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Multi-Cloud Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Application, and Verticals

Multi-Cloud Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Application, and Verticals

  • November 2022
  • 203 pages
  • ID: 6362991
  • Format: PDF
  • The Insight Partners

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The multi-cloud management market is projected to grow from US$ 7,769.40 million in 2022 to US$ 33,481.70 million by 2028; it is estimated to grow at a CAGR of 27.6% from 2022 to 2028.

Many companies are expanding internationally, resulting in a rise in the number of operations and adoption of cloud; this factor is further triggering the multi-cloud management adoption rate.Moreover, increasing adoption of BYOD by organizations push organizations into adopting cloud-based services.

Thus, the growing number of mobile workforces, increasing use of mobile devices, surging adoption of SaaS applications in various industries, and rising integration of artificial intelligence and machine learning in software are among the key factors bolstering the multi-cloud management market growth.

The European market for cloud solutions is accelerating.Technologies such as cloud computing, IoT, edge computing and others are among those digital technologies which contributes in achieving sustainability goals in areas such as BFSI, IT and Telecom, mobility, buildings and manufacturing and others.

The European Union also supports the development of cloud computing in Europe with research and innovation actions under the Horizon 2020 program.European Union funded projects accelerates the adoption of cloud infrastructures among businesses which in turn drives the growth of multi-cloud management market.

Meanwhile, in the Middle East & Africa, government initiatives related to digitization in Saudi Arabia, the UAE, South Africa, and other countries are expected to create opportunities for the multi-cloud management market players during the forecast period.The need for edge computing and data centres is also increasing due to increasing smart cities initiatives in Saudi Arabia and UAE.

Investments in the IT sector, especially in GCC countries, including Saudi Arabia, UAE, and Qatar, have been growing tremendously, which will propel the multi-cloud management market growth in the region during the forecast period.

The growing BFSI industry is expected to boost the deployment of multi-cloud management in this region.Using multiple clouds brings compelling business benefits to BFSI, including best capabilities, enhanced performance, reduced service disruption, and vendor diversification.

Multi-cloud management enables banks and other financial services firms to store data & applications to access advanced software applications via the internet.Moreover, the COVID-19 crisis has forced banks to operate in an unprecedented time of uncertainty and increases the need for the type of digital resiliency that the cloud provides.

Using multiple clouds can bring compelling business benefits to banks, including best-in-class capabilities, enhanced performance, reduced service disruption, and vendor diversification. Consider these examples:

The IT & Telecom industry is extensively deploying SaaS-based solutions as they are economical, can be accessed from any place, and provide all software functions at a minimum cost of ownership.The multi-cloud management market growth can be attributed to its fast deployment speed, low upfront costs, and flexibility that can be changed according to the company’s requirements.

With the Multi-cloud management, telecom industries might be benefited from a combination of cloud offerings from exclusive providers.Using a multi-cloud management can become the maximum attractive one as it may capitalize of the computing version, however with inside the equal way, it will increase complexity at a sure degree that calls for techniques or equipment for multi-cloud management.

Its inherent complexity is the most important mission because of exclusive interfaces, exclusive offerings, and exclusive technologies. Also, multi-cloud wishes an advanced degree of know-how in locating out what statistics wishes to be migrated to the cloud and what now no longer to.?However, telecoms shifting in the direction of a multi-cloud version might power collaboration, agility, and greater opposition amongst others. Multi-cloud fashions can enhance the telecom method of running with customers

The multi-cloud management market is segmented on the basis of component, deployment, application, verticals, and geography.Based on component, the multi-cloud management market is bifurcated into software and services.

In terms of deployment, the multi-cloud management market is bifurcated into public cloud and private cloud.Based on application, the multi-cloud management 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 multi-cloud management market is segmented into BFSI, IT & telecom, government, retail & consumer goods, travel & hospitality, healthcare & life science and others. Based on geography, the multi-cloud management market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

The overall multi-cloud management market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also helps obtain an overview and forecast of the multi-cloud management market with respect to all the market segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.

This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the multi-cloud management market.

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