Multi-Cloud Management Market size will expand at a robust pace from 2021 to 2027 due to the increasing utility across the BFSI, hospitality, retail, and government verticals. The growing need to limit the instances of vendor lock-ins, higher preference for automation and agility, and the rising concerns of single cloud services will act as significant contributors to the overall industry share.
The adoption of multi-cloud management solutions across enterprises is expected to rise in order to cater to latency, application workloads, higher cost, enhanced security, and cloud-based compliance needs. According to an International Data Corporation survey report of 2019, over 81% of the enterprise organizations employed multiple public clouds with one or more private cloud deployments.
Based on the enterprise size, SMEs will amass considerable multi-cloud management market demand owing to the increasing need for flexibility and the comprehensive mix of private and public clouds. The market penetration in large enterprises will expand with increasing expenditures on cloud services by IT managers. The prevailing requirement for customized infrastructure and innovations to assist in business growth in bigger companies will put a significant impact on the market expansion.
On the basis of regional segmentation, North America multi-cloud management industry is set to attain notable proceeds through 2027 with the increasing presence of cloud over isolated infrastructure in the region. The rise in the number of affordable cloud deployments and the growing necessity for enhanced disaster recovery capabilities across organizations will positively influence regional market development. It has been revealed by large U.S. enterprises that organizations bear the brunt of an average of 830 minutes of unplanned downtime during the year. This trend is likely to foster the adoption of multi-cloud management solutions in responding to these abrupt service outages.
The industry share from Asia Pacific is expected to reach an exponential growth rate owing to the growing popularity of social media solutions in the region.
The multi-cloud management market share comprises leading firms, including Citrix Systems, Inc., IBM Corporation, Cisco Systems, Inc., Dell Inc. (Dell Technologies), VMware, Inc. (Dell Technologies), Centurylink, Cloudyn (Microsoft), RightScale, BMC Software, Inc., DoubleHorn, Flexera, Turbonomic, Inc, Jamcracker, Inc. (Actua Corporation), SixSq Sarl (RHEA System S.A.) and Cloudmore.
These technology entities are placing their targeted efforts on strategic initiatives, such as capacity expansions, acquisitions, as well as partnerships to amplify their global expansion. They are also consistently focused on technological innovations and investments to gain a competitive edge.
For instance, in October 2020, Oracle introduced the Oracle Cloud Observability and Management Platform, a suite of management, analytics, and diagnostic tools that manage multiple clouds as well as on-premise environments. This novel platform will help companies in allocating resources and optimizing costs quickly.
In another instance, Accenture, in October 2020, bought Enimbos, a Madrid-based cloud migration provider for an undisclosed sum. The acquisition is likely to expand the Amazon Web Services (AWS) capabilities, cloud migration services, and multi-cloud strategies from Accenture across Spain and Portugal.
Impact of COVID-19 on multi-cloud management market forecast
The COVID-19 crisis drew terrifying effects on the global economy and paved the way for tremendous setbacks across a diverse range of industries across the world. The rapid escalation of the infection count resulted in the regulation of nationwide lockdowns and the abrupt stalling of operations in several business sectors.
The multi-cloud management market, however, witnessed lucrative growth given the rising demand for modern cloud services from businesses to support their operations to meet the newer and changing norms. It has been estimated that the multi-cloud adoption increased by 70% in 2020. In addition, enterprises are also largely deploying modern cloud platforms such as Microsoft Azure, AWS, and Google Cloud Platform (GCP) to offer high quality as well as security applications to customers.