Hybrid Cloud Market Worth $97.64 Billion by 2023
PUNE, India, August 22, 2018 /PRNewswire/ --
According to a new market research report "Hybrid Cloud Market by Component, Service Type (Cloud Management and Orchestration, Disaster Recovery, and Hybrid Hosting), Service Model, Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market size is expected to grow from USD 44.60 billion in 2018 to USD 97.64 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period.
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The major factors that are expected to drive the growth of the Hybrid Cloud Market include the growing demand from organizations for agile, scalable, and cost-efficient computing; rising need of standards for interoperability between cloud services and existing systems; increasing demand to avoid vendor lock-in; and growing number of digital services and their applications. The rising need for more computational power and rapidly increasing adoption rate of the hybrid cloud are expected to open new avenues for the Hybrid Cloud Market.
Solution segment is expected to hold a larger market size during the forecast period.
The demand for hybrid cloud is increasing as organizations are deploying the hybrid cloud solution to overcome complexities existing in the traditional Information Technology (IT) environment. Moreover, the hybrid cloud solution offers numerous benefits, such as the reduced Total Cost of Ownership (TCO), high security, flexibility, agility, and improved economies of scale.
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Hybrid hosting segment is estimated to hold the largest market size in 2018.
Hybrid hosting offers numerous benefits, such as access through a single point of contact; sharing the network infrastructure; and monitoring, delivering, and managing hosting services. It offers organizations the ability to integrate co-location, dedicated servers, and virtualized environments to construct a hybrid hosting environment. Furthermore, it enables organizations to host their interoperable applications and workloads on the most appropriate hosting platform, based on their requirements.
Infrastructure-as-a-service segment is expected to hold the largest market size during the forecast period.
The major advantage that has led to the popularity of Infrastructure-as-a-Service (IaaS) is its role in transferring workloads from on-premises systems to the cloud during peak demand. This advantage of IaaS helps allocate resources for more important business processes. Moreover, it helps organizations enhance their performance, increase delivery speed, improve productivity, and provide flexible computing capabilities, both in public and private cloud environments. The IaaS deployment can lead to a massive amount of processor load and network usage, thus monitoring and managing the IaaS resources are critical for smooth business operations. The IaaS service model is mostly used in the public cloud, based on the pay-as-you-go model, to leverage benefits of compute, storage, and networking.
Banking, financial services, and insurance vertical is estimated to hold the largest market size in 2018.
The hybrid cloud solution provides the Banking, Financial Services, and Insurance (BFSI) vertical security and data privacy, high availability, scalability and performance, transparency and compliance support, openness and ease of integration, secure storage and backup, global file locking, and data control and oversights, among others. Hybrid cloud provides a seamless, user-friendly Application Programming Interface (API) to migrate applications between different infrastructure with ease and in less time.
North America is expected to hold the largest market share from 2018 to 2023.
North America is expected to hold the largest share of the Hybrid Cloud Market from 2018 to 2023, due to the increased cloud enablement activities and growing trends in the cloud marketplace. Regulations, such as Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS), and Sarbanes-Oxley Act (SOX), govern the North American industrial environment. These factors would eventually propel the demand for hybrid cloud, due to advantages, such as cloud governance, security, and compliance. The US and Canada are expected to contribute significantly to the growth of the Hybrid Cloud Market in North America. APAC is expected to offer potential growth opportunities to the Hybrid Cloud Market during the forecast period.
Major vendors providing hybrid cloud solutions and services include IBM (US), Microsoft (US), Cisco Systems (US), AWS (US), Oracle (US), Google (US), VMware (US), Alibaba (China), Equinix (US), Rackspace (US), NetApp (US), Atos (US), Fujitsu (Japan), CenturyLink (Louisiana), HPE (US), DXC (US), RightScale (US), Micro Focus (US), NTT Communications (Japan), Dell EMC (US), Citrix (US), Pure Storage (US), Unitas Global (US), and Quest Software(US).
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