The multi-cloud management market is expected to grow from USD 939.3 million in 2016 to USD 3431.2 million by 2021, at CAGR of 29.6 percent, predicts Markets and Markets. The need for avoidance of vendor lock-ins, increased agility and automation, and the right level of governance is driving the market.
The multi-cloud management market report has been broadly classified into applications and services. The provisioning is expected to grow at the highest CAGR, followed by compliance management. Policy-driven governance and regulations are critical for all the organizations and must be in place to ensure efficient resource utilization as they effectively manage and protect the delivery of any IT service. Compliance monitoring allows end users to protect the virtualized workload with the required compliance policies. To achieve the right level of governance, end users can use the multi-cloud management platform as it enables direct access controls and resolves governance issues.
Under the services segment, cloud automation is expected to dominate the multi-cloud management market. Cloud automation within multi-cloud environment enables enterprises to manage the complete lifecycle of deployment and usage of cloud services on public, private, and hybrid cloud. The benefits offered include rapid deployment, increased staff efficiency, reduced cost of maintenance, improved responsiveness to end users, optimum resource utilization, and increased quality, thus, accelerating growth.
North America is expected to have the largest market share in 2016, whereas the Asia-Pacific (APAC) region is expected to grow at the highest CAGR from 2016 to 2021 in the multi-cloud management market. The major growth factors that would drive the adoption of multi-cloud management include the increasing need for automation and the need for the right level of governance and compliance management.