IMARC Group, a leading market research company, has recently releases report titled “Hybrid Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the hybrid cloud market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the hybrid cloud market?
The global hybrid cloud market size reached US$ 104.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 312.6 Billion by 2028, exhibiting a growth rate (CAGR) of 19.1% during 2023-2028.
What is a hybrid cloud?
A hybrid cloud is a computing environment that integrates on-premises and off-premises cloud services, enabling businesses to leverage the benefits of both. This intricate interplay facilitates the seamless movement and management of data and applications across these diverse environments. It also provides an optimal solution that suits a wide range of business needs by combining the scalability and cost-effectiveness of public clouds with the enhanced security and control of private clouds. As a result, it allows organizations to balance their workload efficiently, thereby gaining agility and driving innovation. For instance, a company might choose to use a private cloud for sensitive, critical operations such as financial reporting or customer data storage, while using a public cloud for high-volume, lower-security needs like email or the provisioning of server space for application development. Moreover, a well-implemented hybrid cloud strategy offers advantages such as cost efficiency, greater flexibility, scalability, and security. Currently, the hybrid cloud market is witnessing exponential growth worldwide, driven by its unique capability to provide a flexible and efficient IT infrastructure.
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What are the growth prospects and trends in the hybrid cloud industry?
The global hybrid cloud market is primarily driven by the increasing need for businesses to enhance their operational efficiency, improve data security, and cut down on IT expenditure. Nowadays, with the upsurge in data generation, businesses are adopting hybrid cloud models to manage and store massive data volumes efficiently. Moreover, the hybrid cloud model’s flexibility allows for easier and quicker scalability and adaptability, which is particularly useful for businesses that experience fluctuations in their IT demands. In addition to these factors, the ongoing digital transformation across various industry verticals is contributing to the increasing demand for hybrid cloud solutions. For instance, the rising implementation of hybrid cloud services in healthcare, finance, and retail sectors for better data management and analytics has been instrumental in driving market growth.
Additionally, the advent of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), which require significant data storage and processing capabilities, has further augmented the hybrid cloud market. Besides, the growing focus on the development of green IT and sustainable computing, aiming to reduce carbon footprints, is also acting as a factor in the expansion of the hybrid cloud market. Furthermore, the market players are investing in research and development (R&D) activities to develop innovative solutions that address data security and privacy concerns related to public clouds while maintaining the benefits of a hybrid cloud model, which is also creating a favorable market outlook across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solutions
- Services
Breakup by Service:
- Professional Services
- Managed Services
Breakup by Service Type:
- Cloud Management and Orchestration
- Disaster Recovery
- Hybrid Hosting
Breakup by Service Model:
- Infrastructure as a Service
- Platform as a Service
- Software as a Service
Breakup by Organization Size:
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Breakup by Vertical:
- Government and Public Sector
- Healthcare
- Banking, Finance, Services and Insurance (BFSI)
- Retail
- Information and Communication Technology
- Manufacturing
- Others
Who are the key players operating in the industry?
The report covers the major market players including:
- Alibaba 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.
- VMWare Inc.
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