GEC NEWS WIREHighlighting an astonishing CAGR of 28% during the forecast period, the multi-cloud management market is expected to reach a peak from US$ 10.28 billion in 2023 to US$ 121.35 billion by 2033. The market is expected to develop throughout the projected period with a growing emphasis on automation, efficiency, and effective organizational governance procedures. Businesses are choosing multi-cloud management tools to guarantee effective and more dependable services at reduced costs across different platforms without falling victim to vendor lock-in.
These insights are based on a report on the Multi-Cloud Management Market by Future Market Insights.
The increasing adaptability of cloud computing technologies as well as the rising popularity of containerization and microservices for cloud-native applications encouraging signs for the market’s expansion. Enterprises can manage SaaS, PaaS, and IaaS clouds under a single heterogeneous architecture with multi-cloud management solutions.
Enterprise-class applications can be deployed and managed on public, private, and hybrid clouds with the help of multi-cloud management. Moreover, businesses can improve security while streamlining cloud storage management. Businesses progressively prefer multi-cloud management solutions owing to concerns about single-cloud reliability and vendor lock-in situations.
Given their enhanced ability to switch between several providers rather than being dependent on one, end users have more negotiating leverage when using multi-cloud management. End customers can additionally employ multi-cloud management to spread out their workload over several clouds and provide greater flexibility in data deployment.
All through the forecast period, the industry’s growth is anticipated to be fueled by the continuous rollout of 5G high-speed networks, technological advancements in recent years, including AI and ML, and improved tractability provided by recent revolutions in cloud computing.
The multi-cloud management industry could expand as a result of the vast potential for the expansion of multi-cloud services. Just a few corporate-level installations exist for the multi-cloud management approach at this time, which is still in its infancy. Using its benefits, the platform overcomes issues like vendor lock-in, latency, and greater cost while delivering improved security and compliance for cloud-based models.
KEY TAKEAWAYS
- Given the widespread use of cloud technologies as well as the growing demand from businesses for effective administration and optimization of their cloud resources, North America now has a dominant share of the multi-cloud management market.
- The rising use of multi-cloud strategies by enterprises is driving growth in the multi-cloud management market in Europe. The market is anticipated to keep expanding as a result of the rising demand for cloud-based products and services.
- Given variables including the need for improved administration of cloud resources, rising demand for cloud-based services, and increasing complexity of cloud systems, the Asia Pacific multi-cloud management market is anticipated to expand at a substantial rate.
COMPETITIVE LANDSCAPE
To meet the rising need for effective multi-cloud management solutions, industry participants in this space are concentrating on extending their product and service portfolios. To create cutting-edge technologies that offer seamless automation and integration across various cloud settings, they are investing in research and development.
They offer solutions for governance, security, monitoring, and orchestration of the cloud. In addition to managed services for multi-cloud systems, several market participants also provide migration, optimization, and cost management.
To enhance automation and decision-making skills, there is also a trend toward the integration of artificial intelligence and machine learning technologies in multi-cloud management systems. Players in the market are concentrating on strategic alliances and collaborations to improve their market presence and acquire a competitive edge.
RECENT DEVELOPMENTS
- In May 2022, CoreStack and Ingram Micro Cloud teamed together to supply cutting-edge FinOps and Cloud Governance solutions. CloudOps for cloud administration and acceleration, FinOps for cloud cost management, and SecOps for cloud security posture management are some of the CoreStack offerings. Dell Technologies also expanded its multi-cloud offerings in May 2022 to include data analytics, cyber recovery, and partner ecosystem.
