Global Multi Cloud Computing Market – Industry Trends and Forecast to 2031

Global Multi Cloud Computing Market, By Solution (Security and Risk Management, Training and Consulting, Reporting and Analytics, Cloud Automation, Managed Services, Others), By Enterprise Size (Small and Medium Enterprise (SME), Large Enterprise), By End-use (BFSI, IT and Telecom, Consumer Goods and Retail, Manufacturing, Healthcare, Media and Entertainment, Government, Others) - Industry Trends and Forecast to 2031.

Multi Cloud Computing Market Analysis and Size

The growth of the global multi cloud computing market is the growing demand of the retail and consumer goods and healthcare and life sciences industries. It has witnessed the fastest growth owing to the increasing adoption of AI, ML, Big Data, edge computing, and 5G technologies. The key reasons for adopting these technologies are that cloud computing can support SaaS, PaaS, and laaS service models.

Data Bridge Market Research analyses that the global multi cloud computing market is expected to reach USD 75.47 billion by 2031, from USD 10.28 billion in 2023 and is expected to undergo a CAGR of 28.30% during the forecast period of 2024 to 2031. “Security and Risk Management” dominates the service segment of the global multi cloud computing market due to demand from growing markets. Growing need for flexibility and agility is driving the market growth is one of the major factors driving the growth of the multi cloud computing market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Cloud computing has become an indispensable part of modern business operations, offering a wide range of benefits driving its rapid adoption. The versatility of cloud computing has led to its adoption across various industries and diverse use cases. Cloud storage services like Amazon S3, Microsoft Azure Blob Storage, and Google Cloud Storage provide scalable and secure storage for data of all types, including documents, images, videos, and files; this eliminates the need for businesses to invest in and maintain on-premises storage infrastructure. PaaS provides developers with a cloud-based platform for building, deploying, and managing applications; this eliminates the need for businesses to invest in and maintain development infrastructure. These are driving factors of the cloud computing market.

Global Multi Cloud Computing Market Dynamics

Driver

• Growing Need for Flexibility and Agility is Driving the Market Growth

The capacity to scale quickly is crucial in the digital environment of today. Businesses need the ability to grow their IT infrastructure quickly to handle abrupt increases in demand, introduce new products, or enter new markets. Organizations are able to do this thanks to multi-cloud solutions. They may scale resources up or down as needed by utilizing the elasticity of several cloud providers, avoiding the delays involved with traditional infrastructure acquisition. Organizations can seamlessly switch workloads to alternate cloud providers when one cloud provider has outages or disturbances, minimizing the impact on their operations. The risk of revenue loss due to downtime is decreased by the redundancy and resilience of IT systems.

Opportunity

• Heavy Investment in Research and Development

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the global multi cloud computing market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, multi cloud computing industry must offer cost-effective items.

Restraint/Challenge

• Lack of Technical Knowledge and Expertise

Organizations require staff with technical skills and knowledge to implement, process, analyze, and secure cloud solutions. However, there is a severe scarcity of technical skills among IT workers, particularly in cloud computing. This lack of expertise is causing companies to miss out on the benefits of the cloud and emerging technologies, ultimately leading to a loss of market share and revenue. Companies struggle to find suitable candidates due to challenges, including rapid hiring processes, high wages for experienced cloud workers, and difficulty finding individuals who align with the organization's culture. Despite 80% of IT leaders recognizing that the lack of skilled workers prevents companies from expanding their modern software engineering and cloud environments, over 90% plan to achieve this goal.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In June 2022, Versa Networks expanded its leadership team in these regions in order to stay up with worldwide expansion and satisfy the growing demand for Versa SASE solutions in the Asia Pacific and Japan region

Global Multi Cloud Computing Market Scope

The global multi cloud computing market is segmented on the basis of solution, vehicle type, enterprise size, and end-use. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Solution

• Security and Risk Management
• Training and Consulting
• Reporting and Analytics
• Cloud Automation
• Managed Services
• Others

Enterprise Size

• Small and Medium Enterprise (SME)
• Large Enterprise

End-use

• BFSI
• IT and Telecom
• Consumer Goods and Retail
• Manufacturing
• Healthcare
• Media and Entertainment
• Government
• Others

Global Multi Cloud Computing Market Region Analysis/Insights

The global multi cloud computing market is analyzed and market size insights and trends are provided by region, solution, vehicle type, enterprise size, and end-use as referenced above.

The regions covered in the global multi cloud computing market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global multi cloud computing market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa.

North America dominates the global multi cloud computing market because North America is home to renowned research institutions, universities, and technology companies that conduct cutting-edge research in photonics and integrated circuit technologies. This strong R&D ecosystem fosters innovation and drives advancements in multi cloud computing circuits.

Asia-Pacific is the region, expected to be fastest-growing in the global multi cloud computing market due to the Asia-Pacific region has a large and rapidly growing population, along with a significant increase in industrial manufacturing. This drives the demand for warehouses, which can benefit from the use of multi cloud computing.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Multi Cloud Computing Market Share Analysis

The global multi cloud computing market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global multi cloud computing market.

Some of the major players operating in the global multi cloud computing market are:

• BMC Software, Inc. (U.S.)
• CloudBolt Software, Inc. (U.S.)
• Cloud Software Group, Inc. (U.S.)
• CoreStack (U.S.)
• Dell Technologies Inc. (U.S.)
• Flexera Software LLC (U.S.)
• International Business Machines Corp. (U.S.)
• Jamcracker, Inc. (U.S.), Microsoft (U.S.)
• VMware LLC (U.S.)
• Trianz (U.S.)