Market Research Future (MRFR) has published a cooked research report on the “Global Multi Cloud Computing Market” that contains information from 2018 to 2032. The multi cloud computing market is estimated to register a CAGR of 28.30% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global multi cloud computing market— 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 and others.
The global multi cloud computing market is accounted to register a CAGR of 28.30% during the forecast period and is estimated to reach USD 76.3 Billion by 2032.
The global multi cloud computing market is expanding rapidly as organizations increasingly adopt multiple cloud platforms to meet their diverse computing needs. This market involves the use of multiple cloud services and providers to distribute workloads efficiently, reduce downtime, and enhance flexibility. With the growing demand for scalability, cost-efficiency, and resilience, multi-cloud computing is becoming integral to businesses across various industries, fueling the market's growth as it enables companies to harness the full potential of cloud-based resources while mitigating risks.
On the basis of solution, the market is segmented into security & risk management, training & consulting, reporting & analytics, cloud automation, managed services and others. The cloud automation segment dominated the market in 2022. Cloud automation enables companies to streamline their cloud operations by reducing manual intervention and the associated human errors.
Based on enterprise size, the global multi cloud computing market has been segmented into small & medium enterprise (SME) and large enterprise. The large enterprise segment dominated the market in 2022. Large firms typically manage massive amounts of data and a range of duties. Thanks to multi-cloud solutions, they can quickly adjust resources to meet changing demands.
Based on end-use, the global multi cloud computing market has been segmented into BFSI, IT & telecom, consumer goods & retail, manufacturing, healthcare, media & entertainment, government and others. The BFSI category generated the most income in 2022. Security is crucial in the BFSI industry due to the sensitivity of financial data and the stringent regulatory regulations.
The global multi cloud computing market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Multi Cloud Computing market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Multi Cloud Computing market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Multi Cloud Computing market comprises of Middle East, Africa, and Latin America.
The North America multi cloud computing market dominated this market in 2022 (45.80%). Numerous top cloud service companies, including Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP), are based in North America. Due to the intense competition, a wide range of cloud services and solutions have emerged. In order to benefit from the variety of services offered in their region, organizations in North America frequently implement multi-cloud strategies.
Moreover, the second-largest market share belongs to the multi cloud computing market in Europe. European companies frequently use hybrid clouds and edge computing to balance latency requirements with data security concerns. Multi-cloud enables them to effortlessly mix on-premises infrastructure with cloud services.
Additionally, the Asia-Pacific multi cloud computing market is expected to grow at the fastest CAGR from 2023 to 2032. This is brought on by rising per capita disposable income, increased awareness of a healthy diet and lifestyle, and some countries in the Asia Pacific region, like China and India, have laws requiring businesses to keep and handle data within their borders. These countries have strict laws governing data localisation. Organizations can still follow these guidelines when utilizing multi-cloud solutions to access global cloud resources.
Furthermore, the rest of the world's multi cloud computing market is divided into the Middle East, Africa, and Latin America. The Latin America global multi cloud computing market is experiencing notable growth, paralleling the global trend. Organizations in the region are increasingly adopting multi-cloud strategies to optimize their computing resources. This approach offers flexibility, scalability, and redundancy, essential for efficient operations. As Latin American businesses prioritize digital transformation and cloud services, the multi-cloud computing market is poised for expansion, helping companies leverage a diverse range of cloud platforms to meet their unique operational requirements.
Key Findings of the Study