Multi-Cloud Management Market Outlook
According to the report by Expert Market Research (EMR), the global multi-cloud management market price reached a value of USD 6.5 billion in 2022. Aided by the increasing demand for flexible cloud-based services and the growing application of multi-cloud management in diverse industries, the market is projected to further grow at a CAGR of 27.6% between 2023 and 2028 to reach a value of USD 28.5 billion by 2028.
Multi-cloud management refers to the use of multiple cloud computing services in a single network architecture. With the capabilities to prevent data loss, enhance operational efficiency, and ensure optimal resource usage, multi-cloud management has become a key factor in effective cloud computing. The system ensures improved scalability, flexibility, and avoids vendor lock-ins, thus supporting overall business growth.
The increasing preference for flexible cloud-based services is the driving force behind the global multi-cloud management market growth. As businesses continue to expand and diversify their operational needs, there has been a significant shift towards the adoption of multi-cloud strategies, leading to a surge in demand for multi-cloud management services. Furthermore, the rising need to avoid vendor lock-ins, improve disaster recovery, and optimise costs has bolstered the popularity of multi-cloud management solutions.
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Moreover, multi-cloud management has significant applications across various industries, thus fuelling the multi-cloud management market development. In the finance sector, it aids in risk management and ensures data security. The healthcare industry utilises multi-cloud management for patient data management and healthcare service delivery, while the retail sector leverages it to enhance customer experiences and streamline operations.
In addition, the rising trend of digitalisation and the increasing adoption of advanced technologies such as artificial intelligence (AI) and machine learning (ML) have contributed to the multi-cloud management market expansion. These technologies, when integrated with multi-cloud management, can provide predictive analytics, automated processes, and personalised services, making cloud management more efficient for organisations.
The growing demand for Software as a Service (SaaS) in business operations has also led to a focus on multi-cloud management as a crucial service component. The rise of remote working practices and the increasing reliance on cloud-based applications have amplified the need for effective cloud management strategies, thereby boosting the multi-cloud management market expansion.
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Lastly, the increasing threats to data security and the need for regulatory compliance have made multi-cloud management an essential aspect of business strategy. With the proliferation of cyber threats and the stringent regulations on data handling and privacy, multi-cloud management has emerged as a critical tool in ensuring data protection and regulatory compliance, consequently driving the multi-cloud management market growth.
Multi-Cloud Management Market Segmentation
The market can be divided based on platform, service, deployment model, application, industry vertical, and region.
Market Breakup by Platform
- Internal Brokerage Enablement
- External Brokerage Enablement
Market Breakup by Service
- Monitoring and Access Management
- Training and Consulting
- Reporting and Analytics
- Cloud Automation
- Data Security and Risk Management
- Migration and Integration
- Support and Maintenance
Market Breakup by Deployment Model
- Public Cloud
- Private Cloud
- Hybrid Cloud
Market Breakup by Application
- Metering and Billing
- Lifecycle Management
- Identity and Policy Management
- Compliance Management
- Infrastructure and Resource Management
Market Breakup by Industry Vertical
- Energy and Utilities
- Telecommunication and IT-enabled Services (ITES)
- Travel and Hospitality
- Healthcare and Life Sciences
- Retail and Consumer Goods
- Government and Public Sector
- Media and Entertainment
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global multi-cloud management companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- VMware, Inc.
- IBM Corporation
- Microsoft Corporation
- BMC Software, Inc
- Cisco Systems, Inc.
- Dell Technologies Inc.
- CloudBolt Software, Inc.
- Citrix Systems, Inc.
- Jamcracker Inc.
- Flexera Software LLC
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