Multi-Cloud Management Market to Reach $33.48Bn, Globally, by 2028 at 27.6% CAGR with Software Segment Driving Growth During 2022–2028 | The Insight Partners
North America dominated the multi-cloud management market in 2021. Growing availability of high-speed connectivity, increase in cloud adoption, increase in the growth of IoT, rapid adoption of work from home policy and emerging technology to help IoT adoption are the crucial factors assisting the market growth over the projected period in North America.
Pune, India., June 26, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Multi-Cloud Management Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Application, Verticals, and Geography,” the multi-cloud management market is expected to reach $33,481.70 million by 2028 from $7,769.40 million in 2022; registering at a CAGR of 27.6% from 2022 to 2028. The optimization of costs and performance and rise in need of policy compliance from regulatory bodies for data sovereignty. However, the data privacy concerns is expected hinder the growth of the market.
Download PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00003465/
The US has emerged as a dominant player in the multi-cloud management market due to its thriving tech industry and innovative startups. The country has become a hub for cloud development, with many companies and organizations investing heavily in research and development. The US government has also supported the technology with several initiatives promoting its growth. One of the main ways the US has helped grow the multi-cloud management market is through its thriving startup ecosystem. Many cloud management startups have emerged in the country, focusing on developing innovative solutions for managing multiple cloud environments. These startups have received significant funding from venture capitalists and other investors, which has helped them to grow and expand their operations. Another way the US has helped grow the multi-cloud management market is through its regulatory environment. While the US government has been cautious about regulating the technology, it has also supported its growth. This has created a favorable environment for cloud management startups and investors, which has helped to drive innovation and growth in the industry. Additionally, the US has been a leader in cloud research and development. Many of the top universities in the country have established cloud research centers, which are focused on developing new applications and use cases for cloud technology. This has helped to drive innovation in the industry and has contributed to the growth of the multi-cloud management market. Moreover, the US has been a leader in developing cloud-based solutions for various industries. Many of the largest companies in the country have invested in cloud technology, focusing on developing new applications for the technology. This has helped drive the adoption of cloud solutions in various industries, contributing to the growth of the multi-cloud management market. Finally, the US has also been a leader in developing cloud-based standards and protocols. Many leading cloud standards organizations, such as the Cloud Security Alliance and the Open Cloud Consortium, are US-based. These organizations have helped to establish standards for cloud development, which has helped to drive innovation and growth in the industry. Overall, the US has played a significant role in the growth of the multi-cloud management market. Its thriving startup ecosystem, supportive regulatory environment, leadership in cloud research and development, development of cloud-based solutions for various industries, and leadership in cloud-based standards and protocols have all contributed to the industry’s success. As technology evolves, the US will likely remain a dominant player in the multi-cloud management market for years.
Enhanced Security and Compliance Solutions Provides Lucrative Opportunities for Multi-Cloud Management Market:
With the expanding adoption of multi-cloud strategies, organizations recognize the need for robust security and compliance measures across their cloud deployments. This presents a significant opportunity for multi-cloud management solutions to develop advanced security and compliance features. One key aspect is the implementation of unified identity and access management (IAM) across multiple cloud providers. Multi-cloud management solutions can offer centralized IAM capabilities, allowing organizations to consistently manage user identities, access controls, and permissions across different cloud platforms. This simplifies user management, ensures consistent security policies, and reduces the risk of unauthorized access. Data encryption is another critical security feature that can be enhanced in multi-cloud management solutions. By delivering encryption at rest and in transit, these solutions can protect sensitive data across multiple cloud providers, irrespective of the specific encryption mechanisms supported by each provider. This helps organizations maintain data confidentiality and integrity in multi-cloud environments, strengthening overall security posture. Threat detection and mitigation capabilities are essential for identifying and responding to security incidents across multiple cloud platforms. Multi-cloud management solutions can integrate advanced threat detection mechanisms, such as intrusion detection systems and security information and event management (SIEM) tools, to provide centralized visibility and analysis of security events. This enables organizations to promptly detect and respond to potential threats and attacks, regardless of the cloud provider involved. Regulatory compliance monitoring is another area where multi-cloud management solutions can add value. These solutions can offer comprehensive compliance frameworks and auditing capabilities across multiple cloud providers. By integrating with industry-standard compliance regulations and providing automated monitoring and reporting, organizations can ensure adherence to regulatory requirements in their multi-cloud environments. This is particularly crucial for industries with stringent compliance obligations, such as healthcare (HIPAA), finance (PCI DSS), or data protection (GDPR). Furthermore, multi-cloud management solutions can be vital in providing governance and policy enforcement mechanisms. They can enable organizations to consistently define and enforce security policies, access controls, and data governance rules across multiple cloud providers. This helps organizations maintain compliance, enforce best practices, and establish a secure operating environment for their multi-cloud deployments. By addressing these critical security and compliance requirements, multi-cloud management solutions can differentiate themselves in the market and cater to the growing demand for secure and compliant multi-cloud environments. Organizations benefit from a centralized and comprehensive approach to security and compliance, reducing complexity and ensuring consistent protection across their multi-cloud infrastructure.
Purchase Premium Copy of Multi-Cloud Management Market Growth Report (2022-2028) at: https://www.theinsightpartners.com/buy/TIPRE00003465/
Global Multi-Cloud Management Market: Segmental Overview
Based on component, the market is bifurcated into software and services. The software segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. In terms of deployment, the market is bifurcated into public cloud and private cloud. The public cloud segment held the largest share of the multi-cloud management market in 2020, whereas the private cloud segment is anticipated to register the highest CAGR in the market during the forecast period. 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. The infrastructure and resource management segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period. Based on verticals, the market is segmented into BFSI, IT & telecom, government, retail & consumer goods, travel & hospitality, healthcare & life science and others. The BFSI segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period.
Global Multi-Cloud Management Market Analysis: Competitive Landscape and Key Developments
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 a few of the key companies operating in the multi-cloud management market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In September 2022, VMware, Inc. introduced VMware Aria, a multi-cloud management suite, to manage the cost, productivity, configuration, and deployment of infrastructure and cloud-native applications.
In May 2022, Dell Technologies broadened multi-cloud experiences across data analytics, cyber recovery, and partner ecosystem.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Cloud Management Platform Market Forecast to 2028 – COVID-19 Impact and Global Analysis
Cloud Computing Market Forecast to 2028 – COVID-19 Impact and Global Analysis
Cloud Security Market Forecast to 2028 – COVID-19 Impact and Global Analysis
Cloud OSS BSS Market Forecast to 2030 – COVID-19 Impact and Global Analysis
Cloud BPO Market to 2025 – Global Analysis and Forecast
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: [email protected]
Press Release: https://www.theinsightpartners.com/pr/multi-cloud-management-market
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.