The multi-cloud management market size is projected to reach US$ 47.54 billion by 2031 from US$ 7.85 billion in 2023. The market is expected to register a CAGR of 25.3% during 2023–2031. The surge in need to avoid vendor lock-in. Vendor lock-in refers to a situation where an organization chooses to transfer its business from its current vendors but cannot do so because of several reasons, such as projected cost, duration, and complexity of switching and the rise in demand for disaster recovery solutions are likely to be the key trends and drivers for the multi-cloud management market.
The multi-cloud management market is experiencing significant growth globally. This growth is attributed to the surge in the need to avoid vendor lock-in and the rise in demand for disaster recovery solutions. Moreover, the growing popularity of the hybrid cloud, increase in data generation and rise in bring your device (BYOD) and choose your device (CYOD) are anticipated to drive the market in the coming years.
Multi-cloud management is considered a set of tools and procedures that enables a business to secure and monitor applications and workloads across multiple public clouds. A multi-cloud management solution enables IT teams to manage multiple clouds from a single interface and supports multiple cloud platforms such as Azure and AWS.
Disaster Recovery (DR) is a crucial aspect of any cloud deployment. According to statistics from World Backup Day, 10% of computers are attacked by viruses each month, and 30% of people never back up their data. Furthermore, mishaps, including staff members erasing data that was not backed up elsewhere, account for 29% of disasters. Moreover, various companies in the market are engaged in offering disaster recovery solutions. For example, the Persistent Multi-Cloud Disaster Recovery solution enables enterprises to accomplish application mobility and data protection without any limitations to achieve business resistance. IT managers can securely and quickly protect every application, operating system, container, database, data, etc., in a hybrid and multi-cloud infrastructure.
The majority of businesses globally accept cloud services as a feasible IT deployment model. The highest popular rationale for cloud adoption continues to be the flexibility and data security of the cloud as a delivery platform. Many businesses have migrated to one or more cloud services, influencing others to uptake the cloud to gain a competitive advantage. Cloud is currently recognized as a credible deployment model within the context of an organization’s IT strategy, with satisfaction levels remaining high and the global two-thirds of end users using a cloud service today expecting to expand their footprint over the coming year.
Key segments that contributed to the derivation of the multi-cloud management market analysis are component, deployment, application, and verticals.
The geographic scope of the multi-cloud management market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the multi-cloud management market. The increase in the multi-cloud management market in North America is majorly attributed to a drastic increase in data, the rising adoption of IoT and cloud infrastructure, and a surge in data center construction. Cloud computing is a major trend across all organizations in North America. The cloud is fast becoming the new norm for enterprises in the US and Canada. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of multi-cloud management market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the multi-cloud management market.
The regional trends and factors influencing the Multi-Cloud Management Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Multi-Cloud Management Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7.85 Billion |
| Market Size by 2031 | US$ 47.54 Billion |
| Global CAGR (2023 - 2031) | 25.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Multi-Cloud Management Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Multi-Cloud Management Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The multi-cloud management market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the multi-cloud management market are listed below:
The “Multi-Cloud Management Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The expected CAGR of the multi-cloud management market is 25.3%.
The global multi-cloud management market is expected to reach US$ 47.54 billion by 2031.
The increasing popularity of hybrid cloud is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global multi-cloud management market are BMC Software Inc., Cisco Systems, Inc., Flexera, International Business Machines Corporation, Micro Focus International plc, Zerto Ltd., VMware, Inc., Snow Software, Inc., UnityOneCloud, Dynatrace, Inc.
The surge in the need to avoid vendor lock-in and the rise in demand for disaster recovery solutions are some of the factors driving the multi-cloud management market.
North America is anticipated to dominate the multi-cloud management market in 2023.