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Multi-Cloud Management Global Market Report 2024: Size, Share, Growth, Trends, Forecast to 2033
Global Multi-Cloud Management Market Report
According to The Business Research Company's, The multi-cloud management market size has grown exponentially in recent years. It will grow from $9.66 billion in 2023 to $12.39 billion in 2024 at a compound annual growth rate (CAGR) of 28.2%. The growth in the historic period can be attributed to growing cloud adoption, complexity of multi-cloud environments, security concerns, cost optimization needs, operational efficiency demands.
The multi-cloud management market size is expected to see exponential growth in the next few years. It will grow to $32.1 billion in 2028 at a compound annual growth rate (CAGR) of 26.9%. The growth in the forecast period can be attributed to advanced security requirements, focus on cost governance, increased complexity of multi-cloud environments, hybrid cloud expansion, regulatory compliance challenges. Major trends in the forecast period include rapid technological advancements, increased adoption of multi-cloud strategies, rising importance of interoperability, focus on cost optimization, automation for efficient management.
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Market Drivers and Trends:
The increasing IoT-linked devices are expected to boost the growth of the multi-cloud management market going forward. IoT-linked devices are nonstandard computing devices that connect wirelessly to a network and transmit data. Multi-cloud management is helpful for IoT-linked devices as it allows for better management of the vast amounts of data generated by these devices across multiple cloud platforms, and it also will enable organizations to avoid being locked into a single cloud provider, which can limit their flexibility and increase costs. For instance, in November 2022, according to a report published by Ericsson, a Sweden-based telecommunication company, broadband IoT (4G/5G), which connects most cellular IoT devices, reached 1.3 billion connections in 2022. Nearly 60% of cellular IoT connections are anticipated to be broadband IoT connections by the end of 2028, with 4G connecting the bulk. Therefore, the increasing IoT IoT-linked devices is driving the growth of the multi-cloud management market.
Major companies operating in the multi-cloud management market are developing innovative products, such as multi-hybrid cloud, to help enterprises with digital transformation. A multi-hybrid cloud is a computing environment that integrates and manages multiple hybrid cloud deployments. For instance, in April 2023, Cognizant, a US-based information technology company, launched a multi-hybrid cloud and edge management platform called Cognizant Skygrade. The platform is designed to help enterprises transition to modern cloud-native architectures and streamline their cloud management operations. The platform integrates and operates seamlessly across multi-cloud environments, addressing the full lifecycle of cloud transformation and fusing Cognizant's AIOps, operations, and infrastructure modernization expertise into a comprehensive solution for digital transformation leaders.
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Major Key Players of the Market:
Microsoft Corporation, Dell Technologies Inc., Amazon Web Services Inc., International Business Machines Corp., Cisco Systems Inc., Oracle Corporation, Flexera Software LLC, Infosys Limited, Lumen Technologies Inc., VMware Inc., NetApp Inc., Citrix Systems Inc., Rackspace Technology Inc., CloudBolt Software Inc., BMC Software Inc., Snow Software AB, DivvyCloud Corporation, Trianz Holdings Pvt. Ltd., Virtana Corp., AppDirect Inc., Jamcracker Inc., Cloudenablers Inc., Stacklet Inc., RightScale Inc., CloudCheckr Inc., Turbonomic Inc., EnvZero Inc., Upbound, DoubleHorn LLC, Embotics Corporation
multi-cloud management Market 2024 Key Insights:
• The multi-cloud management market is expected to grow to$32.1 billion in 2028 at a compound annual growth rate (CAGR) of 26.9%.
• Rising Adoption of Multi-Cloud Management to Harness and Optimize Data from IoT Connected Devices
• Innovative Multi-Hybrid Cloud Solutions Drive Digital Transformation
• North America was the largest region in the multi-cloud management market in 2023.
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