The Global Multi-Cloud Management Market size is expected to reach $68.7 billion by 2031, rising at a market growth of 27.3% CAGR during the forecast period.
As organizations increasingly adopt multi-cloud strategies, they face many security threats and vulnerabilities across multiple cloud environments. Thus, the security & risk management segment acquired $1,525.6 million revenue in 2023. Each cloud platform may have security mechanisms and controls, making it challenging for organizations to maintain a consistent security posture across their entire multi-cloud infrastructure.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In, August 2023, VMware, Inc. announced a partnership with Lenovo, under this partnership, VMware would help clients to become digital companies by putting money into the framework required to strengthen Generative AI. Additionally, In, 2023, August, Cisco Systems Inc. partnered with Nutanix, Inc., under this partnership, Cisco would advance hybrid multi-cloud deployments by providing hyper-converged solutions for IT modernization and business modifications.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation is the forerunner in the Multi-Cloud Management Market. Companies such as VMware, Inc., IBM Corporation, Cisco Systems Inc. are some of the key innovators in the Multi-Cloud Management Market. VMware, Inc. announced a partnership with Lenovo, a multinational technology company specializing in designing, manufacturing, and marketing. Under this partnership, VMware would help clients to become digital companies by putting money into the framework required to strengthen Generative AI.
Multi-cloud strategies offer organizations greater flexibility and choice in selecting cloud services and providers that best suit their requirements. Organizations can leverage different providers’ unique capabilities and pricing models by distributing workloads across multiple clouds, optimizing performance and costs. Therefore, the increasing adoption of multi-cloud strategies is driving the market’s growth.
Organizations worldwide increasingly adopt cloud computing to leverage its scalability, flexibility, and cost-effectiveness. However, many businesses are embracing a multi-cloud strategy to avoid vendor lock-in, mitigate risks, and optimize performance rather than relying on a single cloud provider. Hence, the increasing adoption of cloud technology drives the market’s growth.
Many pricing schemes, such as spot instances, reserved instances, pay-as-you-go, and discount choices, are available from different cloud providers for their services. Understanding and optimizing costs across multiple cloud platforms with varying pricing models can be challenging for organizations. In conclusion, cost management complexity is impeding the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.
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Challenges Based on service type, the market is divided into cloud automation, managed services, security & risk management, training & consulting, reporting & analytics, and others. In 2023, the managed service segment procured a 20% revenue share in the market. Managing multiple cloud environments from different providers can be complex and challenging.
Based on deployment model, the market is categorized into public, private, and hybrid. The hybrid segment witnessed a 30% revenue share in the market in 2023. Hybrid cloud environments offer organizations the flexibility to leverage the benefits of both public and private clouds based on their specific workload requirements.
On the basis of application, the market is segmented into infrastructure & resource management, identity & policy management, metering & billing, provisioning, life cycle management, compliance management, and others. In 2023, the identity & policy management segment attained a significant 19.4% revenue share in the market.
On the basis of enterprise size, the market is segmented into large enterprise and small & medium enterprise (SME). The large enterprise segment attained 64% revenue share in the market in 2023. Large enterprises often have diverse IT infrastructures spanning multiple cloud providers, regions, and on-premises environments.
By vertical, the market is divided into BFSI, media & entertainment, government & public sector, healthcare & life sciences, education, manufacturing, retail & consumer goods, IT & telecom, others. In 2023, the BFSI segment registered 28% revenue share in the market.
Free Valuable Insights: Global Multi-Cloud Management Market size to reach USD 68.7 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region witnessed the maximum 36% revenue share in the market. Organizations in North America operate complex and diverse IT environments comprising on-premises data centers, public clouds, private clouds, and hybrid cloud deployments.
The competition in the multi-cloud management market is fierce, with each vendor striving to differentiate its offerings through features such as ease of use, scalability, integration with other cloud services, and support for diverse cloud environments. Additionally, niche players and startups were also entering the market, contributing to its dynamism and innovation.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 10.3 Billion |
| Market size forecast in 2031 | USD 68.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 27.3% from 2024 to 2031 |
| Number of Pages | 422 |
| Number of Tables | 653 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Service Type, Deployment Model, Enterprise Size, Application, Vertical, Region |
| Country scope |
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| Companies Included | VMware, Inc. (Broadcom Inc.), IBM Corporation, Cisco Systems Inc., BMC Software, Inc. (KKR & Co., Inc.), Accenture PLC, Citrix Systems, Inc. (Cloud Software Group, Inc.), Jamcracker, Inc., Microsoft Corporation, Flexera Software LLC, Lumen Technologies, Inc. |
By Enterprise Size
By Service Type
By Deployment Model
By Application
By Vertical
By Geography
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