Multi-Cloud Networking Market Size Soars with the Rise of Hybrid and Multi-Cloud Strategies Across Industries

Multi-Cloud Networking market thrives due to increasing multi-cloud adoption, demand for seamless data flow, and robust security across clouds.

PORTLAND, OREGON, UNITED STATES, October 26, 2023 /EINPresswire.com/ -- The multi-cloud networking market was valued at $2.5 billion in 2021, and is estimated to reach $19.9 billion by 2031, growing at a CAGR of 23.3% from 2022 to 2031.

Multi-cloud networking is the orchestration of cloud service delivery and the extension of cloud services from one enterprise data center to another. By leveraging multiple clouds, businesses can enjoy a host of benefits, including increased agility, improved performance, and enhanced disaster recovery.

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Surge in concerns over the reliability of a single cloud is anticipated to play a decisive role in driving the adoption of multi-cloud networking solutions. However, concerns over data security and privacy protection coupled with the hardships encountered in redesigning the network for cloud-based infrastructure can restrain the growth of the market. Moreover, rise in number of SMEs for using multi-cloud networking is anticipated to provide ample opportunities for the market growth.

The global multi-cloud networking market is expected to register high growth as it expedites the next phase of digital transformation; businesses are leveraging multiple cloud services and platforms to speed up app transformation as well as the delivery of new applications. Thus, increase in adoption of cloud technology, owing to its security is one of the most significant factors driving the growth of the market.

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With surge in demand for multi-cloud networking in fintech, various companies have established alliances to increase their capabilities. For instance, in February 2,022, U.S. Bank Corporation partnered with Microsoft Corporation to create compelling, personalized and leading-edge experiences to improve the security of data, financial assets and customer privacy by adding resiliency for the bank and strengthening technology risk management.

Moreover, with an increase in competition, major market players have started acquiring companies to expand their market penetration and reach. For instance, in December 2020 IBM acquired Expertus Technologies Inc to strengthen IBM Payments Centre capability in Canada and add further value to clients and the financial services industry.

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Based on region, North America is the highest revenue contributor in 2021. This is attributed to the presence of key players in the region and technological advancements in the region. However, Asia-Pacific is expected to witness highest growth rate during the forecast period, owing to rapid expansion of internet infrastructure across the region.

The leading market players such Juniper Networks, Inc., Cisco Systems and Inc., F5, Inc. hold majority of the share in multi-cloud networking market size. However, other players in the market are coming up with new strategies and partnering, collaborating, and expanding their business, which is further anticipated to boost the market growth in the near future.

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