Vancouver, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The multi-cloud networking market size reached USD 2.28 Billion in 2021 and is expected to register a revenue CAGR of 23.1% during the forecast period according to the latest analysis by Emergen Research. Budget restrictions and ongoing compliance issues are common for Small and Medium Enterprises (SMEs). In addition, because they have smaller IT teams and labor scarcity, SMEs find it challenging to efficiently focus on every aspect of their organization.
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These issues are pushing SMEs to use cloud computing services because they make it easier to meet regulatory requirements, reduce capital and operating expenses, improve security, increase storage and flexibility, automate software updates and administrative tasks, and increase employee productivity. In addition, benefits like scalability, pay-as-you-go, and easy information access are assisting SMEs in accessing and using cloud services more quickly. These elements are expanding the market's prospects for cloud players.
However, for SMEs with limited funds and resources, redesigning networks from on-premises to the cloud needs a sizable initial investment. The majority of enterprises have also discovered the switch to cloud deployment to be expensive and complicated. Enterprises must deal with several difficulties, including network design, to suit their cloud infrastructure arrangement. It is quite challenging to manage workloads, monitor visibility, and measure performance across various cloud deployment patterns. Complexity is the most difficult difficulty in the multi-cloud environment due to the deployment structure and techniques needed to construct and manage them.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 2.28 Billion |
| CAGR (2022–2030) | 23.1% |
| Revenue forecast to 2030 | USD 14.30 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, Organization Size, End-Use, and Region. |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Cloudflare, Oracle Corporation, F5, Nutanix, VMWARE, Cisco Systems, HPE, Versa Networks, Illumio, and Juniper Networks |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The multi-cloud networking is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- Cloudflare
- Oracle Corporation
- F5
- Nutanix
- VMWARE
- Cisco Systems
- HPE
- Versa Networks
- Illumio
- Juniper Networks
Strategic Development
- On March 22, 2022, HPE announced the launch of HPE Greenlake which was first announced in 2021. The HPE GreenLake platform offers a consistent user experience from edge to cloud, enhances security, expands developer tools, and increases the capacity to handle heavy workloads.
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Some Key Highlights From the Report
- The services segment is expected to register a significant revenue growth rate during the forecast period. A multi-cloud service standardizes one or more functional areas across clouds by providing an object model, Application Programming Interface (API), identity management, and other basic characteristics that are uniform across clouds. A multi-cloud service consolidates functionality onto a single platform and lessens complexity when compared to using the same native services from many clouds individually.
- The small & medium enterprises segment is expected to register a substantial revenue growth rate over the forecast period. The ease and flexibility of cloud infrastructure services are helping SMEs adopt them fast, and demand is expected to rise during the forecast period. Only their time and equipment are due from globally prominent SMEs. Benefits like seamless scalability, flexibility, a pay-as-you-go payment model, lower operational expenses, and products that are suited to specific business needs make it easier for SMEs to use cloud technology.
- The retail & e-commerce segment is expected to register a moderate revenue growth rate over the forecast period. As online markets grow, retailers are implementing more cutting-edge technologies including big data analytics, social media networks, and digital storefronts. Vendors in a specific industry need a comprehensive cloud environment to present clients with their unique product and service portfolios. The retail and e-commerce industries face difficulties controlling swings and changes in demand due to fierce competition.
- Market in North America is expected to register a considerable revenue growth rate over the forecast period. The growth can be attributed to the U.S.'s early adoption and use of cloud-based networks. Businesses in America and Canada have made enormous strides toward implementing the most cutting-edge digital technologies.
- On October 28, 2021, An organization that specializes in cloud computing security called Illumio Inc. unveiled Illumio CloudSecure, a new product that provides organizations with agentless visibility and empowers teams to create and orchestrate dynamic cloud workload policies at scale using native controls in their public, hybrid, and multi-cloud environments.
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Emergen Research has segmented the multi-cloud networking market on the basis of component, organization size, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019–2030)
-
- Services
- Solutions
-
- Organization Size Outlook (Revenue, USD Billion; 2019–2030)
-
- Small & Medium Enterprises
- Large Enterprises
-
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
-
- BFSI
- IT & Telecom
- Retail & E-commerce
- Others
-
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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