PUBLISHER: Orion Market Research | PRODUCT CODE: 1483087
PUBLISHER: Orion Market Research | PRODUCT CODE: 1483087
Multi-Cloud Discovery Market Size, Share & Trends Analysis Report by Solutions (Application Discovery and Infrastructure Discovery), by Services (Professional Services and Managed Services), and by Vertical (BFSI, Telecommunications and ITEs, Government & Public Sector, Retail & Consumer Goods, Transportation & Logistics, Healthcare, and Others) Forecast Period (2024-2031)
Multi-cloud discovery market is anticipated to grow at a CAGR of 17.6% during the forecast period (2024-2031). Multi-cloud is a popular cloud implementation strategy consisting of two or more cloud platforms, public or private. It promises agility, interoperability, and flexibility between different cloud environments. The advancements in the field of containers and Kubernetes have helped to modernize legacy applications and increased the popularity of multi-cloud strategies.
Market Dynamics
Growing Adoption of Multi-Cloud Solutions
The adoption of multi-cloud solutions and platforms has become a compulsory norm in enterprise technology globally over the past few years. As per the survey conducted by Digital Ocen 2023, around 98% of enterprises either are already using multi-cloud solutions or intend to use such services from a minimum of two cloud infrastructure providers. By adopting such services organizations can recognize the benefits of avoiding vendor lock-in, optimizing costs, and ensuring maximum uptime and reliability by distributing workloads across multiple cloud platforms.
Rise in Integration of Advanced Technologies for Real-Time Data Analysis
Multi-cloud adoption, and the use of multiple cloud providers such as AWS, Azure, Google Cloud, and OCI is on the rise. Several technological trends are prevailing in the use of multi-cloud solutions such as Infrastructure-as-Code (IaC), Policy-as-Code, cloud-native tooling, everything-as-code, cloud-to-cloud interoperability, cloud management platforms (CMPs), hybrid and multi-cloud managed services, cloud service brokerages (CSBs), cloud cost management and FinOps, and cloud operating models. Mastering these trends will enable organizations to deliver agility and innovation through multi-cloud while maintaining control.
Market Segmentation
Application Discovery Sub-Segment is Projected to Emerge as the Largest Segment
Application discovery solution helps IT administrators identify unwanted and unverified cloud applications running within an enterprise network. In other words, it is a process used to understand and visualize the relationships and dependencies between applications, servers, databases, and other IT components in an enterprise environment. Such a type of solution provides information related to the user accessing the application, calculating the volume data traffic, and integrating applications allowing easy user management.
The global multi-cloud discovery market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).
Asia-Pacific Economies Investing in Cloud Technology
The growing establishment of enhanced computing framework along with security owing to the lack of an efficient cloud environment is the key factor bolstering the growth of the global multi-cloud discovery market in Asia-Pacific. According to the International Trade Administration (ITA), in October 2022, the Japanese government announced that the Japanese agencies would adopt Government Cloud services. Through this, the government aims to promote the utilization of cloud services among both central and local government agencies and organizations.
Global Multi-Cloud Discovery Market Growth by Region 2024-2031
Source: OMR Analysis
North America Holds Major Market Share
Among all the regions, North America is expected to hold a major share of the global market. This is primarily owing to the presence of many vendors offering cloud discovery solutions and services across the region. These vendors and enterprises are continuously investing in cloud computing technologies to improve business operations and stay competitive in the market. For instance, in January 2021, Google Cloud launched Product Discovery Solutions for Retail, a suite of solutions built to help retailers around the globe enhance their e-commerce capabilities and deliver highly personalized consumer experiences. The product allows retailers to implement search and recommendation capabilities.
Note: Major Players Sorted in No Particular Order.
The major companies serving the global multi-cloud discovery market include Amazon Web Services, Inc., BMC Software, Inc., Microsoft Corp., and Puppet, Inc. (Perforce Software, Inc., a Delaware Corp.), among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in January 2024, Equinix, Inc. introduced the general availability of Equinix Fabric Cloud Router, a new virtual routing service to help enterprises easily connect applications and data across multiple clouds and on-premise deployments.
List not Exhaustive