The Global Multi-Cloud Networking Market size is expected to reach $8.9 billion by 2028, rising at a market growth of 22.3% CAGR during the forecast period.
Multi-cloud networking is a cloud computing architecture in which an organization distributes applications and services across several clouds, which may include two or more private clouds, two or more public clouds, or a blend of public, private, and edge clouds. To expedite the next phase of digital transformation, businesses are leveraging multiple cloud services and platforms to speed up app transformation as well as the delivery of new applications.
Businesses are deploying apps on public, private, and edge clouds, based on the best fit for their business objectives and application requirements. Concerns around total cloud expenditures, data sovereignty, vendor dependency, and lock-in are on the rise. Consequently, businesses will continue to distribute their estate over numerous contexts.
In industries, such as logistics, retail, and production, the next generation of improvements in automation, efficiency, and enhanced customer experiences requires applications to be delivered closer to physical objects and people at the edge. As major companies expand through the deployment of distributed data centers and on-premises or public cloud services, their ability to monitor and deploy applications and workloads employing this infrastructure becomes more challenging.
Governments in a number of countries were compelled to impose lockdowns within their countries. Furthermore, various businesses, as well as manufacturing facilities throughout the world, were temporarily closed. These factors took several economies to a steep downfall. However, the multi-cloud networking market was positively impacted during the pandemic. As a consequence of the lockdown, enterprises having cloud-based workloads have an edge over those attempting to migrate to the cloud and adjust to the circumstances. Efficient and optimal cloud management enables remote employees to maintain their productivity.
Emergency recovery and contingency planning are essential for businesses of all sizes. The rate of data that is being generated has expanded as a result of the increasing IT consumerization as well as the increased use of computing devices. Multi-cloud disaster recovery involves storing data with many cloud service providers. For many enterprises, multi-cloud backups are as simple as delivering data to various providers, like Google Cloud Platform and Amazon Web Services (AWS).
Small- and medium-sized enterprises (SMEs) have budgetary constraints and persistently struggle to follow regulatory requirements. In addition, it is difficult for SMEs to effectively focus on each and every business activity because their IT departments are smaller and they lack skilled workers. These complications are intriguing SMEs to adopt cloud computing services, as they aid in easily meeting regulatory requirements, reducing Capital expenses [CAPEX] and Operating Expenses [OPEX], increasing security, improving storage and flexibility, as well as automating software updates and business tasks, resulting in increased employee productivity.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below 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 Acquisitions.
Enterprises are rapidly adopting emerging technology to automate and expedite their business processes. Cloud has become an integral component of enterprise IT strategies due to its cost-effectiveness and greater business agility. The adoption and deployment of cloud computing services raise the demand for technologically trained workers and effective change management in order for organizations to effectively execute and operate cloud services.
Based on Component, the Multi-Cloud Networking Market is bifurcated into Solutions (Multi-cloud management and Other solution) and Services (Consulting, Training and Support, Integration & Implementation). In 2021, the solution segment acquired the largest revenue share of the multi-cloud networking market. Multi-cloud networking solution, which is offered by numerous key market players, like Cisco and VMware, along with a plethora of startups, is aimed to handle the difficulty of connecting applications and networks across different public cloud environments in a secure and efficient manner.
On the basis of Deployment Type, the Multi-Cloud Networking Market is divided into Public Cloud and Private Cloud. In 2021, the public cloud segment procured the highest revenue share of the multi-cloud networking market. The growth of the segment is rising as a result of the reduced deployment cost of the public cloud in contrast to other types. The advantages of public clouds over other clouds and on-premises infrastructures are numerous.
By Organization Size, the Multi-Cloud Networking Market is classified into SMEs and Large Enterprises. In 2021, the SME segment registered a significant revenue share of the multi-cloud networking market. SMEs are increasingly adopting cloud infrastructure services due to their convenience and adaptability, due to which, the demand is also likely to increase throughout the forecast period. SMEs are simply required to pay for their effort and hardware.
On the basis of Vertical, the Multi-Cloud Networking Market is segmented into IT & ITeS, Banking, Financial Services, and insurance, Retail & eCommerce, Healthcare & Life Sciences, Transportation & Logistics, Manufacturing, Media & Entertainment, Energy & Utilities, and Other Verticals. In 2021, the IT and ITeS segment acquired a substantial revenue share of the multi-cloud networking market. This segment is growing at a very rapid pace due to various benefits offered by service providers who must be prepared to move rapidly in order to serve the cloud, content, and new cloud-based applications and services, such as enhanced performance, decreased total cost of ownership, enhanced visibility, as well as standard industry practices.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 2.2 Billion |
| Market size forecast in 2028 | USD 8.9 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 22.3% from 2022 to 2028 |
| Number of Pages | 353 |
| Number of Tables | 613 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Organization Size, Deployment Mode, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-Wise, the Multi-Cloud Networking Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the biggest revenue share of the multi-cloud networking market. The regional market is rapidly evolving from standalone cloud services and solutions to a platform that blends public, onsite, and private IaaS.
Free Valuable Insights: Global Multi-Cloud Networking Market size to reach USD 8.9 Billion by 2028
The major strategies followed by the market participants are Acquisitions and Mergers. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation and Cisco Systems, Inc., are the forerunners in the Multi-Cloud Networking Market. Companies such as VMware, Inc., Hewlett-Packard Enterprise and F5 Networks, Inc., are some of the key innovators in Multi-Cloud Networking Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, VMware, Inc., F5 Networks, Inc., Hewlett-Packard Enterprise, Nutanix, Inc., Cisco Systems, Inc., Juniper Networks, Inc., Citrix Systems, Inc., Versa Networks, Inc., and Cloudflare, Inc.
By Component
By Organization Size
By Deployment Mode
By Vertical
By Geography
The global Multi-Cloud Networking Market size is expected to reach $8.9 billion by 2028.
Rising Demand For Data Recovery Along With Contingency Planning are driving the market in coming years, however, Lack Of Technical Knowledge And Skilled Labor To Effectively Execute MCN restraints the growth of the market.
Oracle Corporation, VMware, Inc., F5 Networks, Inc., Hewlett-Packard Enterprise, Nutanix, Inc., Cisco Systems, Inc., Juniper Networks, Inc., Citrix Systems, Inc., Versa Networks, Inc., and Cloudflare, Inc.
The expected CAGR of the Multi-Cloud Networking Market is 22.3% from 2022 to 2028.
The Large Enterprises market dominated the Global Multi-Cloud Networking Market by Organization Size 2021, thereby, achieving a market value of $6.2 billion by 2028.
The North America market dominated the Global Multi-Cloud Networking Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3 billion by 2028.
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