MarketsandMarkets expects the Hybrid Cloud Market to grow $97.64 billion by 2023, at a CAGR of 17.0%


Posted March 25, 2019 by DalyRuby

Report define, describe, and forecast the global hybrid cloud market by component (solution and services), service type, service model, organization size, vertical, and region.

 
According to the new market research report Hybrid Cloud Market 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, owing to the existing market offerings and the increasing focus on pricing and promotions.
The market growth is expected to be driven by 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.
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The services segment is expected to witness a higher growth rate over the next 5 years. The hybrid cloud market comprises professional and managed services. On the basis of professional services, the market has been segmented into training, education and consulting, and support and maintenance. Managed services are focused on services quality and end-user experience while delivering speed, cost optimization, and quality of services.
The disaster recovery segment is expected to grow at the highest rate over the next 5 years. Disaster recovery ensures business continuity and data backup, thereby enabling enterprises to reduce the recovery time after a major failure. With the implementation of the hybrid cloud model, enterprises can utilize the benefits of both public and private clouds. IT administrators can prioritize their data based on its criticality and accordingly their workloads are migrated to either public or private cloud, thus enabling the backup and recovery of data and applications on secondary storage.
The Platform-as-a-Service (PaaS) segment is expected to grow at the highest rate in the next 5 years. PaaS includes preconfigured features that customers can subscribe to, for meeting their requirements. Some of the major features included in PaaS are operating systems, network access, server software, and support and tools for design and development of applications. The demand for these services is high, as organizations have several applications to run on the cloud, but without an appropriate interface or middleware, running these applications would not be feasible.
The media and entertainment vertical is expected to grow at the highest rate over the next 5 years. Media companies are looking for ways to transform their content ownership and digital rights without any risks. This vertical is facing challenges, such as rising storage and bandwidth cost and growing cloud security concerns. To deal with these challenges, enterprises are adopting hybrid cloud solutions and services, which offer scalability and elasticity to handle traffic and content overflow situations.
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Asia Pacific (APAC) is projected to be the fastest-growing region in adopting hybrid cloud solutions and services, due to the increasing internet and mobile services, and the establishment of new data centers in China, India, Singapore, and Australia. These factors would ultimately drive the hybrid cloud market growth and lead to a rise in value-added services.
Major players in the hybrid cloud market 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). These players have adopted various growth strategies, such as new product launches, mergers and acquisitions, partnerships, collaborations, and business expansions, to expand their footprint in the hybrid cloud market.
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Categories Software , Technology , Telecom
Tags hybrid cloud , hybrid cloud market , hybrid cloud market size
Last Updated March 25, 2019