Multi-Cloud Management Market Growth & Trends
The global multi-cloud management market size is estimated to reach $56.02 billion by 2030, expanding at a CAGR of 27.5% from 2022 to 2030, according to a new study by Grand View Research, Inc. The strong emphasis organizations are putting on automation and efficiency, and subsequently on having effective governance processes in place, is expected to drive the adoption of multi-cloud management solutions over the forecast period.
Growing concerns over the reliability of a single cloud are also anticipated to play a decisive role in driving the adoption of multi-cloud management solutions. However, concerns over data security and privacy protection coupled with the hardships encountered in redesigning the network for cloud-based infrastructure can restrain the growth of the market.
Independent Software Vendors (ISVs) increasingly rely on virtualization and the cloud as they gradually evolve from software developers to software providers. Cloud-based infrastructure guarantees greater scale, service customization, and flexibility. At this juncture, Cloud Service Providers (CSPs) are also trying aggressively to make a foray into the multi-cloud management market by adopting, managing, and supporting several cloud products simultaneously. Foraying into the multi-cloud management market would allow CSPs to offer adequate flexibility to ISVs in selecting cloud services according to their changing needs.
The COVID-19 pandemic played a vital role in driving the demand for multi-cloud management solutions. The outbreak of the pandemic and the subsequent restrictions imposed by various governments as part of the efforts to arrest the spread of coronavirus have triggered the demand for the latest, advanced digital technologies and a well-established, robust network. Having realized that opting for a cloud-based infrastructure would help ensure a winning edge over competitors, organizations are aggressively transitioning their workloads to the cloud, thereby driving the demand for multi-cloud management solutions.
Concerns over vendor lock-in have discouraged organizations from opting for cloud services. Vendor lock-in can disrupt business operations and force organizations to compromise on performance. However, organizations have realized that a vendor lock-in situation can be avoided by opting for multiple cloud platforms rather than relying on a single cloud vendor. As a result, single cloud customers are increasingly adopting multi-cloud management solutions.
Advances in technology and the higher levels of flexibility the latest cloud computing technologies can offer are expected to drive the growth of the market over the forecast period. As such, market players pursue various strategies, such as product differentiation, launching new products, product expansion, mergers & acquisitions, and strategic partnerships and collaborations to increase their market share, cement their position in the market, and expand their business.
For instance, in January 2022, Concierto.cloud extended its platform’s capabilities to provide some fundamental automation techniques for autonomous vehicle technology. The automation techniques that bring transformational efficiencies to cloud operations include pattern recognition & anomaly detection, clustering-based grouping & scoring mechanisms, and decision matrix algorithms. Thus, a significant application of Concierto.cloud is supporting the automotive industry thereby providing numerous opportunities for the company over the forecast period.
This platform is used to navigate automation challenges in the cloud by closely tracking industry developments while tailoring the use-case specific to requirements. Some of the fundamental automation techniques translated to cloud operations include pattern recognition & anomaly detection to track abnormalities of large sets of information, clustering-based grouping, scoring mechanisms to identify common traits, and decision matrix algorithms to assist in rapid decision making and quick turn-around.
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Multi-Cloud Management Market Report Highlights
The managed services segment is expected to witness significant growth in the forecast period. Managed services allow the users of various cloud platforms, such as AWS, Google Cloud Platform, and Azure, to boost scalability, reduce expenses, and add more agility to their application architecture
The small & medium enterprise segment is expected to expand at the highest CAGR from 2022 to 2030. While SMEs are aggressively scouting for business-driven tools and solutions, the increasing number of service providers foraying into the market offers SMEs several options to choose from, thereby driving the segment’s growth
The manufacturing segment is anticipated to witness the fastest growth over the forecast period. Multi-cloud management allows manufacturing entities to distribute their workload across multiple clouds and opt for various deployment models, such as IaaS, PaaS, and SaaS, depending on the application and data
Asia Pacific is anticipated to emerge as the fastest-growing regional market over the forecast period owing to the continued adoption of cloud-based solutions and the growing preference for the latest technologies, such as IoT and edge computing
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