Hybrid Cloud Market is predicted to see a rapid increase with the Compound Annual Growth Rate (CAGR) being 21,1% by the end of the forecasted period year of 2027. The respective market is subjected to a value of approximately 247.693.3 Million USD by the end of 2027.
The key market dynamics play an important role in the Hybrid Cloud Market growth. Some dynamics factors accelerate the growth, and some others try to hamper its growth rate. The market drivers and opportunities are highly responsible for propelling the market’s demand. The growth limiting factors such as the challenging and restraining factors hampers the market’s growth rate. All these factors play a dynamic role in the market’s growth. The Hybrid Cloud Market even has dynamic factors which show the various impact on the market. Let’s briefly check about their roles and effects.
Key Market Drivers
The market drivers are responsible for accelerating the market’s growth factors. The factors are playing an immense role in emerging the global market. The wide presence of most players who are witnessing blockchain technology and cloud computing as effective for internet users is largely driving the Hybrid Cloud Market. Today’s generation is highly adopting advanced technologies for decision-making in forecasting. Cloud computing platforms and services have been widely preferred in various sectors, for example, the increase in cloud computing solutions for telemedicine.
Additionally, cloud computing has wide applications in different sectors due to its high-security features. Other factors such as mandatory regulation and compliance, security information and event management market, and artificial intelligence are highly advanced for working. All these growth factors are boosting up the Hybrid Cloud Market.
The market’s growth opportunities flourish its demand at the global level—the usage of hybrid cloud for solving the problems that act as a restraining factor of the market. The feature of the hybrid cloud solutions includes manufacturing security information and event management software, which helps to save businesses from breaches and security issues. Therefore, the growing number of cyber-attacks and cyber hacks are emerging in the market with opportunities. The awareness among business professionals and companies to protect their data from cyber threats is propelling the market’s opportunities. The security information and event management software help create and store logs and provide high security. These logs are helpful when it is checked in the situation of breach or security threat, which further helps detect the issue and take immediate actions. The higher demand of the IT sectors and other end-users for high security is helping the Hybrid Cloud Market to receive new growth opportunities.
The restraining factors of the market hamper the growth rate and set tough, challenging situations during its progress. These factors hinder the growth of the Hybrid Cloud Market due to the increase in the risk of data and security breaches which will hinder the business status. The exchange of information between businessmen can negatively impact the business—the inclination towards online platforms for most work results in the threat to confidential data and records. The key players of the market check the restraining factors to tackle and overcome them and help the market continue its growth significantly.
These market dynamics affect the Hybrid Cloud Market. The key players of the market target these dynamic factors to compete at the global level.
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The Hybrid Cloud Market Share has been segmented based on component, service type, service model, organization size, vertical, and region.
Based on offering, the global market has been segmented into solution and services. A hybrid cloud solution is the integration of public cloud and private cloud services. A hybrid cloud solution combines public cloud and private cloud and allows data and applications to be shared between them. One of the key benefits of adopting a hybrid cloud solution is its agility feature, which helps businesses adopt the changes and scale their public and private clouds and on-premises resources. It also helps companies reduce capital expenditure on resources for data and applications. The solution segment accounted for the larger market share of 68.0% in 2018, with a market value of USD 31,085.8 million; it is expected to register a CAGR of 20.6% during the forecast period. In 2018, the services segment was valued at USD 14,607.4 million; it is projected to register the higher CAGR of 22.3%.
Based on service type, the hybrid cloud market has been segmented into hybrid hosting, cloud management, and orchestration and disaster recovery. Hybrid cloud hosting is a model that permits enterprises and organizations to provide dedicated servers, shared cloud servers, and storage on the same network. A hybrid cloud comprises a private cloud and a public cloud. Hybrid hosting combines managed services, physical hosting, and virtual hosting to build heterogeneous solutions designed for a unique set of requirements. Hybrid hosting offers various benefits such as cost-saving, superior infrastructure efficiency, and agility to the organizations enabling them to move data from one platform to another. Hybrid cloud management combines the management of the hardware resources of multiple public clouds with private clouds in an on-premises data center. Several companies have data security policies that forbid certain information or software code to be remotely hosted on third-party hardware. Although the public cloud paradigm effectively challenges the classic view of a private corporate data center, the hybrid cloud preserves the functionality of legacy equipment while enabling companies to extend capacity by introducing public cloud resources. Currently, many enterprise hybrid cloud networks include support for SaaS/PaaS applications fundamental to daily workflow and productivity. Orchestration is defined as a series of discrete steps that lead to a required outcome. Orchestration offers aggregation, connectivity, and unification of IT services for the hybrid cloud market.
