The global multi-cloud management market is expected to nearly quadruple in size by 2022, reaching nearly $4.5 billion.
That’s according to a new report by MarketsandMarkets, which predicts a compound annual growth rate (CAGR) of nearly 31 percent. The market is nearly $1.2 billion today.
CenturyLink, IBM, VMWare, Dell and BMC Software are listed among the major vendors in this market. Others include Accenture, Citrix, DoubleHorn, RightScale, CliQr, Cloudyn and Jamcracker.
Market drivers include the avoidance of vendor lock-in, increased agility and automation, and the need for a high-level of governance and policies, MarketsandMarkets said. With the increased adoption rate of cloud computing among enterprises, the market is expected to gain further traction in the coming years.
A segment known as “internal brokerage enablement” is expected to hold the largest market share through 2022, driven by increasing employee demand within organizations for a single point of access to all cloud services. Internal brokerage enablement is a group of mainframe and virtualized resources, which can only be accessed by organizations or enterprises over a secured intranet.
Cloud automation, a service for automating the management of cloud-based services, is expected to hold the largest market share for 2017 when the numbers are tallied at the end of the year. It allows enterprises to manage the complete deployment life cycle and use of cloud services on public, private and hybrid clouds. Benefits include rapid deployment, increased staff efficiency, reduced cost of maintenance, improved responsiveness to end users, optimum resource utilization and increased quality.
Telecom and information technology-enabled services (ITES) is the vertical that’s projected to hold the largest market share during the forecast period. Multi-cloud services are used for various on-demand services.
North America, the most mature market in terms of cloud adoption, has the largest market share this year, while APAC is the fastest-growing region.
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