A multi-cloud strategy is significant for businesses as it involves using multiple cloud services from different providers to optimize performance, reduce costs, and enhance resilience. By diversifying their cloud vendors, organizations can avoid vendor lock-in, which enables them to select the best cloud solutions tailored to specific needs. It also enhances data security, as critical applications can be distributed across various clouds, providing redundancy in case of outages. Furthermore, a multi-cloud approach facilitates compliance with data residency regulations by allowing data to be stored in different geographical locations.