Report : Europe Multi-Cloud Management Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Software and Service), Deployment (Public Cloud and Private Cloud), Application (Infrastructure and Resource Management, Identity and Policy Management, Compliance Management, Metering and Billing, and Provisioning and Lifecycle Management), and Verticals (IT and Telecom, BFSI, Government, Retail and Consumer Goods, Travel and Hospitality, Healthcare and Life Science, and Others)
At 26.8% CAGR, the Europe Multi-Cloud Management Market is speculated to be worth US$ 9,556.97 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe multi-cloud management market was valued at US$ 2,299.23 million in 2022 and is expected to reach US$ 9,556.97 million by 2028, registering a CAGR of 26.8% from 2022 to 2028. Surge in need to avoid vendor lock-in and rise in demand for disaster recovery solutions are the critical factors attributed to the Europe multi-cloud management market expansion.
Vendor lock-in refers to a situation wherein an organization wants to transfer its business from one of its current vendors but cannot do so due to various reasons, such as projected cost, duration, and complexity of switching. Avoiding vendor lock-in is the most frequently mentioned among the many benefits of a multi-cloud strategy. As per a survey conducted by Stratoscale, more than 80% of businesses expressed moderate anxiety about being tied to a single public cloud platform. However, adopting multi-cloud management can help avoid such instances, which are among the basic needs of some organizations. A multi cloud approach reduces dependence on any single vendor, enables vendor diversification, and prevents lock-in. This is important for enterprises to ensure that they can adopt the most relevant platforms for their business objectives and move among cloud stacks as needed. Due to the multi-cloud approach, end customers can now switch between several providers, which lessens their reliance on a single supplier. This relative independence encourages customers to haggle with merchants for lower prices. Service level agreements (SLAs) for multi-cloud management services provide data deployment flexibility and permit end users to migrate their workloads to different clouds as needed. End users can also utilize multi-cloud management systems to manage complicated applications across several heterogeneous cloud platforms to benefit from the highest level of independence. Because of the abovementioned factors, multi-cloud management removes vendor lock-in and permits easy switching between vendors. Thus, the elimination of vendor lock-in ability by multi-cloud management contributes to the Europe multi-cloud management market growth.
On the contrary, security concerns regarding adoption of multi-cloud solutions hurdles the growth of Europe multi-cloud management market.
Based on component, the Europe multi-cloud management market is bifurcated into software and service. The software segment held 73.2% market share in 2022, amassing US$ 1,683.75 million. It is projected to garner US$ 7,129.77 million by 2028 to expand at 27.2% CAGR during 2022–2028.
Based on deployment, the Europe multi-cloud management market is bifurcated into public cloud and private cloud. The public cloud segment held 69.8% market share in 2022, amassing US$ 1,605.56 million. It is projected to garner US$ 6,466.92 million by 2028 to expand at 26.1% CAGR during 2022–2028.
Based on application, the Europe multi-cloud management market is segmented into infrastructure and resource management, identity and policy management, compliance management, metering and billing, and provisioning and lifecycle management. The infrastructure segment held 38.0% market share in 2022, amassing US$ 872.57 million. It is projected to garner US$ 3,767.74 million by 2028 to expand at 27.6% CAGR during 2022–2028.
Based on verticals, the Europe multi-cloud management market is segmented into IT and telecom, BFSI, government, retail and consumer goods, travel and hospitality, healthcare and life science, and others. The BFSI segment held 30.4% market share in 2022, amassing US$ 699.97 million. It is projected to garner US$ 3,140.85 million by 2028 to expand at 28.4% CAGR during 2022–2028.
Based on country, the Europe multi-cloud management market is segmented into France, Germany, Italy, UK, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 27.2% market share in 2022. It was assessed at US$ 625.42 million in 2022 and is likely to hit US$ 2,910.40 million by 2028, exhibiting a CAGR of 29.2% during the forecast period.
Key players dominating the Europe multi-cloud management market are BMC Software, Inc.; CISCO, INC.; IBM Corporation; VMware, Inc.; Micro Focus; Snow Software; UnityOneCloud; Dynatrace LLC; Flexera; and Zerto Ltd. (HPE), among others.
- In 2022, BMC announced that the company has entered in a multi-year agreement to provide its BMC Helix service and operations management solutions to Google Cloud.
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