BFSI Commands the Major Share of the Multi-Cloud Management Industry Vertical Market

“North America is expected to have the largest market share in 2016, whereas the Asia-Pacific (APAC) region is expected to grow at the highest CAGR from 2016 to 2021 in the multi cloud management market.”
The BFSI industry is concerned about data security and privacy issues, and hence this industry vertical is greatly benefitted by the security features through security tools that come with multi-cloud services and solutions.

The report Multi-Cloud Management Market by Application (Provisioning, Metering and Billing), Service Type (Cloud Automation, Compliance Management), Platform, Deployment Model, Organization Size, Industry Vertical, and Region – Global Forecast to 2021″, The multi-cloud management market size is expected to grow from USD 939.3 Million in 2016 to USD 3,431.2 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 29.6% during the forecast period.

The major drivers of this market include need for avoidance of vendor lock-ins, increased agility & automation, and achieving the right level of governance.

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Cloud automation is expected to be the most promising service during the forecast period

On the basis of service type, cloud automation is projected to grow at the highest CAGR during the forecast period. Cloud automation is considerably important and enterprises are using this service to accelerate the deployment of application-based services across different cloud delivery platforms and traditional IT infrastructure. The service orchestrates the provisioning and deployment of complex IT services and offers rapid deployment, increased staff efficiency, reduced cost of maintenance, and improved responsiveness to end users.

The BFSI industry is expected to hold the major market size during the forecast period

BFSI commands the major share of the multi-cloud management industry vertical market. The BFSI industry is concerned about data security and privacy issues, and hence this industry vertical is greatly benefitted by the security features through security tools that come with multi-cloud services and solutions.

Presently, North America contributes the maximum market share in the multi-cloud management market

North America is expected to hold the largest market share and dominate the multi-cloud management market in 2016, due to the larger internet penetration rate and quick shift from isolated infrastructure to cloud in the region. APAC is expected to grow at the highest rate during this forecast period. Furthermore, APAC is expected to be another revenue generating market. Growing acceptance of cloud-based solutions, emerging technologies like Internet of Things (IoT) as well as big data and mobility are the major drivers in this region.

The major vendors covered in the multi-cloud management market for the study are Rightscale, Inc., Dell Technologies, Inc., DoubleHorn, LLC., Jamcracker, Inc., Neverfail, LLC., Rackspace Hosting, Inc., ECmanaged SL, CliQr Technologies, Inc., VMware, Inc., and Accenture PLC.

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