Market Analysis
The global multi-cloud management market will touch USD 37.23 billion at a 30.2%% CAGR in the forecast period (2020- 2030), states the latest Market Research Future (MRFR) report.
Drivers
Need to Avoid Vendor Lock-in to Boost Market Growth
The need to avoid vendor lock-ins will boost market growth over the forecast period. Vendor lock-ins causes a lot of complications in business process and is likely to harm the organization’s performance. To prevent such situations, organizations prefer not to rely on a single vendor yet use multiple cloud platforms that cater to their needs. This leads to the growth in adoption of effective multi-cloud management solutions among multi-cloud users.
Opportunities
Increasing Penetration of Cloud Computing to offer Robust Opportunities
The increasing penetration of cloud computing and associated technologies like server less architecture, big data, and internet of things will offer robust opportunities for the market over the forecast period.
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Restraints
Complexities in Redesigning the Network for Cloud to act as Market Restraint
The complexities in redesigning the network for cloud and application portability on various cloud environments may act as market restraints over the forecast period.
Challenges
Lack of Expertise to act as Market Challenge
The lack of security and lack of expertise may act as market challenge over the forecast period.
Market Segmentation
The global multi-cloud management market has been segmented based on platform, service, application, deployment, and vertical.
By platform, the external brokerage enablement platform will lead the market over the forecast period.
By service, the global multi-cloud management market is segmented into data security & risk management, support & maintenance, monitoring & access management, cloud automation, migration & integration, reporting & analytics, training & consulting, and others.
By application, the lifecycle management application will dominate the market over the forecast period as this helps enterprises in managing the lifecycle of cloud-ready products for offering state of the art SaaS, PaaS, and IaaS services and reduced time to market solutions.
By deployment, the multi-cloud management market is segmented into private cloud, public cloud, and hybrid cloud.
By verticals, the BFSI segment will spearhead the market over the forecast period for its wide applications in the BFSI sector.
COVID-19 Analysis
The worldwide adoption of work from home trend encouraged companies in shifting their workload on the cloud for maintaining a foothold in the market which increased the need for multi-cloud management services. The COVID-19 outbreak presented different unprecedented challenges for companies and they require adopting several tools and partnering with tech giants to maintain seamless workflow.
Regional Analysis
North America to Precede Multi-Cloud Management Market
North America will precede the market over the forecast period. Technological advancements, increasing demand for CRM solutions across various industry verticals, increasing need for effective computing framework in the US, considerable shift of work towards deployment of cloud-based solutions to run critical business functions, increasing presence of cloud over isolated infrastructure, increase in the number of affordable cloud deployments, growing necessity for improved disaster recovery capabilities across organizations, and increasing adoption of multi-cloud management solutions in responding to abrupt service outages are adding to the global multi-cloud management market growth in the region. Besides, the growing adoption of digital business strategies, organizations having invested hugely on advanced technologies, and increasing need for effective computing framework are also adding market growth.
Key Players
Eminent players profiled in the global multi-cloud management market report include BMC Software (U.S.), CenturyLink (U.S.), Accenture (Ireland), VMware (U.S.), DoubleHorn (U.S.), RightScale (U.S.), CliQr (U.S.), Cloudyn (Israel), Dell Technologies (U.S.), Jamcracker (U.S.), IBM (U.S.), Citrix (U.S.), Turbonomic (U.S.), Micro Focus (Berkshire), Red Hat (U.S.), SixSq (Switzerland), Embotics (U.S.), Cloudmore (Sweden), Flexiant (UK), Navisite (U.S.), Scalr (U.S.), Rackspace (U.S.), CloudBolt (U.S.), CloudHelm (U.S.), and CloudEnablers (U.S.) among others.
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