CHICAGO, Sept. 8, 2022 /PRNewswire/ -- Multi-Cloud Networking Market to grow from USD 2.7 billion in 2022 to USD 7.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period, according to a new report by MarketsandMarkets. The major factors driving the growth of the Multi-Cloud Networking Market include avoiding the situation of vendor lock-in(s), gradual mandatory surge in agility and automation paradigm, higher returns on investments even with minimal infrastructure and lower storage costs.
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Large Enterprises segment to hold the highest market size during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The traction of Multi-Cloud Networking in large enterprises is said to be higher than SMEs, as they are adopting Multi-Cloud Networking solutions, services to improve business operational efficiency across geographies.
The increasing deployment of CSPs, IaaS, PaaS, SaaS offerings such as customer relationship management, human capital management, enterprise resource management, and other financial applications creates an advantageous environment for cloud monitoring adoption, particularly in large organizations, improve the overall cloud system, improve the cloud monitoring, and sustain themselves in intense competition. Organizations across the globe are going digital in every aspect of business operation and organization structure. A company can save money while increasing its productivity by keeping its IT infrastructure constantly monitored by a dedicated party, while still focusing on its core productive areas. Thus, managed services would enable large enterprises to set themselves free from any operational failure, maintenance, and infrastructure breakdown.
IT and ITeS (IT-enabled services) to record the highest market size during the forecast period
This sector is expected to hold a significant share of the Multi-Cloud Networking Market due to different advantages offered by service providers who must be ready to move quickly in order to serve Cloud, Content, and new applications and services cloud-based technologies, such as improved performance, reduced total cost of ownership (TCO), improved visibility, and standard industry practices. Multi-Cloud Networking is adopted for mission-critical industry verticals, such as IT and ITeS, extensively 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 a globally connected and increasingly competitive environment. IT and ITeS companies invest in new technologies, such as smart computing products, IoT, cloud computing, multi-cloud networking, mobility, and analytics, to gain efficiency, innovation, and attract consumers. The increasing amount of documentation work creates a huge demand for cloud-based storage, backup, and related services to keep confidential data secure and available on-demand.
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North America is projected to record the highest market size during the forecast period
North America is estimated to have the largest market size, among all the regions, in the Multi-Cloud Networking Market, and the trend is expected to continue till 2027. The Multi-Cloud Networking Market in the region is quickly shifting from isolated cloud solutions to a platform that integrates onsite, public, and private IaaS. Enterprises in this region are moving to the cloud for agility and cost-efficiency. Federal IT consumers can purchase and browse cloud-computing services using Apps.gov, which the US General Services Administration developed. The market has been steadily showing positive trends in the region as several companies and industries are adopting multi-cloud networking solutions and services at various levels to sustain the market and increase productivity. The region robustly identifies several leading use cases and capabilities often required in building a global private multi-cloud network that connects an on-premises environment to single or multiple public clouds with Internet and SaaS connectivity. Strict security policy enforcement for intra and inter-cloud traffic via next-generation firewalls, Secure Web Gateways (SWG) are increasing the real-time demand in this region. Remote access and teleworking solutions for mobile users are provisioned effectively. Optimal distributed access to SaaS and Internet application are the major cloud-based offerings in the region.
Market Players
Some prominent players across all service types profiled in the Multi-Cloud Networking Market study include 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), Nefeli networks (US), Volterra (US), Prosimo (US), Infoblox (US).
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