Multi-Cloud Networking Market 2024 – Trend Analysis, Industry Growth, Key Players, Growth Opportunities And Outlook By 2033

Overview and Scope

Multi-cloud networking refers to the practice of interconnecting multiple cloud computing environments from different cloud service providers (CSPs) into a cohesive network infrastructure. This networking enables organizations to leverage the best features and services from different cloud providers while maintaining flexibility, resilience, and control over their cloud infrastructure and applications.

Sizing and Forecast

The multi-cloud networking market size has grown exponentially in recent years. It will grow from $3.77 billion in 2023 to $4.76 billion in 2024 at a compound annual growth rate (CAGR) of 26.1%. The growth in the historic period can be attributed to cost optimization, scalability requirements, business continuity and disaster recovery (BCDR), and regulatory compliance.

The multi-cloud networking market size is expected to see exponential growth in the next few years. It will grow to $12.17 billion in 2028 at a compound annual growth rate (CAGR) of 26.5%. The growth in the forecast period can be attributed to hybrid cloud adoption, edge computing expansion, globalization and distributed workforces, cybersecurity concerns, digital transformation initiatives. Major trends in the forecast period include increased adoption of hybrid cloud architectures, expansion of edge computing initiatives, globalization and distributed workforces driving demand, heightened focus on cybersecurity measures, acceleration of digital transformation initiatives.

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Segmentation & Regional Insights

The multi-cloud networking market covered in this report is segmented –

1) By Component: Solutions, Services

2) By Deployment Type: Public Cloud, Private Cloud

3) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises

4) By Vertical: Information Technology And Information Technology Enabled Services, Banking, Financial Services, And insurance, Retail And eCommerce, Healthcare And Life Sciences, Transportation And Logistics, Manufacturing, Media And Entertainment, Energy And Utilities, Other Verticals

North America was the largest region in the multi-cloud networking market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multi-cloud networking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising adoption of cloud computing services is expected to propel the growth of the multi-networking market going forward. Cloud computing services refer to delivering computing services, including servers, storage, databases, networking, software, analytics, and more, over the internet (the cloud) on a pay-as-you-go basis. The adoption of cloud computing services is increasing due to cost efficiency, scalability and flexibility, accessibility and collaboration, security and reliability, and the opportunity for innovation and competitive advantage. Cloud computing services in multi-cloud networking are utilized to leverage the strengths of multiple cloud providers for redundancy, scalability, and workload optimization across diverse environments. For instance, in December 2021, according to an article published by Eurostat, a Luxembourg-based statistics body for the European Union, 41% of organizations reported using cloud computing services in 2021, a 5.0 percentage-point (pp) rise from 36% in 2020. Therefore, the rising adoption of cloud computing services is driving the growth of the multi-networking market.

Key Industry Players

Major companies operating in the multi-cloud networking market report are Cisco Systems Inc.; Oracle Corporation; Hewlett Packard Enterprise Development LP; VMware Inc.; Palo Alto Networks Inc.; Juniper Networks Inc.; Fortinet Inc.; Arista Networks Inc.; Akamai Technologies; Citrix Systems Inc.; F5 Inc.; Nutanix; Array Networks; Extreme Networks Inc. ; Zscaler Inc.; Cloudflare Inc.; Riverbed Technology; Barracuda Networks Inc.; Masergy Communications Inc.; A10 Networks Inc.; Imperva Inc.; Versa Networks Inc.; Silver Peak Systems Inc.; Avi Networks; Kemp Technologies

The multi-cloud networking market report table of contents includes: