Pune, India, August 2021, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Hybrid Cloud Market.
The global hybrid cloud market is estimated to reach USD 247,693.3 million by 2027, registering a CAGR of 21.1% during the forecast period, 2021–2027. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years.
The global hybrid cloud market has been segmented based on component, service type, service model, organization size, vertical, and region.
Based on offering, the global market has been segmented into solution and services. A hybrid cloud solution is the integration of public cloud and private cloud services. A hybrid cloud solution combines public cloud and private cloud and allows data and applications to be shared between them. One of the key benefits of adopting a hybrid cloud solution is its agility feature, which helps businesses adopt the changes and scale their public and private clouds and on-premises resources. It also helps companies reduce capital expenditure on resources for data and applications. The solution segment accounted for the larger market share of 68.0% in 2018, with a market value of USD 31,085.8 million; it is expected to register a CAGR of 20.6% during the forecast period. In 2018, the services segment was valued at USD 14,607.4 million; it is projected to register the higher CAGR of 22.3%.
Based on service type, the hybrid cloud market has been segmented into hybrid hosting, cloud management, and orchestration and disaster recovery. Hybrid cloud hosting is a model that permits enterprises and organizations to provide dedicated servers, shared cloud servers, and storage on the same network. A hybrid cloud comprises a private cloud and a public cloud. Hybrid hosting combines managed services, physical hosting, and virtual hosting to build heterogeneous solutions designed for a unique set of requirements. Hybrid hosting offers various benefits such as cost-saving, superior infrastructure efficiency, and agility to the organizations enabling them to move data from one platform to another. Hybrid cloud management combines the management of the hardware resources of multiple public clouds with private clouds in an on-premises data center. Several companies have data security policies that forbid certain information or software code to be remotely hosted on third-party hardware. Although the public cloud paradigm effectively challenges the classic view of a private corporate data center, the hybrid cloud preserves the functionality of legacy equipment while enabling companies to extend capacity by introducing public cloud resources. Currently, many enterprise hybrid cloud networks include support for SaaS/PaaS applications fundamental to daily workflow and productivity. Orchestration is defined as a series of discrete steps that lead to a required outcome. Orchestration offers aggregation, connectivity, and unification of IT services for the hybrid cloud market.
Based on the service model, the hybrid cloud market has been segmented into Infrastructure-as-a-Service, Software-as-a-Service, Software-as-a-Service, and Platform-as-a-Service. The Software-as-a-Service segment accounted for the largest market share of 56.9% in 2018, with a market value of USD 26,015.6 million; it is expected to register a CAGR of 20.4% during the forecast period. The infrastructure-as-a-service segment was the second-largest market in 2018, valued at USD 12,778.9 million; it is projected to exhibit a CAGR of 23.7%.Infrastructure-as-a-Service(IaaS) is a service delivery model that offers virtualized computing resources over the Internet. The cloud provider hosts the hardware components traditionally present at the on-premises data center. The hardware components include servers, storage, networking hardware, and virtualization or hypervisor layer. Integrating IaaS with a hybrid cloud offers greater convenience to the enterprises that are opting to leverage the security and familiarity of internal deployments of applications.
Based on organization size, the hybrid cloud market has been segmented into SMEs and large enterprises. Small enterprises are those organizations that have up to USD 50 million annual turnovers with up to 100 employees. Mid-size enterprises are those organizations that have between USD 50 million and USD 1 billion in annual revenues and up to 1,000 employees. Hybrid cloud computing has gained massive importance among SMEs in recent years. This can be attributed to the advantages offered by the hybrid strategy. Hybrid cloud provides high-quality IT services, always up to date, scalability as required, intelligent work processes, and easy remote service. The key factor due to which hybrid cloud adoption is significant among small enterprises is cost control. Large enterprises are those that have 1,000 employees and/or over USD 1 billion annual revenue. The SMEs segment accounted for the larger market share of 62.4% in 2018, with a market value of USD 28,528.0 million.
Based on vertical, the hybrid cloud market has been segmented into BFSI, IT & telecommunication, retail, manufacturing, media & entertainment, healthcare, transportation, and others. The banking, financial services, and insurance (BFSI) segment include commercial banks, insurance companies, cooperatives, non-banking financial companies, pensions funds, mutual funds, and other smaller financial entities. Due to the concerns regarding reliability, regulatory, and security risks, banks have been slow adopters of cloud computing in the past. However, advancements in cloud computing technology have helped resolve reliability and security concerns. According to Enterprise Cloud Index Survey Report, approximately 21% of the respondents have already deployed a hybrid cloud. The BFSI segment accounted for the largest market share of 22.5% in 2018, with a market value of USD 10,293.0 million; it is expected to register a CAGR of 23.2% during the forecast period.
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The key players of the global hybrid cloud market includeI BM Corporation (US), Oracle Corporation (US), Cisco Systems Inc. (US), Google LLC (US), Microsoft Corporation (US), HPE (US), Amazon.com Inc. (US), Equinix, Inc. (US), NTT Communications Corporation (Japan), Wipro Limited (India) , VMware (Dell Technologies Inc.) (US), Atos SE (France), Lumen Technologies Inc. (US), Citrix Systems, Inc. (US) , Fujitsu (Japan) , and DXC Technology (US).