Multi-Cloud Security Market Size, Share, and COVID Impact Analysis, By Type (Public Cloud and Private Cloud), By Cloud Model (IaaS, PaaS, and SaaS), By Application (Network and Endpoint), By End User (BFSI, Healthcare, IT & Telecommunication, Retail & E-commerce, Government, and Others), and Regional Forecast, 2024-2032

Multi-cloud is an approach in which an organization uses two or more cloud computing platforms to accomplish multiple tasks. Enterprises that do not rely on a single cloud provider can leverage resources from multiple different providers, each with its own offerings. Multi-cloud solutions can refer to a combination of Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS) models. Additionally, many industries are adopting multi-cloud approaches for a variety of causes. Some executives want to avoid relying on a single cloud provider, thereby decreasing financial risk. Sticking to a single vendor can make it difficult for companies to adopt response strategies. Other organizations employ multi-cloud strategies to reduce the risk of localized hardware failures. An outage like this at an onsite data center can take an entire company offline. Multi-cloud greatly decreases the risk of catastrophic failure. Multi-cloud management tools and processes also enable monitoring and management of applications and workloads across multiple public clouds from a single interface.

However, the high complexity of multi-cloud deployments also increases the attack surface and the risk of cyberattacks, raising new cloud security concerns. Multi-cloud security requires a holistic approach that addresses various security vulnerabilities and establishes consistent security controls across multiple heterogeneous environments.

Multi-cloud security is therefore a cloud security solution that enables comprehensive data protection across multiple cloud platforms, including private and public clouds such as AWS, Azure, Google Cloud Platform (GCP), and Oracle (OCI). Businesses and organizations can use multi-cloud security to protect all public cloud platforms and their various capabilities.

Impact of COVID-19 on the Multi-Cloud Security Market

Implementing rapid-fire digital metamorphosis policies due to COVID-19 has incontinently augmented the need for cloud computing, thereby increasing the demand for cloud security. With the advent of remote work and collaboration, cloud computing has surfaced as a supporter for enterprises. On the other hand, before the COVID phase, companies were already adopting the cloud for their business processes. But due to current global health distress, more businesses are adopting multi-cloud much earlier than ever before. For instance,

• Nowadays, hybrid clouds and multi-cloud have become the most popular in the world of technology. Today's businesses can attain scalability and flexibility in their day-to-day operations. More than 79% of organizations have adopted to multi-cloud.

Furthermore, with COVID prevailing worldwide, businesses are constantly trying to secure their data. Organisations are increasing the usage of mixed of SaaS, public clouds and private clouds. Everybody is working from home; hence, multi-cloud aids them innovate business models and support applications smoothly. Organising SaaS programs benefits to reduce costs for enterprises. Several businesses stick to one cloud retailer for their investments, but it is always better to keep reviewing those funds and explore several cloud vendors. One can save costs with this idea and gets more clients on board.

Additionally, Cloud Alliance tools make execution very easy and individuals are very well connected even when working remotely. From a five-person company to a Fortune 500 company, the way users work and the culture have changed. Everyone is implementing or already adopting the cloud. In this global emergency, the cloud has indeed acted as a game changer for many organizations. With multi-cloud, SMBs can deploy bigger goals and take greater advantage of the capacity, features, or speed offered by cloud providers.

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by the Players


• Impact of COVID-19 on the multi-cloud security Market


• Consolidated SWOT Analysis of Key Players

Analysis by End User

Based on end user, the market has been categorized into BFSI, healthcare, IT & telecommunication, retail & e-commerce, government, and others. The BFSI is the fastest-growing segment of the global multi-cloud security market. Banking enterprises opt for cloud-based installations to improve operational efficiency and ensure prompt consumer service. These companies typically refer to multi-cloud environments so that the other cloud can take over in the event of a failure of one cloud. Therefore, vendors are providing cloud solutions for financial institutions to secure their settings and workloads and ensure regulatory compliance highly. For instance,

• January 2020: Temenos and Google Cloud announced a global strategic partnership to accelerate the bank's digital transformation in the cloud. It enables customers to deliver mission-critical workloads across on-premises and cloud environments or even across multiple clouds.

Regional Analysis

The global multi-cloud security market has been studied across North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America is expected to be the largest contributor in terms of market size in the global multi-cloud security market. It is one of the most advanced regions regarding security technology adoption and infrastructure. The region is perceiving increasing digitalization in recent years. Businesses are increasingly shifting their systems from on-premises environments to cloud infrastructure. The growing digitalization in the region has contributed to a rise in the use of multi-cloud security solutions. The region also has the presence of major vendors operating in the multi-cloud security market, which acts as a driver for the growth of the market in the region.

However, the Asia Pacific market is projected to witness significant growth during the forecast period as companies in Asia Pacific cope with the difficulty of managing various platforms. VMware want to intervene in different products to benefit their customers. However, public cloud infrastructure adoption continues to be strong across industries and enterprise sizes. Industry regulations and national cybersecurity laws have increased awareness of cloud security among organizations, with many organizations citing security and privacy as their top concerns when moving to the cloud.

The distribution of the multi-cloud security market by region is as follows:

• Asia Pacific – 26%


• North America – 49%


• Europe – 16%


• The Middle East and Africa – 6%


• South America – 3%

Key Players Covered

The key players in the market include Microsoft Corporation, VMware, F5, Entrust, Cloudflare, Cisco Systems Inc., IBM Corporation, Palo Alto Networks, Inc., Broadcom Inc., Aviatrix, Saviynt, Tufin, and others.

Segmentation

Key Industry Developments

• October 2022: SolarWinds announced the launch of SolarWinds Observability to deliver unified and comprehensive visibility in multi-cloud and hybrid environments. It enables clients to accelerate digital transformation via powerful artificial intelligence (AI) and machine learning (ML) capabilities that make it easy to achieve highly complex IT environments.


• May 2022: Dell Technologies is expanding multi-cloud experiences through data analytics, partner ecosystem and cyber recovery. These new benefits are designed to aid organizations easily protect, store and control their data and applications across numerous platforms and locations.