The multi-cloud management market size expected to reach US$ 33,481.70 million by 2028; registering at a CAGR of 27.6% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Surge in Need to Avoid Vendor Lock-in Boosts Demand for Multi-Cloud Management Market
Vendor lock-in refers to a situation wherein an organization wants to transfer its business from one of its current vendors but cannot do so due to various reasons, such as projected cost, duration, and complexity of switching. Avoiding vendor lock-in is the most frequently mentioned among the many benefits of a multi-cloud strategy. As per a survey conducted by Stratoscale, more than 80% of businesses expressed moderate anxiety about being tied to a single public cloud platform. However, adopting multi-cloud management can help avoid such instances, which are among the basic needs of some organizations. A multi cloud approach reduces dependence on any single vendor, enables vendor diversification, and prevents lock-in. This is important for enterprises to ensure that they can adopt the most relevant platforms for their business objectives and move among cloud stacks as needed. Due to the multi-cloud approach, end customers can now switch between several providers, which lessens their reliance on a single supplier. This relative independence encourages customers to haggle with merchants for lower prices. Service level agreements (SLAs) for multi-cloud management services provide data deployment flexibility and permit end users to migrate their workloads to different clouds as needed. End users can also utilize multi-cloud management systems to manage complicated applications across several heterogeneous cloud platforms to benefit from the highest level of independence. Because of the abovementioned factors, multi-cloud management removes vendor lock-in and permits easy switching between vendors. Thus, the elimination of vendor lock-in ability by multi-cloud management contributes to the multi-cloud management market growth.
Multi-Cloud Management Market – by Region, 2021 and 2028
Multi-Cloud Management Market Size and Forecasts (2019 - 2028), Global and Regional Share, Trends, and Growth Opportunity Analysis– Component (Software and Service), Deployment (Public Cloud and Private Cloud), Application (Infrastructure and Resource Management, Identity and Policy Management, Compliance Management, Metering and Billing, and Provisioning and Lifecycle Management), and Verticals (IT and Telecom, BFSI, Government, Retail and Consumer Goods, Travel and Hospitality, Healthcare and Life Science, and Others) and Geography
Multi-Cloud Management Market Size, Share | Forecast - 2028
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Source: The Insight Partners Analysis
Ecosystem Of The Global Multi-Cloud Management Market
The ecosystem of the global multi-cloud management market comprises the following stakeholders - solution providers, multi-cloud management system integrators/ service vendors, and end users. The solution providers offer various types of solution such as software, services, security and risk management, training and consulting, reporting and analytics, cloud automation, migration and integration, and support and maintenance, among others. In recent year’s number of solutions have entered in the market, making it highly fragmented. Some of the major solution providers in the market include Micro Focus International plc; Zerto Ltd.; VMware, Inc.; Snow Software, Inc.; UnityOneCloud; and Dynatrace, Inc., among others.
The multi-cloud management market is segmented on the basis of component, deployment, application, verticals, and geography. Based on component, the market is bifurcated into software and services. In terms of deployment, the market is bifurcated into public cloud and private cloud. Based on application, the market is segmented into infrastructure and resource management, identity and policy management, compliance management, metering and billing, and provisioning and lifecycle management. Based on verticals, the market is segmented into BFSI, IT & telecom, government, retail & consumer goods, travel & hospitality, healthcare & life science and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Impact of COVID-19 Pandemic on Multi-Cloud Management Market Growth
The emergence and rapid spread of SARS-CoV-2 paralyzed several developed and developing countries. The COVID-19 outbreak adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Upon the declaration of the pandemic, enterprises rapidly moved their critical workload to the cloud to ensure seamless business functioning. Moreover, with the cloud gaining momentum, enterprises are paving ways to optimize their networks, storage, and agility, wherein, multi-cloud services have turned out to be a more suitable solution for business needs. , the COVID-19 pandemic had a positive impact on the multi-cloud management market as organizations embraced the work-from-home culture and minimum physical contact by adopting a mix of third-party clouds, in-house infrastructure, and software-as-a-service (SaaS) in business operations.
BMC Software, Inc., Cisco Systems, Inc., Flexera, International Business Machines Corporation, Micro Focus International plc, Zerto Ltd., VMware, Inc., Snow Software, Inc., UnityOneCloud and Dynatrace, Inc. are among the key players operating in the multi-cloud management market.
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