Europe Multi-Cloud Management Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Software and Service), Deployment (Public Cloud and Private Cloud), Application (Infrastructure and Resource Management, Identity and Policy Mana

Europe Multi-Cloud Management Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Software and Service), Deployment (Public Cloud and Private Cloud), Application (Infrastructure and Resource Management, Identity and Policy Management, Compliance Management, Metering and Billing, and Provisioning and Lifecycle Management), and Verticals (IT and Telecom, BFSI, Government, Retail and Consumer Goods, Travel and Hospitality, Healthcare and Life Science, and Others)

The Europe multi-cloud management market is expected to grow from US$ 2,299.23 million in 2022 to US$ 9,556.97 million by 2028. It is estimated to grow at a CAGR of 26.8% from 2022 to 2028.

Rise in Demand for Disaster Recovery Solutions is Driving the Europe Multi-Cloud Management Market

Disaster Recovery (DR) is an important aspect of any cloud deployment. According to statistics from World Backup Day, 10% of computers are infected by viruses each month, and 30% of people never back up their data. Furthermore, mishaps such as staff members erasing data that was not backup elsewhere account for 29% of disasters. Ransomware is another problem that has grown over the past few years. Getting crucial operating data locked up can be disastrous if one cannot access recent backups kept in a different location. According to the 2019 threats report from McAfee Labs, there were 118% more ransomware assaults in the first three months of the year than in the same period in 2018, and a lot of new malware is continuously being identified. The risk of cyberattacks exists for all businesses, including large, small, and medium-sized ones. Data breaches in the first half of 2018 were 140% more frequent than they were at the same time in 2017, according to Gemalto (a digital security business). Moreover, events such as fires, power outages, and earthquakes can cause a data center disaster. Once the disaster occurs, the most important task for IT is to recover from the disaster and get everything back in working order. Disaster recovery is an organization's procedure to restart regular operations following a service outage. Multiple clouds might be used by companies that offer disaster recovery services. A strategy to lower the risk of service availability failures, data loss, and compromised privacy is to use at least two clouds or more. Using several clouds at once might reduce the risk when using a public cloud for apps and data. Cost, security, and control loss are the most frequent obstacles to cloud adoption. A business can choose which workloads to run and where to run them by utilizing a multi-cloud infrastructure, which gives it more flexibility and control. Thus, the disaster recovery flexibility offered by multi-cloud management contributes to the Europe Multi-Cloud Management market growth.

Europe Multi-Cloud Management Market Overview

Europe comprises economies such as Germany, France, Italy, the UK, Russia, and the Rest of Europe. Technologies such as cloud computing, IoT, and edge computing are digital technologies that contribute to achieving sustainability goals of industries such as BFSI, IT & telecom, mobility, buildings, and manufacturing. The European Union supports the development of cloud computing in the region by undertaking research and innovation actions under the Horizon 2020 Program. EU-funded projects accelerate the adoption of cloud infrastructures among businesses. In addition, the EU intended to invest €2 billion via the European Data Strategy in European High Impact Project, which will federate energy-efficient and trustworthy cloud infrastructures and related services among enterprises. Moreover, the European Commission is co-investing in the deployment of common European data spaces for sectors such as agriculture, energy, healthcare, manufacturing, and transport to ensure that more data becomes available for usage amongst the European economy and society; it helps in controlling data generated by the companies and individuals. Furthermore, European Commission has launched the European Alliance on industrial data, edge, and cloud, which will feature the development of several work streams. The above stated deployments are driving the Europe multi-cloud management market.

Europe Multi-cloud management Market Revenue and Forecast to 2028 (US$ Million)

Europe Multi-Cloud Management Market Segmentation

The Europe multi-cloud management market is segmented into component, deployment, application, verticals, and country.

Based on component, the Europe multi-cloud management market is bifurcated into software and service. The software segment held a larger market share in 2022.

Based on deployment, the Europe multi-cloud management market is bifurcated into public cloud and private cloud. The public cloud segment held a larger market share in 2022.

Based on application, the Europe multi-cloud management market is segmented into infrastructure and resource management, identity and policy management, compliance management, metering and billing, and provisioning and lifecycle management. The infrastructure segment held the largest market share in 2022.

Based on verticals, the Europe multi-cloud management market is segmented into IT and telecom, BFSI, government, retail and consumer goods, travel and hospitality, healthcare and life science, and others. The BFSI segment held the largest market share in 2022.

Based on country, the Europe multi-cloud management market is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. The UK dominated the market share in 2022.

BMC Software, Inc.; CISCO, INC.; IBM Corporation; VMware, Inc.; Micro Focus; Snow Software; UnityOneCloud; Dynatrace LLC; Flexera; and Zerto Ltd. (HPE) are the leading companies operating in the Europe multi-cloud management market.

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