Multi-Cloud Management Market was valued at USD xx billion in 2020 and is expected to grow at a CAGR of around 25% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Multi-Cloud Management Market was valued at USD xx billion in 2020 and is expected to grow at a CAGR of around 25% from 2022-2028. The analysis has been segmented into Solution (Security & Risk Management, Training & Consulting, Reporting & Analytics, Cloud Automation, Managed Services, and Others); Enterprise Size (Small & Medium Enterprise (SME) and Large Enterprise); End-Use (BFSI, IT & Telecom, Manufacturing, Healthcare, Government, and Others); Region/Country.
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The Multi-Cloud Management Market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Multi-Cloud Management Market. The Multi-Cloud Management Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Multi-Cloud Management Market at the global and regional levels.
Market Overview
Multi-cloud management can be defined as the set of tools and techniques that helps the business monitor and secure applications and workloads across multiple public clouds. Thus, multiple public cloud services from different players within one architecture are used in multi-cloud computing (at the same time). For example, a business might use Google Cloud Platform for development and testing, AWS for data storage, and Microsoft Azure for disaster recovery. The boosting adoption of multi-cloud management platforms across various industries is one of the major driving forces. Some of the major players operating in the market include BMC Software, Inc., Citrix Systems Inc., CloudBolt Software, Inc., CoreStack, Dell Technologies Inc., Flexera, Jamcracker, Inc., Microsoft Corporation, UnityOneCloud, and VMware Inc.
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COVID-19 Impact
The COVID-19 pandemic has been propelling the adoption rate of multi-cloud management solutions. Due to the lockdowns and restrictions imposed by the governments in the wake of the pandemic, organizations who have already shifted their workloads to the cloud are experiencing a winning edge over market players.
The global Multi-Cloud Management Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on solution, the market is segmented into Security & Risk Management, Training & Consulting, Reporting & Analytics, Cloud Automation, Managed Services, and Others. The cloud automation segment led the market in 2021, with a market share of more than 25%. The market players are increasingly opting for automation for managing various public, private, and hybrid cloud environments with limited human resources. Machine learning (ML) and artificial intelligence (AI) are anticipated to play an important role in the decision-making of cloud automation (including extensive log analysis). Various systems and solutions based on ML and AI help in analyzing large volumes of logging data and searching for patterns. The results obtained can be used to foresee the failure of server components or the breakdown of applications. In other words, cloud automation helps in capacity planning by aiding in forecasting infrastructure needs and requirements.
· Based on enterprise size, the market is bifurcated into Small & Medium Enterprise (SME) and Large Enterprise. The large enterprise segment led the multi-cloud management market in 2020, with a market share of more than 50%. A multi-cloud strategy enables enterprises to select from various cloud services and choose those suiting their specific business requirements. The ML capabilities of multi-cloud environments benefit large data transfers, thus, leading to increased demand for multi-cloud management solutions and services from large enterprises. Further, enterprises can select a cloud provider with data centers closer to their clients to enhance the performance indicators and lessen the latency rate.
· Based on end-use, the multi-cloud management market is segmented into BFSI, IT & Telecom, Manufacturing, Healthcare, Government, and Others. The BFSI segment led the multi-cloud management market in 2020, with more than 20% market share. In the BFSI industry, multi-cloud management helps in enhancing operational efficiency and ensuring prompt customer service. Also, the companies operating in the BFSI industry prefer multi-cloud environments to have a backup in the case of the failure of one cloud, as, another cloud could take over it. Adding to this, multi-cloud management also secures the workload settings and ensures that regulatory compliance is high. Further, the market players in the BFSI industry are majorly following inorganic growth strategies, such as mergers, acquisitions, partnerships, and collaborations, to sustain the competitive environment. For instance, in September 2021, Temenos collaborated with IBM Corporation for increasing the adoption of hybrid cloud in the BFSI industry vertical. Temenos announced the ease of access of ‘Temenos Transact next-generation core banking’ with Red Hat OpenShift on IBM Cloud. The main aim of the collaboration was to expand the multi-cloud market for the BFSI industry.
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Multi-Cloud Management Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia-Pacific)
· Rest of the World
North America led the multi-cloud management market in 2020 with a market share of more than 35%. Cloud services are transitioning in the region at a rapid pace, i.e., from isolated cloud solutions to platforms combining private IaaS, public, and onsite. The rising adoption of connected and IoT-enabled devices and the continued rollout of wireless connectivity have increased the demand for technologically advanced products and solutions. Thus, leading the market players to invest aggressively in the latest technologies for surviving in the competitive environment. Further, the growing demand for efficient computing frameworks is also contributing to the growth of the North American multi-cloud management market.
The major players targeting the market include:
· BMC Software, Inc.
· Citrix Systems Inc.
· CloudBolt Software, Inc.
· CoreStack
· Dell Technologies Inc.
· Flexera
· Jamcracker, Inc.
· Microsoft Corporation
· UnityOneCloud
· VMware Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Multi-Cloud Management Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Multi-Cloud Management Market?
• Which factors are influencing the Multi-Cloud Management Market over the forecast period?
• What are the global challenges, threats, and risks in the Multi-Cloud Management Market?
• Which factors are propelling and restraining the Multi-Cloud Management Market?
• What are the demanding global regions of the Multi-Cloud Management Market?
• What will be the global market size in the upcoming years?
• What are global companies' crucial market acquisition strategies and policies?
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