Based on the service model, the hybrid cloud market has been segmented into Infrastructure-as-a-Service, Software-as-a-Service, Software-as-a-Service, and Platform-as-a-Service. The Software-as-a-Service segment accounted for the largest market share of 56.9% in 2018, with a market value of USD 26,015.6 million; it is expected to register a CAGR of 20.4% during the forecast period. The infrastructure-as-a-service segment was the second-largest market in 2018, valued at USD 12,778.9 million; it is projected to exhibit a CAGR of 23.7%.Infrastructure-as-a-Service(IaaS) is a service delivery model that offers virtualized computing resources over the Internet. The cloud provider hosts the hardware components traditionally present at the on-premises data center. The hardware components include servers, storage, networking hardware, and virtualization or hypervisor layer. Integrating IaaS with a hybrid cloud offers greater convenience to the enterprises that are opting to leverage the security and familiarity of internal deployments of applications.
Based on organization size, the hybrid cloud market has been segmented into SMEs and large enterprises. Small enterprises are those organizations that have up to USD 50 million annual turnovers with up to 100 employees. Mid-size enterprises are those organizations that have between USD 50 million and USD 1 billion in annual revenues and up to 1,000 employees. Hybrid cloud computing has gained massive importance among SMEs in recent years. This can be attributed to the advantages offered by the hybrid strategy. Hybrid cloud provides high-quality IT services, always up to date, scalability as required, intelligent work processes, and easy remote service. The key factor due to which hybrid cloud adoption is significant among small enterprises is cost control. Large enterprises are those that have 1,000 employees and/or over USD 1 billion annual revenue. The SMEs segment accounted for the larger market share of 62.4% in 2018, with a market value of USD 28,528.0 million.
Based on vertical, the Hybrid Cloud Market Share has been segmented into BFSI, IT & telecommunication, retail, manufacturing, media & entertainment, healthcare, transportation, and others. The banking, financial services, and insurance (BFSI) segment include commercial banks, insurance companies, cooperatives, non-banking financial companies, pensions funds, mutual funds, and other smaller financial entities. Due to the concerns regarding reliability, regulatory, and security risks, banks have been slow adopters of cloud computing in the past. However, advancements in cloud computing technology have helped resolve reliability and security concerns. According to Enterprise Cloud Index Survey Report, approximately 21% of the respondents have already deployed a hybrid cloud. The BFSI segment accounted for the largest market share of 22.5% in 2018, with a market value of USD 10,293.0 million; it is expected to register a CAGR of 23.2% during the forecast period.
Following the most recent data, the regional Hybrid Cloud Market Analysis states that North America, South America, Europe, Asia-Pacific, the Middle East, and Africa have significantly contributed to the growth of the respective market at the global levels. The main reason behind the rapid increase in the market’s annual growth in most of these regions is the increasing utility of Cloud by various small, medium, and large-scale businesses.
The potential key players contributing to the Hybrid Cloud Market Growth are Amazon.com Inc., IBM Corporation, Google, RackSpace, and many others. It is noteworthy that the North American region is estimated to hold the highest market shares in the coming forecasted years, which will wend in 2027.
As per the recently conducted, many companies are extensively working towards the developments associated with the Hybrid Cloud Industry. Some of the notable ones have been listed below.
The leading multi-cloud technology solutions company in the US, named Rackspace, in October 2020. It is known to have announced to commence with new IT transformation to Amazon Web Services for customers, Envizi, and others.
Cisco Systems Inc. has announced its partnership with IBM Corporation in October 2019. The main purpose of the partnership is the development of a hybrid-cloud architecture that will meld with the networking and analytic platform and data-center of Cisco with IBM’s cloud offerings.
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Global Hybrid Cloud Market Research Report: Information by Component (Solution and Services), Service Type (Hybrid Hosting, Cloud Management, and Orchestration and Disaster Recovery), Service Model (Infrastructure-as-a-Service, Software-as-a-Service, and Platform-as-a-Service), Organization Size(SMEs and Large Enterprises), Vertical (BFSI, IT & Telecom, Retail, Manufacturing, Media & Entertainment, Healthcare, Transportation, and Others),and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast Till 2027
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