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Multi-Cloud Networking Market Size
- Report ID: GMI8060
- Published Date: Feb 2024
- Report Format: PDF
Multi-Cloud Networking Market Size
Multi-Cloud Networking Market size was valued at USD 2.8 billion in 2023 and is estimated to register a CAGR of over 23.5% between 2024 and 2032. As organizations increasingly prioritize efficiency, they leverage multi-cloud strategies to cherry-pick cost-effective services from different providers. This approach enables businesses to optimize spending by selecting the most economical cloud resources, fostering financial flexibility, and driving the adoption of multi-cloud networking solutions that facilitate seamless management across diverse and cost-efficient cloud environments.
Against this backdrop, in January 2024, Arrcus, the prominent hyperscale networking software company specializing in core, edge, and multi-cloud routing and switching infrastructure, unveiled a significant enhancement to its FlexMCN multi-cloud networking solution. Named Egress Cost Control (ECC), this groundbreaking technology is crafted to enhance the efficiency of cloud connectivity costs, with the potential to achieve savings of up to 40% on egress charges. This advancement marks a revolutionary step in optimizing and simplifying the financial aspects of multi-cloud networking.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Multi-Cloud Networking Market Size in 2023: | USD 2.8 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 23.5% |
| 2032 Value Projection: | USD 18.7 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 300 |
| Segments covered: | Component, enterprise size, deployment mode, industry vertical |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Security and compliance imperatives are steering the adoption of multi-cloud networking market. Organizations bound by stringent regulations seek robust frameworks that offer consistent security measures across diverse cloud environments. Multi-cloud networking addresses these concerns by providing centralized controls, ensuring adherence to compliance standards, and mitigating risks associated with a single point of failure. This reliability in security practices encourages businesses to embrace multi-cloud strategies, fostering a secure and compliant approach to their cloud infrastructure.
The complexity of managing and orchestrating networking across diverse cloud platforms is a significant constraint. Implementing and maintaining consistent policies, security measures, and performance optimization across multiple clouds require sophisticated management tools and skilled personnel. The complexity increases with the number of cloud providers involved, potentially leading to operational challenges, increased costs, and a higher likelihood of errors in configuration and management.
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Multi-Cloud Networking Market Scope
