Hybrid Cloud Market Skyrockets to $104.2 Billion in 2022, Aiming for an Astounding 19.1% CAGR Growth by 2028
DUBLIN, Oct. 31, 2023 /PRNewswire/ -- The "Hybrid Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global hybrid cloud market has witnessed impressive growth, with the market size reaching a substantial US$ 104.2 Billion in 2022. Analysts predict continued expansion, with the market anticipated to reach an astounding US$ 312.6 Billion by 2028, exhibiting a remarkable compound annual growth rate (CAGR) of 19.1% during the period from 2023 to 2028.
Hybrid Cloud: Revolutionizing Cloud Computing
A hybrid cloud is a sophisticated cloud-computing environment that seamlessly integrates on-premises, private, public, and third-party cloud services. This dynamic ecosystem facilitates the movement of workloads between public and private platforms, streamlining, automating, and managing computing resources. Typically, the hybrid cloud architecture encompasses Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).
Key Benefits of Hybrid Cloud:
Hybrid cloud solutions offer a range of advantages, including comprehensive support for remote workforces, cost optimization, enhanced scalability, control, security, and risk management. These attributes have propelled the adoption of hybrid clouds across diverse industries, such as banking, financial services and insurance (BFSI), information technology (IT), healthcare, government and public sector, retail, and manufacturing.
Market Trends and Drivers:
- Digitization and Cloud Adoption: The rapid digitization of businesses, coupled with the widespread adoption of cloud-computing services, is a primary driver of market growth.
- Agility and Scalability: Organizations increasingly demand agile, scalable, and cost-effective computing systems, and hybrid clouds fulfill these requirements effectively.
- Remote Workforce: The COVID-19 pandemic has accelerated the need for remote work solutions, driving demand for hybrid cloud systems to ensure business continuity.
- Technological Advancements: Integration of technologies like artificial intelligence (AI), the Internet of Things (IoT), machine learning (ML), and edge computing is bolstering market growth.
- SaaS and Multi-Cloud Adoption: Growing adoption of Software-as-a-Service (SaaS) and multi-cloud environments, along with IT infrastructure improvements, are contributing to market expansion.
Key Market Segmentation:
The report presents a comprehensive market segmentation:
- Component: Solutions, Services
- Service: Professional Services, Managed Services
- Service Type: Cloud Management and Orchestration, Disaster Recovery, Hybrid Hosting
- Service Model: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)
- Organization Size: Small Enterprises, Medium Enterprises, Large Enterprises
- Vertical: Government and Public Sector, Healthcare, Banking, Finance, Services and Insurance (BFSI), Retail, Information and Communication Technology, Manufacturing, Others
- Region: North America, Asia Pacific, Europe, Latin America, Middle East and Africa
Competitive Landscape:
Key players in the hybrid cloud market include Alibaba Group Holding Limited, Amazon Inc., CenturyLink 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.
Key Questions Addressed in the Report:
- What was the global hybrid cloud market size in 2022?
- What is the projected CAGR for the market during 2023-2028?
- What are the primary factors fueling market growth?
- How has COVID-19 impacted the hybrid cloud market?
- What is the market breakdown by component, service, service type, service model, organization size, and vertical?
- Which regions are key to the hybrid cloud market?
- Who are the leading companies in the hybrid cloud market?
For more information about this report visit https://www.researchandmarkets.com/r/3pr6ny
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SOURCE Research and Markets
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