Multi-Cloud Networking Market to Reach $19.9 Billion, Globally, by 2031 at 23.3% CAGR: Allied Market Research
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
PORTLAND, Ore., Feb. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Multi-Cloud Networking Market by Component (Solution, Services), by Deployment Mode (Public Cloud, Private Cloud), by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by Industry Vertical (BFSI, IT and Telecom, Retail and E-Commerce, Healthcare, Manufacturing, Energy and Utilities, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global multi-cloud networking industry 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.
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The solution segment to maintain its leadership status throughout the forecast period
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.
The public cloud segment to maintain its leadership status throughout the forecast period
Based on deployment mode, the public cloud segment held the highest mrket 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.
The large enterprise segment to maintain its lead position during the forecast period
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.
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North America to maintain its dominance by 2031
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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