Multi-Cloud Networking Market
According to the report, the global multi-cloud networking industry generated $2.5 billion in 2021, and is anticipated to generate $19.9 billion by 2031, witnessing a CAGR of 23.3% from 2022 to 2031.
Multi-cloud networking is the orchestration of cloud service delivery and the extension of cloud services from one enterprise data center to another. By leveraging multiple clouds, businesses can enjoy a host of benefits, including increased agility, improved performance, and enhanced disaster recovery.
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Increase in adoption of multi-cloud networking solutions and services, rise in demand for data recovery along with contingency planning, increase in adoption of cloud computing, and rise in internet penetration drive the growth of the global multi-cloud networking market. However, concerns associated with data security and privacy protection and lack of technical expertise in multi-cloud networking restrict the market growth. Moreover, surge in demand for cloud-based networking solutions and rise in number of SMEs are projected to present new opportunities in the coming years.
Covid-19 Scenario
1. The Covid-19 pandemic had a positive impact on the global multi-cloud networking market, owing to address critical security issues and facilitate secure information access while working remotely.
2. Moreover, multi-cloud networking helped end users to improve the agility while servicing clients and ensuring adequate data security in the wake of the uncertainties brought up by the outbreak of the pandemic.
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Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global multi-cloud networking market, and is likely to dominate the market during the forecast period, owing to infrastructure development and technology adoption in countries like U.S. and Canada. However, the Asia-Pacific region is expected to witness the fastest CAGR of 27.2% from 2022 to 2031, owing to the growing digital and economic transformation of the region.
Based on deployment mode, the public cloud segment held the highest market share in 2021, accounting for more than two-thirds of the global multi-cloud networking market, and is estimated to maintain its leadership status throughout the forecast period, due to various advantages such as full control with higher scalability, flexibility, and cost reduction. However, the private cloud segment is projected to manifest the highest CAGR of 26.4% from 2022 to 2031, owing to need of privacy and greater security.
Based on enterprise size, the large enterprise segment accounted for the largest share in 2021, contributing to nearly two-thirds of the global multi-cloud networking market, and is projected to maintain its lead position during the forecast period. This is owing to the need for multi-cloud networking solutions for a secure and efficient system. However, the SMEs segment is expected to portray the largest CAGR of 25.6% from 2022 to 2031, due to the cost-effective networking services.
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The global multi-cloud networking market is expected to register high growth as it expedites the next phase of digital transformation; businesses are leveraging multiple cloud services and platforms to speed up app transformation as well as the delivery of new applications. Thus, increase in adoption of cloud technology, owing to its security is one of the most significant factors driving the growth of the market.
With surge in demand for multi-cloud networking in fintech, various companies have established alliances to increase their capabilities. For instance, in February 2,022, U.S. Bank Corporation partnered with Microsoft Corporation to create compelling, personalized and leading-edge experiences to improve the security of data, financial assets and customer privacy by adding resiliency for the bank and strengthening technology risk management.
The report analyzes the profiles of key players operating in the multi-cloud networking market such as Akamai Technologies, Cisco Systems, Inc., Citrix Systems, Inc., Cloudflare, Inc., F5, Inc., Hewlett Packard Enterprise Development LP, Juniper Networks, Inc., Nutanix, Oracle, and VMware, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the multi-cloud networking market forecast.
The leading market players such Juniper Networks, Inc., Cisco Systems and Inc., F5, Inc. hold majority of the share in multi-cloud networking market size. However, other players in the market are coming up with new strategies and partnering, collaborating, and expanding their business, which is further anticipated to boost the market growth in the near future.
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