The global multi-cloud storage market is poised to expand at a remarkable compound annual growth rate (CAGR) of 16.7% between 2022 and 2032, according to the latest market study by Future Market Insights. The market, currently valued at US$ 23.71 billion, is projected to reach US$ 111.33 billion by the year 2032.
The report highlights that high-performance transactional applications with real-time analytics are tracked through a petabyte scale. Key participants in the market are focusing on various cloud management strategies that separate data management across public cloud providers, while the users’ data is consumed as a service on a single power protect appliance.
Keeping data discrete from the cloud is one way to avoid vendor lock-in. This data can be utilized for various use cases, including cyber resiliency, replication, archiving, in-cloud protection, and disaster recovery to cloud. Managed services can minimize end-users’ total cost of ownership (TCO) by doing away with infrastructure maintenance.
Moreover, optimizing costs for storage depends on how quickly access to the data is required. Most top players in the market extend support for more compliance certifications and security standards across various regulatory agencies globally. End-users can also choose from various tools for getting more data and driving service delivery, including running big data, artificial intelligence (AI), machine learning (ML), media processing applications, and high-performance computing (HPC) on their cloud data.
The report also notes that numerous enterprises are increasingly adopting emerging cloud-based platform-as-a-service (PaaS), which helps reduce dependence on a single vendor and facilitates the smooth passage of end-users working on diverse platforms. With the advent of 5G networks, the multi-cloud storage market is expected to continue to grow in the coming years.
Governments around the world are also enforcing regulations on the deployment of multi-cloud storage. These factors are expected to keep the multi-cloud storage market thriving during the forecast period.
“Multi-cloud storage simplifies data management with hybrid cloud and AI-driven analytics through spectrum visualized data services. This factor is bound to drive the multi-cloud storage market in the forecast period,” said an analyst from Future Market Insights.
Key takeaways from the report include that North America currently holds the largest market share due to several cloud storage platform services by small as well as large-scale enterprises. Europe stands second on this count, followed by the Asia-Pacific.
Key Takeaways
· North America holds the largest market share due to several cloud storage platform services by small as well as large-scale enterprises.
· Europe stands second on this count, followed by the Asia-Pacific.
Competitive Storage
· CoreStack, in May 2022, entered into a partnership with Ingram Micro Cloud for delivering next-generation solutions for cloud governance and financial operations. The solutions offered are inclusive of CloudOps (for cloud management), FinOps (for cloud cost management), and SecOps (for cloud security posture management).
· VMware, Inc., in September 2021, bought Mode.net. The latter one is known for the integration of physically diverse service underlying into coherent networks incorporating cloud-scale with ascertained SLAs and QoS. This acquisition has boosted the former’s portfolio pertaining to technology for supplying VMware’s Telco Cloud Platform to the providers of communication services all through the world.
· Alibaba, in April 2022, teamed up with VMware for providing new-fangled Alibaba Cloud VMware services all across China. Digital transformation has thus been catalyzed over here.
· HPE, in March 2022, tabled HPE GreenLake edge-to-cloud platform. HPE GreenLake holds the distinction of being simple, unique, and deep with respect to cloud services. Data-first modernization is the priority.
· Versa Networks, in June 2022, expanded its leadership team in Japan and the rest of the Asia-Pacific for catering to rising demand for ‘Versa SASE’.
What does the Report Specify?
Future Market Insights offers an exclusive perspective and various real-time insights on the multi-cloud storage market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
The research study is based on deployment type (public, private, and hybrid), by enterprise size (large enterprises and SMEs), and by vertical (BFSI, retail, energy & utility, and healthcare & life sciences).
The majority of enterprises are adopting multi-cloud storage, to satisfy the requirements of the clientele. The altering IT environment is thus being adopted for minimizing costs as fewer hardware and appliances are needed.
These insights are based on a report on Multi-Cloud Storage Market by Future Market Insights
