The Global Multi-cloud storage market was valued at US$ xx million in the year 2018 and is expected to reach US$ xx million by the year 2023, growing at a CAGR of approximately 21.2%.
Nowadays, most organizations follow a multi-cloud strategy because they are not sure about cloud reliability. Multi-cloud is seen as a method to avoid data loss owing to a localized component failure in the cloud. This environment also can avoid vendor lock-in, which is triggering the growth of this market. An enterprise aiming to have multi-cloud storage services usually has broader business goals. Such goals can include the use of more price competitive services or availing the benefit of capacity and speed offered by a specific cloud service provider. The uncertainty about single cloud reliability and the growing need to avoid vendor lock-in will trigger the growth of the global multi-cloud storage market. However, the difficulty of managing a multi-cloud system is expected to impede the growth of this market.
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According to the deployment type, the market is segmented into public, private, and hybrid. Among these, the hybrid segment is likely to grow during the forecast period, owing to the increasing need for hybrid cloud deployment in organizations due to its greater flexibility.
Based on the enterprise size, the market is segmented into small and medium enterprises, and large enterprises. Among these, small and medium enterprises hold a dominating share in the market.
Based on the end-user industry, the market is segmented into retail, energy and utility, BFSI, healthcare, and government sector. Among these, the BFSI sub-segment holds a dominating share in the market.
The Asia-Pacific region is holding a dominating position owing to the large population and high internet penetration in this region. The Latin America region is expected to grow with the highest CAGR over the forecast period. Remarkable growth opportunities are observed in this region, owing to the changes in consumer demographics, coupled with the availability of e-learning and other services in this region.
The key players in the global multi-cloud storage market are Accenture Plc. (Ireland), BMC Software (USA), IBM Corporation (USA), Citrix Systems, Inc. (USA), Cisco Systems, Inc. (USA), VMware, Inc. (USA), RightScale, Inc (USA), CenturyLINK Technology Solutions (USA), Microsoft Corporation (Cloudyn) (USA), and Actua Corporation (USA), amongst others.