Portland, OR, May 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global multi-cloud management market was accounted for $1.19 billion in 2016, and is anticipated to garner $6.81 billion by 2023, registering at a CAGR of 28.4% from 2017 to 2023.
Rise in need to avoid vendor lock-in, growing need of policy compliances from regulatory bodies for data sovereignty, and inclination of companies toward price-sensitive cloud deployments coupled with uncertainty regarding single cloud reliability drive the growth of the global multi-cloud management market. However, need to check compliance as multiple vendors are involved and difficulty in the management of complex multi-cloud management systems hamper the market growth. On the contrary, adoption of hybrid & public cloud, availability of cloud services brokerage, and forward integration among independent service providers to offer SaaS services are expected to open lucrative opportunities for market growth.
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Covid-19 scenario:
- The global adoption of work from home culture encouraged companies to shift their workload on the cloud to maintain a foothold in the market. This increased the demand for multi-cloud management services.
- The Covid-19 pandemic presented several unprecedented challenges for companies and they need to adopt several tools and partner with technology giants such as Microsoft, AWS, and Zscaler to maintain seamless workflow.
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The global multi-cloud management market is segmented on the basis of component, deployment model, application, industry vertical, and region. Based on deployment model, the hybrid segment held the largest share in 2016. Moreover, the segment is estimated to register the highest CAGR of 29.1% during the forecast period.
Based on application, the infrastructure and resource management segment held the lion’s share in 2016 and is expected to maintain its dominance throughout the forecast period. Moreover, the segment is projected to portray the highest CAGR of 27.1% during the forecast period.
The global multi-cloud management market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2016. However, the market Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The global multi-cloud management market report includes an in-depth analysis of the prime market players such as VMWare, BMC Software, Accenture, IBM, Cisco, CenturyLink, Cloudyn, Rightscale, Citrix, and Jamcracker.
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