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Multi-Cloud Networking Market Trends

Report ID: GMI8060
Published Date: Feb 2024
Report Format: PDF

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Multi-Cloud Networking Market Trends

With the rising importance of security in cloud environments, an upcoming trend in multi-cloud networking is the integration of advanced security postures. This includes the incorporation of zero-trust networking principles, micro-segmentation, and improved encryption protocols. For instance, in May 2023, IT services giant Kyndryl and global cloud network provider Cloudflare announced a significant partnership aiming to deliver an innovative multi-cloud networking service.

This collaboration involves the joint provision of a managed WAN as-a-service, leveraging Kyndryl's networking services and integrating Cloudflare technologies like the Magic WAN connectivity platform and DDoS mitigation. The partnership extends to incorporating Cloudflare's zero-trust security solutions into Kyndryl's offerings, enhancing performance and security for clients transitioning to modern IT architectures, as highlighted by executives from both companies in discussions with CRN.

As organizations prioritize data protection and compliance, multi-cloud networking solutions are expected to offer enhanced security features to address evolving cyber threats across diverse cloud platforms.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of multi-cloud networking reached USD 2.8 billion in revenue in 2023 and is set to expand at over 23.5% CAGR between 2024 and 2032, with organizations leveraging multi-cloud strategies to cherry-pick cost-effective services from different providers to prioritize efficiency.

The solution segment held 69% of the market share in 2023, owing to the growing demand propelled by the evolving landscape of modern IT infrastructure.

North America accounted for more than 43% of the market share in 2023, driven by the presence of a robust digital infrastructure, and widespread cloud adoption among enterprises in the region.

Some of leading multi-cloud networking firms include F5 Inc., Akamai Technologies, Amazon Web Services, Inc., Cisco Systems Inc., Citrix Systems Inc., Cloudflare Inc., Equinix, Inc., Google LLC, Microsoft Corporation, Versa Networks, Inc., and VMware Inc.