Multi-cloud Management Market: Overview
The multi-cloud management market is predicted to rise at an exponential rate over the 2020 -2030 forecast period. The growth of the multi-cloud management market is influenced by the increasing adoption of multi-cloud services from a number of industry verticals including BFSI, retail, government, hospitality, and consumer goods. Cloud services offer several advantages such as faster deployment, flexibility, minimized operational cost, and can be scaled up in comparison to traditional on-premise IT solutions.
Besides this, the need for improved policy for the governance of cloud infrastructure and leaning for automation and agility is another significant factor fuelling the multi-cloud management market.
At its basic, a multi-cloud management model comprises a cloud platform that enables enterprises to transfer their workloads on multiple clouds including Infrastructure as a Service, Software as a Service, and Platform as a Service depending upon what is appropriate for the information.
Key parameters based on which the multi-cloud management market is divided in this report are deployment model, organization size, application, end-use, and region.
The report provides an exhaustive analysis of the multi-cloud management market for the 2020 – 2030 forecast period. Analysts employed a multi-pronged approach to understand and analyze the interplay of various indicators that influence the multi-cloud management market. Demand drivers, challenges, opportunities, regional landscape, and competitive scenario are some key aspects that were studied at length to present a well-founded analysis of the multi-cloud management market for the 2020 – 2030 forecast period.
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Multi-cloud Management Market: Competitive Landscape
The multi-cloud management market is highly competitive with the presence of several global and regional players. Mergers and acquisitions and collaborations are some key growth strategies of keen players in the multi-cloud management market. For example, in November 2019, Red Hat Inc. acquired a startup called NooBaa. The latter specialized in managing data storage services across hybrid and multi cloud environments. This acquisition helped Red Hat expand its hybrid cloud portfolio.
Prominent players operating in the multi-cloud management market include Accenture, Centurylink, Cisco Systems Inc., Cloudyn, DoubleHorn, Jamcracker Inc., Flexera, Turbonomic Inc., BMC Software Inc., Citrix Systems Inc., Cloudmore, Dell Inc., IBM Corporation, RightScale, SixSq Sarl, and VMware Inc.
Multi-cloud Management Market: Key Trends
Vast scope of growth of multi-cloud services is a key factor spelling growth in the multi-cloud management market. The multi-cloud management model is presently in a nascent stage, with only few enterprise level deployments. Counting on advantages, the platform eliminates challenges such as vendor lock-in, latency, higher cost, instead provides enhanced security and compliance for cloud-based models, thereby emerging as a key trend in the field of cloud services.
Increasing inclination of small and medium enterprises for adopting multi-cloud services is influencing the growth of multi-cloud management market. Small and medium size enterprises are moving their applications on cloud-based platforms to significantly reduce the dependency on a single factor. These pursuits are favorable to the growth of multi-cloud management market.
On the flip side, applications that are developed for multi-cloud platform are incompatible with cloud services that use different management interfaces and APIs.
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Multi-cloud Management Market: Regional Assessment
North America is the frontrunner among other key regions in the multi-cloud management market. Factors such as early adoption of technology, and inclination of organizations for the adoption of cost-effective cloud services spurs growth in the multi-cloud management market in the region.
Asia Pacific is predicted to emerge as a key region in the multi-cloud management market. This is mainly because of high internet penetration, rising popularity of social media platforms, and other online platforms.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.