Global Hybrid Cloud Market to Reach US$ 262.4 Billion by 2027, Impelled by Significant Growth in IT Sector
According to the latest report by IMARC Group, titled "Hybrid Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global hybrid cloud market reached a value of US$ 85.3 Billion in 2021.A hybrid cloud refers to a cloud-computing solution that is generally adopted by businesses to havegreater control over their personal data. It is composed of a private cloud or datacenter and a public infrastructure as a service (IaaS) platformwithaccess to a secured network, such as local area networks (LAN) and wide area networks (WAN), that help in unifying, automating and managing a computing environment. It allows firms to deploy their workloads in public clouds and private cloud environments while offering businesses multiple data deployment options and greater flexibility. As a result, it provides support in controlling the scale capacity in order tohandle the excess datavolume and minimize the cost of purchasing and installing.
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Global Hybrid Cloud Market Trends:
The global market is primarily driven by significant growth in the information technology (IT) sector. Moreover, rapid digitization across the globe has encouraged multiple businesses to heavily invest in the deployment of hybrid cloud solutions. Since they enable speed and consistency in the business processes by simplifying the allotment of resources, this is providing a boost to the market. Besides this, continuous technological advancements and the integration of the Internet of Things (IoT) and Artificial Intelligence (AI) with hybrid cloud platforms are acting as major growth-inducing factors. Furthermore, the widespread adoption of work from home approach by several enterprises on account of the rapid outbreak of coronavirus disease (COVID-19) across the globe is creating a positive market outlook. Other factors, including rapid urbanization, increasing investments to improve the overall information technology (IT) infrastructure, the rising demandfor secured security solutions across multiple industries and extensive research and development (R&D) activities conducted by key players, are also favorably impacting the market growth.On account of the aforementioned factors,the market is anticipated to reach a value of US$ 262.4 Billion by 2027, exhibiting a CAGR of 19.63% during 2022-2027.
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- On the basis of the component, the market has been bifurcated into solutions and services, wherein solutions is the leading market segment.
- Based on the service, the market has been segmented into professional and managed services. Currently, managed services hold the dominant market share.
- On the basis of the service type, the market has been classified into cloud management and orchestration, disaster recovery and hybrid hosting. Among these, hybrid hostingrepresents the largest market segment.
- Based on the service model, the market has been categorized into infrastructure as a service, platform as a service and software as a service.At present, software as a service accounts for the majority of the total market share.
- On the basis of the organization size, the market has been segregated into small, medium and large enterprises.
- Based on the vertical, the market has been segmented into government and public sector, healthcare, banking, finance, services and insurance (BFSI), retail, information and communication technology, manufacturing and others. BFSI currently dominates the global market.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.Amongst these, North America holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players includeAlibaba Group Holding Limited, Amazon Inc., Century Link Inc., Cisco Systems Inc., Citrix Systems Inc., Dell Technologies Inc., DXC Technology Company, Fujitsu Ltd. (Furukawa Group), Google (Alphabet Inc.), Hewlett Packard Enterprise Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Inc. and VMWare Inc.
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