Multi Cloud Management Market size is set to cross USD 55 billion by 2030, according to a new research report by Global Market Insights Inc.
The increasing popularity of BYOD trends is likely to fuel the multi cloud management industry growth. With rising industrial competition, companies are emphasizing more on enhanced business efficiency. They are also strategizing on work-from-home, BYOD, and other flexible work policies for improving workforce productivity. At present, BYOD and other connected devices are on the verge of transforming business processes.
Major players are focusing on developing advanced & integrated multi-cloud management solutions. For example, in October 2021, VMware launched cross cloud services for multi-cloud management. These services help in delivering a faster & smarter way to digital cloud businesses. They consist of five core building blocks that help in meeting business demands: state-of-the-art platform, cloud infrastructure, cloud management, security, and networking & digital workforce.
Rapid digital transformation across various end-user verticals
The public multi cloud management market segment is expected to grow at over 25% CAGR from 2022 to 2030. With digital transformation, various sectors are focusing on changing their business processes and operational efficiencies. The public multi-cloud model is increasingly gaining traction due to its cost benefits. Enterprises procuring public cloud services do not need to invest in infrastructure & equipment as compared to the private cloud model. It consists of several advanced features such as self-service provisioning, scalable, lower cost, and no maintenance requirements. Moreover, the growing demand for Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) is leading to significant growth opportunities.
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Rising adoption of multi cloud computing technology across SMEs
SMEs captured a market share of more than 30% in 2021on account of increasing adoption of cloud-based solutions. Small & medium businesses are emphasizing on cloud & digital infrastructure to enhance business propositions. SMEs around the globe are increasingly becoming aware of multi-cloud management computing benefits such as remote computing, reduced costs, and the availability of on-demand computing resources. In the wake of COVID-19-induced disruption, most SMEs have part-time professionals along with changing offices; remote computing has become a critical option for ensuring business continuity.
Browse key industry insights spread across 388 pages with 375 market data tables and 43 figures & charts from the report, “Multi-Cloud Management Market Size By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Organization Size (Large Enterprises, SME), By Application (Cloud Automation, Reporting & Analytics, Migration & Integration, Training & Consulting, Monitoring & Access Management, Data Security & Risk Management), By End-user (Hospitality, IT & Telecom, Consumer Goods, Education, Healthcare & Life Sciences, BFSI, Media & Entertainment, Government, Retail), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Growing popularity of the infrastructure-as-a-service platform
The migration & integration application is poised to witness 30% gains through 2030. The increasing penetration of cloud computing technology will foster the market growth. Integrating cloud infrastructure has become a priority for businesses owing to the on-demand availability of resources and operational reliability.
Extensive digitalization across the BFSI industry
The BFSI application held around 15% of the multi cloud management market share in 2021 owing to growing digitalization across the financial sector. BFSI enterprises are distributed across various geographical regions to serve a wide customer base. These distributed enterprises are connected over a cloud network to share information and deploy advanced technologies, such as VPN, to offer innovative services including digital payments and online banking. Moreover, technological advancements, enhancements in network connectivity, and the adoption of smart devices are creating new opportunities.
Growing penetration of 5G networks is driving the Asia Pacific multi cloud management market
Asia Pacific is expected to generate a revenue of over USD 15 billion by 2030. Growing technological advancements and increasing 5G infrastructures & services to anticipate growth in the region. Several emerging countries in the region, such as India, Singapore, ANZ, and Malaysia, have a huge market for IT spending and are switching to cloud environments. According to the digital skill research report by AWS published in 2021, over a third of all businesses in Asia Pacific will be switching to a full cloud environment in the coming years.
Asia Pacific is a highly lucrative market for the adoption of IoT technologies due to numerous government initiatives for the large-scale digitalization of urban infrastructure in countries including China, South Korea, and India. Moreover, increasing startup firms are creating ample opportunities for the regional multi cloud management market.
Leading players are focusing on forming partnerships to develop advanced multi cloud management solutions
Companies are focusing on forming partnerships to develop more advanced multi-cloud management solutions to meet the customer demand. For instance, in April 2022, Alibaba Cloud partnered with VMware to launch new Alibaba cloud VMware services in China. This launch accelerated digital transformation across enterprises. It enabled business enterprises to modernize & migrate applications and move the workload between the multi-cloud management environments of VMware and Alibaba.
Some of the multi cloud management market participants include Accenture Plc, BMC Software, Inc, CenturyLink (Lumen Technologies), Citrix Systems, Inc, Cisco Systems, Inc, Cloudmore AB, Cloudyn Software Ltd., Dell Technologies, Inc, Flexera Software LLC, IBM Corporation, Jamcracker, Inc., Micro Focus International Plc, Morpheus Data, LLC, Nutanix Inc, Progress Software Corporation, Puppet, Inc., SixSq, Snow Software, Turbonomic, Inc., and VMware Inc.
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