Hybrid Cloud Market to be Dominated by Increased Business Requirement through 2028
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.
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“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.
“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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