The multi cloud security market is set to grow from its current market value of more than $2 billion to over $25 billion by 2032; as reported in the latest study by Global Market Insights.
The multi cloud security market is anticipated to register noticeable growth during 2023-2032, due to the increasing number of data centres across the globe. Today, most leading companies depend on multi-cloud strategies. Multi-cloud security is a complete cloud security solution that protects against complex security threats and attacks on company and customer data, applications and assets across numerous cloud infrastructures and environments.
However, market growth could be hampered due to the increased security cost, given the interference of third parties to manage multi cloud security. However, the budding use of multi cloud services for streaming high-end games on portable devices to provide authentic and exclusive gaming experiences to the customers will escalate the product demand during the estimated timeframe.
Overall, the multi cloud security market is segmented in terms of offerings, security, organisation size, end-use, and region.
Based on offerings, the service segment is slated to exceed $9 billion by 2032. A multi cloud service offers many advantages to organisations, such as improved security, superior failover options, and improved disaster recovery. It also ensures that the data storage resources are always available, making the organisation’s cloud deployment more robust for the long term.
By security, the data and storage security segment will grow considerably through 2032. The rising user inclination towards cloud and growing digitisation will offer lucrative growth opportunities to the market. Besides, various big brands operating in the industry are engaged in strategic initiatives, such as mergers, acquisitions, and partnerships, to bring innovative products to the market.
Considering the organisation size, the large enterprises segment is anticipated to witness high adoption of multi cloud security solutions through 2032, credited to the escalating demand for data analytics in such enterprises.
Based on end-use, the government and public enterprises segment will exhibit over 15% CAGR during the estimated timeframe. Digitisation in government departments, the increasing influence of smart city projects, and the budding need for data and digital infrastructure security will augment the demand for multi cloud security systems in government and public enterprises.
Regionally, the Asia-Pacific multi cloud security market is projected to showcase sturdy growth in the next 10 years as the region is witnessing a rising adoption of the multi cloud environment in enterprises. Besides, the presence of some of the leading players in the region who are constantly working on developing new agile products will positively influence regional growth.