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.
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The multi-cloud networking market is segmented on the basis of component, deployment mode, enterprise size, and industry vertical. By component, it is segmented into solution and services. On the basis of deployment mode, the market is segmented into private cloud and public cloud. By enterprise size, it is bifurcated into larger enterprise and small & medium enterprise. By industry vertical, it is segmented into BFSI, IT & telecom, retail & e-commerce, healthcare, manufacturing, media & entertainment, energy & utilities, and others. By region, it is analyses across North America, Europe, Asia-Pacific, and LAMEA.
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.
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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.
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.
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Covid-19 Scenario
● 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.
● 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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