Sunday, 24 February 2019
How will the continued adoption of multi-cloud shape the market?
To begin with, Cloud adoption is shaping the way businesses are moving towards their core objectives. Added to this is the fact that enterprises are consciously leveraging multiple Cloud scenarios to optimize their application workloads. They focus on being able to gain from the unique capabilities that the different Clouds offer, avoid vendor lock ins and to optimize costs. The growth of multi-Cloud adoption amongst businesses is expected to increase exponentially over the next few years.
The Global Multi-Cloud Management Market is expected to reach $6.1 billion by 2023, rising at a market growth of 27% CAGR during the forecast period according to ResearchAndMarkets.com. They also highlight that the major factors driving the growth of the market is the unreliability of single Cloud types, growing inclination towards price-sensitive Cloud deployments, vendor lock-in issues, and growing need for policy compliance from regulatory bodies for data protection.
Multi Cloud adoption will also see the increasing need for Cloud Hosting Providers to adhere to data protection regulations which have seen a significant increase across geographies as well as business streams. Also, the European Union’s General Data Protection Regulation (GDPR), the payment cards indistry’s PCI-DSS, HIPAA compliance for Healthcare Security are gaining ground. Attaining and maintaining regulatory compliance involves huge costs and time for customers. Given this environment, customer needs are now accelerating the rate at which Cloud Hosting Providers are consciously adding value to their services by attaining relevant certifications.
Another significant aspect that is being focused on is the security transformations that are now becoming inherent in the adoption of multi Cloud networks and managed Cloud servers. What customers are working towards is consistency and speed in securing their networks and moving towards an integrated security approach rather than a fragmented model. This is creating opportunities in the growth of Security Operation Centre (SOC) Services and also a spike in Managed Security Services usage.
With the increasing use of multi Cloud, what we are bound to see is the growth in managed Cloud servers and Cloud management platforms (CMP) which will steer the multi Cloud usage effectively and build on digital transformation initiatives. According to a 2017 Gartner study, CPM market will amount to $346 million in 2017 and increase at an average growth rate of 6.6% during the next five years as Cloud computing becomes a mainstream deployment model.