The global multi-cloud networking market revenue was around US$ 3.8 billion in 2023 and is estimated to reach US$ 25 billion by 2032, growing at a compound annual growth rate (CAGR) of 23.3% during the forecast period from 2024 to 2032.
Multi-cloud networking is the extension of cloud services and the orchestration of cloud service delivery from one enterprise data center to another. By utilizing multiple clouds, businesses can enjoy a host of advantages, including augmented agility, enhanced performance, and improved disaster recovery.
Factors Influencing Market Growth
- Factors like the rise in the adoption of multi-cloud networking services and solutions and the increase in demand for data recovery along with contingency planning are anticipated to propel the growth of the market during the forecast period.
- The rise in the adoption of cloud computing and the increase in internet penetration expand the growth of the multi-cloud networking market.
- The concerns related to data privacy and security protection and the lack of technical expertise in multi-cloud networking hinder the growth of the multi-cloud networking market.
- The surge in demand for cloud-based networking solutions and the rise in several SMEs are anticipated to offer major lucrative opportunities for the growth of the multi-cloud networking market.
Impact of COVID-19
The COVID-19 pandemic has played a pivotal role in boosting the demand for multi-cloud networking solutions. The outbreak of the COVID-19 pandemic and the following government restrictions have augmented the demand for the latest cutting-edge digital technologies and strong networks.
Realizing that selecting a cloud-based infrastructure provides them an edge over their competitors, organizations are increasingly shifting their workloads to the cloud, thereby improving the demand for multi-cloud networking solutions. So, the impact of the COVID-19 pandemic had a positive influence on the global multi-cloud networking market.
Regional Analysis
In 2023, North America dominated the global multi-cloud networking market in terms of revenue. This is attributed to the presence of key players and the technological improvements in the North American region.
Also, Asia-Pacific is anticipated to notice the highest growth rate in the global multi-cloud networking industry during the forecast period, because of the rapid development of internet infrastructure across the Asia-Pacific region.
Leading Companies
The leading prominent companies profiled in the global multi-cloud networking market are: -
- Akamai Technologies
- Cisco Systems, Inc.
- Citrix Systems, Inc.
- Cloudflare, Inc.
- F5, Inc.
- Hewlett Packard Enterprise Development LP
- Juniper Networks, Inc.
- Nutanix
- Oracle
- VMware, Inc.
- Other prominent key players
Segmentation Outline
The global multi-cloud networking market segmentation focuses on Component, Enterprise Size, Deployment Mode, Industry Vertical, and Region.
Segmentation based on Component
- Solution
- Services
Segmentation based on Enterprise Size
- Large Enterprise
- Small and Medium Enterprise
Segmentation based on Deployment Mode
- Public Cloud
- Private Cloud
Segmentation based on Industry Vertical
- BFSI
- IT and Telecom
- Retail and E-Commerce
- Healthcare
- Manufacturing
- Energy and Utilities
- Media and Entertainment
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa