Increasing Governance and Complexity Challenges Substantially Pushing Deployment of Multi-Cloud Management Solutions: Fact.MR Report
Increasing Governance and Complexity Challenges Substantially Pushing Deployment of Multi-Cloud Management Solutions: Fact.MR Report
Worldwide revenue from the sales of multi-cloud management solutions is evaluated to reach US$ 13.33 billion in 2024, as revealed in an updated industry analysis published by Fact.MR, a market research and competitive intelligence provider. The global multi-cloud management market has been forecasted to expand at a high-value CAGR of 23.8% from 2024 to 2034.
The increasing popularity of multi-cloud management solutions is due to growing governance and complexity challenges encountered by organizations of different sizes. Robust integration capabilities of multi-cloud management services in the effective management of diverse environments are contributing to their increased adoption. The approach of these platforms for offering independence and greater flexibility in using several cloud services without any need to be tied to a single vendor’s ecosystems is helping market players strengthen their foothold.
Growing requirements for intelligent optimization and automation solutions are driving demand for multi-cloud management solutions. Furthermore, the use of machine learning and AI tools in these solutions for performance metrics, analysis patterns, and cost data across several clouds is opening new doors for market players.
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Key Takeaway from the Market Study:
“Offering cost-effective and more secure multi-cloud management solutions with AI-powered features are helping market players strengthen their positions,”says a Fact.MR analyst.
Leading Players Driving Innovation in the Multi-Cloud Management Market:
Flexera Software LLC; Concierto.cloud; BMC Software, Inc.; VMware Inc.; Citrix Systems, Inc.; Microsoft Corp.; CloudBolt Software, Inc.; Jamcracker Inc.; CoreStack; International Business Machines Corp.; Dell Technologies, Inc.
BFSI Industry Contributing Significantly to Increased Demand for Multi-Cloud Management Services to Ensure Security Compliance
Worldwide demand for multi-cloud management solutions for use in the BFSI industry is evaluated to increase at a CAGR of 23.3% and reach a value of US$ 29.32 billion by the end of 2034. More banking organizations are installing multi-cloud management solutions to enhance their operational efficiency. In addition, these solutions are pivotal for ensuring promptness in consumer services. More BFSI companies are giving preference to multi-cloud management solutions for taking over in case of any failure of one cloud.
Multi-Cloud Management Market News:
In September 2021, Temenos, a financial services and banking enterprise software provider, partnered with International Business Machines Corp. to drive hybrid cloud adoption for deployment in the BFSI sector.
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More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the multi-cloud management market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (security & risk management, training & consulting, reporting & analytics, automation, managed multi-cloud services), enterprise (small & medium enterprises [SMEs], large enterprises), and end-use industry (BFSI, manufacturing, consumer goods & retail, healthcare, government, media & entertainment), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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Multi-cloud management refers to the use of multiple cloud computing services from various providers to enhance flexibility, reduce risk, and optimize performance across different cloud environments.
Governance in cloud management involves establishing policies and procedures to ensure compliance, security, and efficient use of cloud resources across an organization.
AI in financial services refers to the use of artificial intelligence technologies to improve processes, enhance customer experiences, and make data-driven decisions in banking and finance.
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