Multi-cloud market to be valued at $7.6 billion by 2027 –

CHICAGO, September 21, 2022 (The Globe Newswire) – The multi-cloud market is growing from $2.7 billion in 2022 to $7.6 billion by 2027, at a compound annual growth rate (CAGR) of 22.5% over the forecast period, according to a new report from MarketsandMarkets™. The major drivers driving the growth of the multi-cloud networking market include avoidance of vendor position(s), gradual mandatory increase in resilience and automation model, higher return on investment even with minimal infrastructure and lower storage costs.

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Large corporate sector to retain the largest market size during the forecast period

Organizations with more than 1,000 employees are classified as large organizations. The impact of multi-cloud networks in large organizations is said to be higher than that of small and medium-sized enterprises, as they adopt multi-cloud networking solutions, and services to improve the operational efficiency of businesses across geographies.

The increasing deployment of CSPs, IaaS, PaaS, and SaaS offerings such as CRM, human capital management, enterprise resource management, and other financial applications is creating a beneficial environment for cloud monitoring adoption, particularly in large organizations, optimizing the overall cloud system, improving cloud monitoring, and maintaining themselves in stiff competition. Organizations around the world are digitally transforming every aspect of business operation and organizational structure. A company can save money while increasing its productivity by keeping its IT infrastructure under constant monitoring by a dedicated party, while still focusing on core productive areas. Thus, managed services will enable large organizations to free themselves from any operational, maintenance or infrastructure failures.

IT and ITeS (Information Technology Support Services) to record the largest market size during the forecast period

This segment is expected to hold a significant share of the multi-cloud market due to the various advantages offered by service providers who must be ready to move quickly for cloud service and new content, applications and services based on cloud technologies, such as improved performance, reduced total cost of ownership (TCO) ), improved visibility, and industry standard practices. Multi-Cloud Networking for mission-critical industry segments, such as IT and ITeS, has been widely adopted to improve revenue generation, increase customer insights, contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets. Digital transformation is a must to survive in an increasingly competitive and globally connected environment. IT and ITeS companies are investing in new technologies, such as smart computing products, Internet of Things, cloud computing, multi-cloud networking, mobility, and analytics, to gain efficiency, innovate and attract consumers. The growing volume of documentation work is driving up the demand for cloud storage, backup and related services to keep confidential data safe and available on demand.

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North America is expected to record the highest market volume during the forecast period

It is estimated that North America has the largest market size, among all regions, in the multi-cloud networking market and this trend is expected to continue until 2027. The multi-cloud networking market in the region is rapidly shifting from isolated cloud solutions to a platform integrating IaaS in Location, public and private. Businesses in this region are moving to the cloud for flexibility and cost-efficiency. Federal IT consumers can purchase and browse cloud computing services using Apps.gov, developed by the US General Services Administration. The market has steadily shown positive trends in the region as many companies and industries are adopting multiple cloud solutions and services at different scales to maintain the market and increase productivity. The region strongly identifies many of the leading use cases and capabilities that are often required in building a multi-global private cloud network that connects a local environment to a single or multiple public clouds with Internet connectivity and SaaS. Implementing strict security policy for in-cloud and between traffic via next-generation firewalls, Secure Web Gateways (SWGs) are driving real-time demand in this region. Remote access and remote work solutions are effectively provided to mobile users. Optimized distributed access to SaaS and Internet application is a major cloud offering in the region.

market players

Some of the prominent players in all kinds of services described in Multi-cloud networking market The study includes VMware (US), Oracle (US), F5 (US), HPE (US), Cisco (US), Nutanix (US), CloudFlare (US), Juniper (US), Citrix (US), Versa Networks (US), Illumio (US), Akamai (US), Alkira (US), Aviatrix (US), Arista (US), Aryaka (US), Networks Nefeli (US), Volterra (US), Prosimo (US), Infoblox (us).

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