Multi-Cloud Management Market will Grow at a CAGR of 28.4% to reach $6,816.5 million by 2023

The Objective of the Multi-Cloud Management Market report is to depict the trends and upcoming for Multi-Cloud Management Industry over the forecast years. In Multi-Cloud Management Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2016 to 2023 mulling over 2015 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

The global multi-cloud management market was pegged at $1.20 billion in 2016 and is projected to reach $6.82 billion by 2023, growing at the CAGR of 28.4% during the forecast period.

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Rise in need to avoid vendor lock-in, uncertainty about single cloud reliability, and the growing inclination toward price-sensitive cloud deployments have boosted the growth of the multi-cloud management market. However, difficulty in the management of complex multi-cloud management system and need to check compliance, as different vendors are involved, hinder the market growth. On the contrary, rising adoption of hybrid & public cloud, availability of cloud services brokerage, and forward integration among independent service providers to offer SaaS services are expected to create lucrative opportunities for the market players in the near future.

The report features a competitive scenario of the global multi-cloud management industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are BMC Software, VMWare, IBM, Accenture, CenturyLink, Cisco, Rightscale, Cloudyn, Jamcracker, and Citrix. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the multi-cloud management market.

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The hybrid cloud deployment business segment contributed the highest share in 2016. This segment accounted for $450.3 million in 2016, and is projected to grow at the CAGR of 29.1% during the forecast period. The multi-cloud management market for public cloud segment is projected to grow at the second-highest rate of 28.8%.

Infrastructure and resource management segment generated a maximum share of revenue in 2016 and is expected to dominate the market throughout the forecast period at the CAGR of 27.1%. Among industry verticals, the public sector is expected to witness the highest CAGR of 32.1% during the forecast period, followed by retail.

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Driving factors for the market:

• Uncertainty about single cloud reliability

• Growing need to avoid vendor lock-in

• Growing inclination of organizations towards price-sensitive cloud deployments

• Rising need for policy compliances from regulatory bodies for data sovereignty

Restraints and Opportunities:

• Difficulty in management of complex multi-cloud management system

• Need to check compliance as different vendors have involved hampers the adoption of multi-cloud management systems

• Growth in adoption of hybrid & public cloud

• Availability of cloud services brokerage

• Forward integration among independent service providers to offer SaaS services

Key Findings of the Multi-Cloud Management Market:

• The software segment accounted for the highest share of the global multi-cloud management industry by component in 2016, growing at a CAGR of 27.8% from 2017 to 2023.

• The IT & telecom multi-cloud management market by industry vertical generated the highest revenue share in 2016, and is projected to grow at a rate of 22.4%.

• The North America multi-cloud management market generated the highest share, valued at $722.4 million, in terms of revenue in 2016.

• The multi-cloud management market in the public sector is expected to witness the highest growth rate during the forecast period.

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