Hybrid Cloud Market Research, Region, Share and Global Expansion by 2023
Posted by Ehtesham Peerzade on February 10th, 2021
The main reason organizations adopt the hybrid cloud approach is that it gives them maximum flexibility to explore new products and business models. If your business needs are continually changing, your development team can benefit from having a private environment on which to build and test new software without having to dramatically rearrange your IT resources and architecture.
The global hybrid cloud market was analyzed by Market Research Future (MRFR) and it was projected that a striking CAGR of 24% will be attained by the market over the forecast period of 2017 to 2023. The valuation of the global hybrid cloud market was further stated to reach USD 140 Billion by the end of the forecast period.
Some of the major growth drivers for the global hybrid cloud market includes an increasing demand for efficiency in productivity by organizations, increasing adoption of small and medium sized enterprises, and a rising demand for secure and quick data access. The growing popularity of big data management tools across different organizations is also pushing the demand for the global hybrid cloud market.
However, the market can face various restraints as well. The high costs linked with its installation compared to a single cloud network is a major constraining factor for the market. Moreover, as the hybrid cloud technology is a relatively new concept, it could lead to different data security issues.
North-America is dominating the Global hybrid cloud market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2027. Due to availability of large IT market and developed cloud data centres in the region, North America is anticipated to grow at a rapid rate. APAC region is projected to have great opportunities in this market, growing at the highest CAGR during the forecast period. The primary reason for the high growth rate in APAC region is the increasing utilization of data centres and cloud services and increasing trend of large enterprises combining private and public operations for hybrid cloud computing.
The global hybrid cloud market share has been segmented in terms of service, solution, service model, vertical, and organization size.
By solution, the market segments into hybrid hosting, cloud management, disaster recovery, and security & compliance
By service model, the market breaks down into PaaS (Platform as a Service), SaaS (Software as a Service), and IaaS (Information as a Service).
By service, the market divides into professional and managed services.
By organization size, the market includes large enterprises and small- and med-sized enterprises.
By vertical, the market comprises media & entertainment, healthcare, retail, BFSI, manufacturing, and others.
The global hybrid cloud market comprises a host of key players. This includes major names like Amazon Web Services LLC (U.S.), Akamai Technologies Inc. (U.S.), Microsoft Corporation (U.S.), Flexiant Ltd. (U.K.), Hewlett-Packard Enterprise (U.S.), CA Technologies (U.S.), Google Inc. (U.S.), Equinix Inc. (U.S.), Dell Inc. (U.S.), IBM Corporation (U.S.), and others.
Some of the other major innovators in the market include Verizon Communications, Inc. (U.S.), Vmware, Inc.(U.S.), Fujitsu Ltd. (Japan), Equinix, Inc. (U.S.), Terago Networks, Inc. (Canada), Panzura (U.S.), Oracle Corporation (U.S.), Oracle Corporation (U.S.), Rackspace Hosting, Inc. (U.S.), Turbonomic (U.S.), NTT Communications (Japan), Citrix Systems, Inc. (U.S.), x Century Link Inc., (U.S.), NEC Corporation (Japan), and others.
July 2019, technological pioneer International Business Machines Corporation (IBM) closed the deal to purchase Red Hat Inc. for a deal worth USD 34 billion. The deal is expected to strengthen the positioning of IBM in the hybrid cloud market. The acquisition was announced back in October last year and is expected to offer IBM a push to catch-up with the front-runners of the market, Microsoft Corp. and Amazon.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/hybrid-cloud-market-1018
Like it? Share it!
About the AuthorEhtesham Peerzade
Joined: May 22nd, 2019
Articles Posted: 355
More by this author