Multi Cloud Computing Market Overview:
The global multi-cloud computing market is estimated to be worth USD 8.1 billion in 2022. The multi-cloud computing market size is expected to grow from USD 10.3 billion in 2023 to USD 76.3 billion by 2032 at a CAGR of 28.30%. during the forecast period (2023 - 2032).
Growing need for agility and flexibility, need to avoid vendor lock-in, demand to improve security and performance are the key factors driving the growth of the market. Business continuity depends on flexibility and agility. Organizations can seamlessly shift workloads to alternative cloud providers when one cloud provider experiences outages or disruptions, minimizing the impact on their operations. The risk of loss of revenue due to downtime is reduced by the redundancy and flexibility of IT systems. Flexibility is further enhanced by the global coverage of multiple cloud solutions.
Businesses can access data center resources around the world, reducing user latency and ensuring compliance with local data laws. Multinational companies require this regional flexibility to provide a consistent user experience while complying with local laws and privacy standards. Provider lock-in can significantly impede flexibility. Organizations reduce their reliance on a single vendor by distributing workloads across multiple cloud providers. This reduces the risk of relying on single-source technology and pricing. Supplier independence gives companies bargaining power, price flexibility and control over their IT strategy. Thus increasing the income of several cloud computing market.
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Key Companies in the Multi Cloud Computing market include,
BMC Software, Inc.
Citrix Systems Inc.
CloudBolt Software, Inc.
CoreStack
Dell Technologies Inc.
Flexera Software LLC
International Business Machines Corp.
Jamcracker Inc.
Microsoft Corp.
VMware Inc.
Trianz
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Market Segmentation:
Global multi-cloud computing solutions based on market segmentation includes information security and risk management, training and consulting, reporting and analytics, cloud automation, managed services and others.
In 2022, the cloud automation segment dominated the market. On the basis of firm size, the global Multi Cloud Computing market segment includes small and medium-sized enterprises (SMEs) and large enterprises.
In 2022, the large enterprise segment dominated the market. On the basis of end-use, the global multi-cloud computing market segment includes BFSI, IT & Telecom, Consumer Goods & Retail, Manufacturing, Healthcare, Media & Entertainment, Government and Others. The BFSI category generated the highest revenue in 2022.
By region, the study provides a market overview of North America, Europe, Asia Pacific and rest of the world. In 2022, this market was dominated by the North American multi-cloud computing market (45.80%). North America is home to many major cloud providers such as Amazon Web Services (AWS), Microsoft Azure and Google Cloud Platform (GCP). Such a competitive environment encourages innovation and leads to a wide range of cloud services and solutions. North American organizations often use multi-cloud strategies to take advantage of the different offerings in their region. Additionally, the US multi-cloud computing market held the largest market share and the Canadian multi-cloud computing market was the fastest growing market in the North American region.
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