According to the latest report by IMARC Group, titled “Multi-Cloud Management Market: Global Industry, Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global multi-cloud management market reached a value of US$ 6.43 Billion in 2021. Multi-cloud management enables businesses to track, secure, control, and optimize cloud services. It develops a consistent, uniform, and centralized system to allow enterprise-class applications to be deployed and managed across public, private, and hybrid clouds. Multi-cloud management relies on various tools and procedures to simplify and streamline management processes. It assists in improving network performance, risk management, and security, bolstering resilience, and minimizing the workload on information technology (IT) teams. As a result, multi-cloud management finds extensive applications across the healthcare, retail, telecommunications, and banking, financial services and insurance (BFSI) industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Multi-Cloud Management Market Trends:
The rising uncertainty of single cloud services across organizations is creating a positive outlook for the market. Multi-cloud management solutions are widely used in provisioning, billing, and compliance and assist in automating several processes while improving overall efficiency. Additionally, the widespread product adoption in large enterprises to reduce manual IT services management (ITSM) is favoring the market growth. Apart from this, rapid advancements in virtualization technologies and the rising penetration of cloud computing systems are providing a considerable boost to the market growth. Moreover, the product adoption helps lower the possibility of a distributed denial of service (DDoS) attack, wherein the attackers disable access to devices, applications, servers and networks. This, in turn, is positively influencing the market growth. Other factors, including the rising demand for hybrid cloud environments among enterprises to improve their digital infrastructure capabilities across various cloud platforms, extensive research and development (R&D) activities, and the implementation of various government initiatives promoting digitization, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 29.23 Billion by 2027, exhibiting a CAGR of 27.50% during 2022-2027.
- On the basis of the component, the market has been bifurcated into software and services (security and risk management, training and consulting, reporting and analytics, cloud automation, migration and integration, support and maintenance and others).
- Based on the deployment mode, the market has been classified into private, public, and hybrid cloud.
- Based on the enterprise size, the market has been categorized into small & medium enterprises (SME) and large enterprises.
- On the basis of the application, the market has been divided into identity and policy management, compliance management, infrastructure and resource management, metering and billing, provisioning, lifecycle management, and others.
- Based on the industry vertical, the market has been classified into BFSI, IT and telecommunication, healthcare, retail and consumer goods, public sector, energy and utilities, and others.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report. Some of the key players include Accenture plc, BMC Software Inc., CenturyLink, Cisco Systems Inc., Citrix Systems Inc., Cloudbolt Software Inc., Dell Inc., Flexera, International Business Machines Corporation, Jamcracker Inc., Micro Focus International plc and Vmware Inc.
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