European regions to cater to customers' growing demands and increase the customer base.
Competitive landscape
Some prominent players across all service types profiled in the Multi-Cloud Networking market study include VMware (US), Oracle (US), F5 (US), HPE (US), Cisco (US), Nutanix (US), CloudFlare (US), Juniper (US), Citrix (US), Versa networks (US), Illumio (US), Akamai (US), Alkira (US), Aviatrix (US), Arista (US), Aryaka (US), Nefeli networks (US), Volterra (US), Prosimo (US), Infoblox (US).
Summary Findings
- Solutions Segment to Hold Larger Market Size During Forecast Period
- Multi-Cloud Management Segment to Hold Larger Market Size During Forecast Period
- Integration & Implementation Segment to Hold Largest Market Size During Forecast Period
- Large Enterprises Segment to Hold Larger Market Size During Forecast Period
- Public Cloud Segment to Hold Larger Market Size During Forecast Period
- Information Technology & Information Technology-Enabled Services Vertical to Hold Largest Market Size During Forecast Period
Premium Insights
- Shifting Workloads of Enterprises Toward Cloud Environments to Drive Market
- Solutions Segment to Account for Larger Market Share During Forecast Period
- Public Cloud Segment to Account for Larger Market Share During Forecast Period
- Large Enterprises Segment to Account for Larger Market Share During Forecast Period
- Information Technology and Information Technology-Enabled Services Segment to Account for Largest Market Share During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
Market Dynamics
Drivers
- Avoidance of Vendor Lock-Ins
- Increased Agility and Automation
- Need for High Level of Governance and Policy
- Increased Return on Investments with Lower Infrastructure and Storage Costs
- Limited Storage Capacity of Secondary Storage Devices and Issues of Accidental Data Loss
- Surging Demand for Remote Workspaces due to COVID-19 Outbreak
- Need for Disaster Recovery and Contingency Plans
Restraints
- Data Security and Privacy Concerns
- Internet and Connectivity Issues
- Limited Technical Expertise Among Enterprises in Technologically Developing Geographies
- Inadequate Network Bandwidth Providers and Lack of Access to High-Speed Internet in Many Countries
- Application Portability in Various Cloud Environments
Opportunities
- Transformation Opportunity for Isvs into Saas Providers
- Significant Growth in Hybrid Cloud Adoption
- Boosting Adoption of Edge Technologies
- Rise in Number of Smes to Create New Revenue Opportunities for Cloud Vendors
- Rise in Use of Smart Devices and Cloud-Based Services
Challenges
- Integration with Third-Party Applications
- Compatibility Complexities with Legacy Systems
- Complexities in Redesigning Network for Cloud
- Lack of Expertise and Management Overheads
Regulations
- General Data Protection Regulation
- Payment Card Industry Data Security Standard
- Health Insurance Portability and Accountability Act
- Gramm-Leach-Bliley Act
- Sarbanes-Oxley Act
- Soc2
Case Study Analysis
- Manufacturing: Nissan Motor Co. Ltd Automated Business Processes by Deploying Cisco's Solutions
- Financial Services: Vmware Helped Discovery Move Business Toward Cloud
- Hospitality: Hotel Spider Transitioned to Microservices and Cloud with Cycloid
- Healthcare: Nipro Corporation Kept Reporting Consistent and Leveraged Existing Data by Sap
- Pharmaceuticals: Celgene Used Aws-Based Hpc Resources to Automate Analyses
- Gaming: Fsb Technology Expanded Its Geographical Reach by Deploying Nutanix's Solutions
Technology Analysis
- Network Operations (Netops)
- Security Operations (Secops)
Company Profiles
Key Players
- Vmware
- Oracle
- F5
- Nutanix
- Cloudflare
- Juniper Networks
- Hpe
- Cisco
- Citrix
- Versa Networks
- Illumio
- Akamai
Other Companies
- Alkira
- Aviatrix
- Arista
- Aryaka
- Nefeli Networks
- Volterra
- Prosimo
- Infoblox
For more information about this report visit https://www.researchandmarkets.com/r/nciarh
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