The growing need for computing in business operations is expected to drive the market of the Global Hybrid Cloud Market in the forecast period of 2024-2028.
According to TechSci Research report, Hybrid Cloud Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the global hybrid cloud market is anticipated to register a robust growth during the forecast period, 2024-2028 owing to increasing demand for scalable, agile, and cost-effective computing; rising volumes of business data; and growing penetration of applications and digital services in small, medium, and large enterprises.
Additionally, the growth of cloud and industrialized services and the decline of traditional data center outsourcing (DCO) indicates a massive shift towards hybrid infrastructure services. On average, around 2.5 quintillion bytes of data are produced every day. Nearly 90% of the data in the world was generated over the time of the last two years. Furthermore, technologies such as the internet of things (IoT) and connected devices are also exploding, which is one of the primary factors for the proliferation of data vaults. With such a rapid increase in database requirements, the companies demand more modern solutions to compute and utilize the gathered data. Using hybrid cloud, the gap between IT and businesses is being filled up by improving efficiency and agility, and by rapidly delivering IT resources at a reasonable cost. These advantages of hybrid cloud services are accelerating the expansion of the hybrid cloud market across the globe.
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The hybrid cloud market is segmented based on component, delivery model, organization size, end-user, and region. By component type, the market is bifurcated into services and solutions. Based on the delivery model, the market is segmented into Infrastructure-as-a-Service, Platform-as-a-Service and Software-as-a-Service. Based on organization size, the market is categorized into large enterprises and small & medium enterprises. The end-user segment is further categorized into BFSI, IT & Telecommunications, Healthcare, Retail, Media & Entertainment, and Others.
By organization Size, the large enterprises are expected to dominate in the Hybrid Cloud Market in the forecast period owing to the adoption of work from home models in response to the COVID-19 pandemic, which has led to higher and faster adoption rate of hybrid cloud solutions by large enterprises will drive the market growth. Furthermore, the small & medium enterprises business category will also expand rapidly in order to fulfil government regulations and the expanding digitalization during the forecast period.
Based on end user segment, BFSI is expected to dominate in the Global Hybrid Cloud Market due to the factors such as interoperability, secure storage, and round-the-clock availability, enabling the BFSI sector to concentrate more on customer-centric business models and the digitalization of commerce and wealth. Furthermore, services such as payment gateways, unified customer experience, online fund transfer, and digital wallets will play a significant role in the BFSI industry, facilitating the entire transition to public cloud solutions. Hence, BFSI segment expands during the forecast period.
Based on delivery model, Software as-a Service (SaaS) segment dominates the largest share in the overall hybrid cloud market and is expected to remain dominant in the forecast period as the numerous users are seeking more customized and purpose-built solutions. Moreover, organizations are accelerating their digital business activities and swiftly shifting to the cloud in order to upgrade infrastructures, improve system reliability, enable hybrid work practices, and deal with other new realities brought on by the epidemic. The pandemic’s economic, organizational, and social ramifications will continue to spur as a stimulus for digital innovation and cloud service uptake. Therefore, Software as-a Service (SaaS)’s prospects are therefore expected to increase during the forecast period.
Key market players in the hybrid cloud market:
- DXC Technology Company.
- Fujitsu Ltd
- NTT Communications Corporation
- Equinix Incorporation
- Amazon Web Services
- Google Inc
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- Dell EMC
On November 8, 2022: Hewlett Packard Enterprise (HPE) GreenLake and VMware announced the next phase of partnership to deliver a fully integrated solution with a simple hybrid cloud consumption model to drive digital transformation. The collaboration believes in a strategic approach to accelerate deployment and simplified operational complexity, enabling customers to quickly deploy their hybrid cloud.
On August 20, 2022: IBM Corporation announced an extended strategic partnership at VMware Explore 2022 with VMware Inc. to help clients and partners modernized mission-critical workloads and ease time to value in hybrid cloud environments. The company aims to address the cost, risk of migrating, complexity and modernizing mission-critical workloads in the cloud to create better experience for their clients and comply with industrial regulations.
“North America is estimated to hold the largest market share in the hybrid cloud market owing to the growth in demand for hybridization services in the United States. However, Asia Pacific has experienced significant growth for hybrid cloud market throughout the forecast period. The increasing level of artificial intelligence, 5G infrastructure, cloud service, digital transformation, rising government initiatives, and technical advancement for digital economy significantly increase the demand for hybrid cloud. Additionally, it is anticipated that the market for network technology applications would rise as robust computational infrastructure and connected technologies are increasingly adopted. High-speed networks like 5G services and the use of digitization in manufacturing, energy & utility, logistics, and healthcare are anticipated to fuel market expansion in North America.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Hybrid Cloud Market Segmented By Component (Service and Solution), By Delivery Model (Infrastructure-as-a-Service, Platform-as-a-Service, Software-as-as-Service), By Organization Size (Large Enterprises and Small & Medium Enterprises), By End User (BFSI, IT & Telecommunications, Healthcare, Retail, Media & Communication and Others), By Region, Competition” has evaluated the future growth potential of Global Hybrid Cloud Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Hybrid Cloud Market.
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