Selbyville, Delaware, March 21, 2023 (GLOBE NEWSWIRE) --
Multi-Cloud Security Market is set to reach USD 25 billion by 2032, as reported in a research study by Global Market Insights Inc.
Ongoing developments in smart factories and homes will fuel the utilization of multi-cloud security solutions. Cloud storage solutions are used by smart homes and factories to store important client data. Cybersecurity issues like data breaches often lead to the loss of privacy and business-related information. To ensure the safety of the data users, companies are concentrating on the development of multi-cloud security solutions.
Take for instance, Multi-cloud Security Auditor (MCSA), a tool from Amazon, that allows security evaluation of the cloud environment and infrastructure. MCSA automatically presents a clear image of the attack surface by highlighting problematic spots and gathering data for manual assessment.
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Based on security type, the multi-cloud security market from governance segment is slated to expand at over 15% CAGR till 2032. Multi-cloud governance solutions help businesses to set up rules and procedure that enables monitoring and securing applications and workloads in multiple clouds. It adds new dimensions to the features like visibility, scanning, observability, and reporting.
Awareness regarding the benefits of multi-cloud governance solutions will propel the development of new solutions by industry players. In February 2023, multi-cloud governance provider, CoreStack announced CR360™ – the single system that gives organizations a complete view of their cloud infrastructure.
As per the report, the multi-cloud security market from the large enterprises segment held 60% market share in 2022. Many large enterprises are utilizing multi-cloud systems because of the flexibility and security it offers. Data recovery is another major aspect influencing the adoption of multi-cloud facilities. Growing demand for data analytics in large enterprises is estimated to drive the use of multi-clouds in large enterprises to store different kinds of data in different clouds.
Multi-cloud security market from BFSI sector will hold USD 6 billion by 2032. In India, many financial organizations are rapidly using hybrid cloud, public cloud, and multi-cloud strategies to satisfy the demands of competition, compliance, and modernization. According to the State of Application Strategy Report, as of September 2022, 69% of financial services organizations in the Asia Pacific region were using multi-cloud strategies.
As many banks and financial organizations started using cloud solutions for their data, authorities have started urging them to switch to multi-cloud options. The higher use of multi-cloud facilities in the BFSI sector will promote the industry revenue.
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Europe multi-cloud security market is poised to dominate a share of over 25% by 2032, driven by an increase in the use of AI and IoT-based applications in healthcare. Governments are making new investments to support improvements in healthcare infrastructure, system security, and AI deployments. Advancements in logistics and transport sector would open new avenues for the deployment of multi-cloud security. In June 2022, EU grants were issued to 135 transport infrastructure projects under the Connecting Europe Facility (CEF) across all EU member states along the Trans-European Transport Network.
Major players involved in the multi-cloud security market are IBM Corporation, Amazon Web Services (Amazon), Microsoft Corporation, Google Cloud, VMware and Fujitsu Ltd. New developments by these companies for the improvement in their product portfolio will influence the industry expansion.
In August 2022, VMware announced new developments throughout its advancing networking and security portfolio to assist customers in enhancing the cloud operating model. Some of these developments include Project Trinidad, which expands and improves VMware's API security and analytics, and Project Northstar, which focuses on multi-cloud networking, security, and end-to-end visibility.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Multi-cloud security market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Offering trends
2.5 Security type trends
2.6 Organization size trends
2.7 End-use trend
Chapter 3 Multi-Cloud Security Market Insights
3.1 Impact on COVID-19 impact
3.1.1 North America
3.1.2 Europe
3.1.3 Asia Pacific
3.1.4 Latin America
3.1.5 MEA
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.3.1 Software provider
3.3.2 Service provider
3.3.3 Technology provider
3.3.4 Cloud-service provider
3.3.5 End-user
3.3.6 Profit margin analysis
3.3.7 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 DevSecOps
3.4.2 Artificial intelligence (AI)
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising demand for multi cloud security for OTT platforms
3.8.1.2 Key market players are focusing on the development of multi cloud security
3.8.1.3 Rising demand for smart homes and smart factories
3.8.1.4 Growing number of data centers around the globe
3.8.1.5 Growing demand for storage in AI and ML
3.8.2 Industry pitfalls & challenges
3.8.2.1 Cybersecurity complications
3.8.2.2 Management difficulty
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
