Explosive Growth Projected: Multi-Cloud Networking Market Set to Reach $19.9 Billion by 2031

A recent report from Allied Market Research, titled "Multi-Cloud Networking Market," reveals that the market, valued at $2.5 billion in 2021, is projected to reach $19.9 billion by 2031, with a notable CAGR of 23.3% from 2022 to 2031.

Multi-cloud networking involves orchestrating cloud service delivery and extending cloud services across enterprise data centers. This approach offers businesses advantages like increased agility, enhanced performance, and improved disaster recovery.

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The growing concern about the reliability of a single cloud is a significant factor driving the adoption of multi-cloud networking solutions. Despite this, challenges related to data security, privacy, and network redesign for cloud-based infrastructure may hinder market growth. However, the rise in Small and Medium Enterprises (SMEs) adopting multi-cloud networking presents opportunities for market expansion.

The global multi-cloud networking market is poised for substantial growth, facilitating the next phase of digital transformation. Businesses are embracing multiple cloud services to expedite application transformation and new application delivery. The surge in cloud technology adoption, driven by security considerations, is a pivotal factor fueling market growth.

The financial technology (fintech) sector is witnessing increased demand for multi-cloud networking, leading to strategic alliances. For instance, U.S. Bank Corporation collaborated with Microsoft Corporation to enhance data security, financial asset protection, and customer privacy.

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Competition among major market players has prompted acquisitions to broaden market penetration. IBM's acquisition of Expertus Technologies Inc in December 2020 exemplifies this trend, strengthening IBM's Payments Centre capability in Canada.

In terms of components, the solution segment experienced significant growth in 2021, attributed to increased adoption in industries like BFSI and manufacturing. However, the services segment is expected to witness the highest growth during the forecast period due to rising adoption of managed and professional cloud services.

Geographically, North America led in revenue in 2021, thanks to the presence of key players and technological advancements. Meanwhile, the Asia-Pacific region is expected to exhibit the highest growth rate, driven by rapid expansion of internet infrastructure.

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The COVID-19 pandemic has positively impacted the multi-cloud networking market. Pandemic-related restrictions and the need for advanced digital technologies and robust networks have led organizations to move their workloads to the cloud, boosting demand for multi-cloud networking solutions.

The report analyzes the profiles of key players operating in the multi-cloud networking market such as Akamai Technologies, Cisco Systems, Inc., Citrix Systems, Inc., Cloudflare, Inc., F5, Inc., Hewlett Packard Enterprise Development LP, Juniper Networks, Inc., Nutanix, Oracle, and VMware, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the multi-cloud networking market forecast.

The leading market players such Juniper Networks, Inc., Cisco Systems and Inc., F5, Inc. hold majority of the share in multi-cloud networking market size. However, other players in the market are coming up with new strategies and partnering, collaborating, and expanding their business, which is further anticipated to boost the market growth soon.

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