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OpenStack Service Market Overview:
In 2021, the open-source service market was estimated to be worth USD 15.2 billion. According to projections, the OpenStack service market business would expand at a compound annual growth rate (CAGR) of 23% from USD 18.69 billion in 2022 to USD 79.63 billion by 2030. Some of the main reasons propelling the growth of the OpenStack service market are the growing popularity of cloud computing, the rising need for regular security updates, the convenience of quick setup, and the advantages of extensive community support.
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Top Key Players of the OpenStack Service Market:
Key Companies in the OpenStack service market include,
Growing consumer demand for digitization and the use of cloud services will propel market expansion. A collection of software tools called OpenStack is used to build and administer cloud computing platforms, particularly for infrastructures that are both public and private. Infrastructure as a service is offered by OpenStack, a free and open-source programme (IaaS). The data center’s hardware, which is distributed across several manufacturers, is organised into processor, storage, and networking resource pools that are managed by the OpenStack software platform. A primary driver of the market share increase for OpenStack services is the increasing global acceptance and utilisation of public cloud. Furthermore, deploying the OpenStack software service is comparatively rapid and easy. Additionally, users may view the reference code and make any required adjustments or updates because it is open source.
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Due to its ability to assist organisations with financial management and operational efficiency, it has becoming more widely used in a variety of sectors. Technological advances in OpenStack infrastructure also provide more capacity for heterogeneous organisations that require improved speed and developer experience, which leads to an increase in service utilisation.
OpenStack Service Market: Segment Insights
The OpenStack service market segmentation comprises services and solutions based on components. In 2021, the service category accounted for around 46–49% of the OpenStack service market, holding the lion’s share.
Public and private clouds are included in the OpenStack service market category based on deployment. Having led the market in 2021, private cloud is predicted to grow at the quickest rate between 2022 and 2030.
SMEs and big companies are included in the market segmentation of OpenStack services depending on the size of the organisation. In 2021, the SMEs category held the largest revenue share in the market.
The OpenStack service market category is divided into three verticals: manufacturing, IT & communications, and BFSI.
OpenStack Service Market: Regional Insights
The report offers market insights by region for the following areas: North America, Europe, Asia-Pacific, and the Rest of the World. The increasing adoption of advanced technologies by organisations, such as cloud computing, IoT, Big Data, and business intelligence tools, is expected to drive the North American OpenStack service market, which is expected to grow at a significant compound annual growth rate (CAGR) and reach USD 6.39 billion in 2021.
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This increase in productivity and profitability is being achieved at the expense of lower operating costs. To have access to cutting-edge technological solutions like OpenStack analytics services, a number of prominent financial institutions in the region outsource their OpenStack operations. Innovative technology has been embraced by regional manufacturing, IT & telecoms, and BFSI companies.
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