According to the report, the global multi-cloud networking market generated $2.5 billion in 2021, and is anticipated to generate $19.9 billion by 2031, witnessing a CAGR of 23.3% from 2022 to 2031.
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.
Multi-cloud networking is the orchestration of cloud service delivery and the extension of cloud services from one enterprise data center to another. By leveraging multiple clouds, businesses can enjoy a host of benefits, including increased agility, improved performance, and enhanced disaster recovery.
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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.
Multi-Cloud Networking Market Segmentation:
Based on component, the solution segment held the highest market share in 2021, accounting for more than three-fifths of the global multi-cloud networking market, and is estimated to maintain its leadership status throughout the forecast period, due to adoption of solution by various end users for networking. However, the services segment is projected to manifest the highest CAGR of 25.0% from 2022 to 2031, owing to surge in adoption of professional services.
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.
Based on enterprise size, the large enterprise segment accounted for the largest share in 2021, contributing to nearly two-thirds of the global multi-cloud networking market, and is projected to maintain its lead position during the forecast period. This is owing to the need for multi-cloud networking solutions for a secure and efficient system. However, the SMEs segment is expected to portray the largest CAGR of 25.6% from 2022 to 2031, due to the cost-effective networking services.
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.
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Leading Multi-Cloud Networking Market Players:
- Juniper Networks, Inc.,
- Nutanix,
- Oracle,
- VMware, Inc.,
- Cisco Systems, Inc.,
- Cloudflare, Inc.,
- F5, Inc.,
- Akamai technologies,
- Citrix Systems, Inc.,
- Hewlett Packard Enterprise Development LP
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the multi-cloud networking market analysis from 2021 to 2031 to identify the prevailing multi-cloud networking market opportunities.
- The multi-cloud networking market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the multi-cloud networking market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global multi-cloud networking market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global multi-cloud networking market trends, key players, market segments, application areas, and market growth strategies.
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