Report : North America 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 27.8% CAGR, the North America Multi-Cloud Management Market is speculated to be worth US$ 12,726.39 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America multi-cloud management market was valued at US$ 2,918.96 million in 2022 and is expected to reach US$ 12,726.39 million by 2028, registering a CAGR of 27.8% 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 North America multi-cloud management market expansion.
Disaster Recovery (DR) is an important aspect of any cloud deployment. According to statistics from World Backup Day, 10% of computers are infected by viruses each month, and 30% of people never back up their data. Furthermore, mishaps such as staff members erasing data that was not backup elsewhere account for 29% of disasters. Ransomware is another problem that has grown over the past few years. Getting crucial operating data locked up can be disastrous if one cannot access recent backups kept in a different location. Moreover, events such as fires, power outages, and earthquakes can cause a data center disaster. Once the disaster occurs, the most important task for IT is to recover from the disaster and get everything back in working order. Disaster recovery is an organization's procedure to restart regular operations following a service outage. Multiple clouds might be used by companies that offer disaster recovery services. A strategy to lower the risk of service availability failures, data loss, and compromised privacy is to use at least two clouds or more. Using several clouds at once might reduce the risk when using a public cloud for apps and data. Cost, security, and control loss are the most frequent obstacles to cloud adoption. A business can choose which workloads to run and where to run them by utilizing a multi-cloud infrastructure, which gives it more flexibility and control. Thus, the disaster recovery flexibility offered by multi-cloud management contributes to the North America multi-cloud management market growth.
On the contrary, security concerns regarding adoption of multi-cloud solutions hurdles the growth of North America multi-cloud management market.
Based on component, the North America multi-cloud management market is bifurcated into software and service. The software segment held 79.2% market share in 2022, amassing US$ 2,313.06 million. It is projected to garner US$ 10,358.23 million by 2028 to expand at 28.4% CAGR during 2022–2028.
Based on deployment, the North America multi-cloud management market is bifurcated into public cloud and private cloud. The public cloud segment held 60.0% market share in 2022, amassing US$ 1,750.57 million. It is projected to garner US$ 7,194.51 million by 2028 to expand at 26.6% CAGR during 2022–2028.
Based on application, the North America 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 32.6% market share in 2022, amassing US$ 950.98 million. It is projected to garner US$ 4,435.84 million by 2028 to expand at 29.3% CAGR during 2022–2028.
Based on verticals, the North America 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 28.3% market share in 2022, amassing US$ 824.68 million. It is projected to garner US$ 3,925.31 million by 2028 to expand at 29.7% CAGR during 2022–2028.
Based on country, the North America multi-cloud management market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.6% market share in 2022. It was assessed at US$ 2,411.45 million in 2022 and is likely to hit US$ 10,741.08 million by 2028, exhibiting a CAGR of 28.3% during the forecast period.
Key players dominating the North America 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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