multi-cloud management Market

The multi-cloud management market is projected to grow from US$ 7,769.40 million in 2022 to US$ 33,481.70 million by 2028; it is estimated to grow at a CAGR of 27.6% from 2022 to 2028.

The adoption of multi-cloud management is being triggered by the increasing number of operations and cloud adoption due to many companies expanding globally. Additionally, the rising adoption of BYOD by organizations is pushing them to use cloud-based services. This has resulted in a surge in the number of mobile workforces, the use of mobile devices, and the adoption of SaaS applications across various industries. Furthermore, the integration of artificial intelligence and machine learning in software is contributing to the growth of the multi-cloud management market.

The multi-cloud management market in Europe is rapidly advancing, and digital technologies such as cloud computing, IoT, and edge computing are contributing to achieving sustainability goals in various sectors, including BFSI, IT and Telecom, mobility, buildings, and manufacturing. The European Union is actively promoting the development of cloud computing in the region through research and innovation initiatives under the Horizon 2020 program, which is accelerating the adoption of cloud infrastructures by businesses and driving the growth of the multi-cloud management market. In the Middle East & Africa, government efforts to digitize economies in countries like Saudi Arabia, the UAE, and South Africa are creating opportunities for multi-cloud management market players. The region's increasing demand for edge computing and data centers, driven by the growth of smart city initiatives in Saudi Arabia and the UAE, is also fueling market growth. The IT sector in GCC countries, including Saudi Arabia, UAE, and Qatar, is experiencing significant investments, which is expected to drive the multi-cloud management market growth in the region during the forecast period.

The multi-cloud management deployment in the region is expected to be boosted by the growing BFSI industry. The use of multiple clouds provides significant business benefits to the BFSI sector, such as improved capabilities, enhanced performance, reduced service disruption, and vendor diversification. Multi-cloud management enables banks and other financial service providers to store data and applications to access advanced software applications via the internet. The COVID-19 pandemic has compelled banks to operate in an unprecedented time of uncertainty and has increased the need for the kind of digital resiliency provided by the cloud. Using multiple clouds can bring compelling business benefits to banks, including best-in-class capabilities, enhanced performance, reduced service disruption, and vendor diversification. Consider these examples:

The IT & Telecom industry is increasingly adopting SaaS-based solutions due to their cost-effectiveness, accessibility, and comprehensive software functions at a low cost of ownership. The growth of the multi-cloud management market is attributed to its fast deployment speed, low initial costs, and flexibility that can be customized based on the company's needs. The telecom industry can benefit from combining cloud offerings from different providers using multi-cloud management. Although it can capitalize on the computing model, it increases complexity to a certain extent, requiring strategies or tools for multi-cloud management. The inherent complexity is the major challenge due to different interfaces, services, and technologies.

Additionally, multi-cloud requires high expertise in determining what data requires to be migrated to the cloud and what should not. However, the shift towards a multi-cloud model in telecom can drive collaboration, agility, and increased competition, among others. Multi-cloud models can improve the telecom approach to working with customers.

The multi-cloud management market is segmented on the basis of component, deployment, application, verticals, and geography. Based on component, the multi-cloud management market is bifurcated into software and services. In terms of deployment, the multi-cloud management market is bifurcated into public cloud and private cloud. Based on application, the multi-cloud management market is segmented into infrastructure and resource management, identity and policy management, compliance management, metering and billing, and provisioning and lifecycle management. Based on verticals, the multi-cloud management market is segmented into BFSI, IT & telecom, government, retail & consumer goods, travel & hospitality, healthcare & life science and others. Based on geography, the multi-cloud management market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

The market size of the multi-cloud management industry has been determined using both primary and secondary research sources. Comprehensive secondary research has been carried out utilizing internal and external sources to acquire qualitative and quantitative information associated with the market. This procedure has also facilitated the development of an overview and forecast of the multi-cloud management market concerning all the market segments. Furthermore, several primary interviews have been conducted with industry experts, including VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specialized in the multi-cloud management market, to authenticate the data and acquire further analytical insights.