Pune, India, March 17, 2021 (GLOBE NEWSWIRE) -- The global hybrid cloud market was valued at USD 50.1 billion in 2020 and is projected to grow at a CAGR of 17.8% during the forecast period till 2028. Before the COVID-19 impact, the global hybrid cloud market was valued at USD 50.9 billion in 2020.
Hybrid cloud refers to a digital infrastructure that incorporates both private and open cloud systems. The factors that are boosting market demand for private cloud include cost efficiency, agility, scalability, and security offered by the private cloud.
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In order to eliminate market problems that are difficult to solve with the conventional IT technology, companies are using the hybrid cloud model. By enhancing agility and performance and by quickly delivering IT services at a low cost, the hybrid cloud bridges the gap between IT and companies. It allows companies to broaden their applications and infrastructure as required and provides high-speed performance and high availability to users.
The hybrid cloud provides economies of scale while offering protection for businesses' confidential information at the same time. Since the availability of scalable, secure, and cost-effective resources would provide more opportunities for organizations to explore different operational avenues, it is expected to facilitate the adoption of hybrid cloud among organizations.
A hybrid cloud is a mixed cloud service that incorporates both private and public cloud within the same enterprise for distinctive uses. Because of the flexibility and progressive nature of work, the significance of a hybrid cloud has increased in recent times.
Hybrid cloud is being adopted by companies to develop business expertise by combining the speed and reliable efficiency of the private cloud with the monetary and more adaptable nature of the open cloud. The combination of the two forms of cloud services helps companies to take advantage of the benefits of both. The hybrid cloud has, therefore, emerged as a more realistic option for organizations that are attempting to reduce the high costs associated with operating, particularly with the private cloud support.
However, the lack of knowledge on privacy and security issues has slowed down the adoption of hybrid cloud. Its low adoption rate is influenced by the low perception of the security benefits offered by the hybrid cloud. Privacy and data security concerns often prevent companies from bringing their businesses into the cloud. The lack of clarification about cloud computing governance increases the hybrid cloud constraints. Cloud operations need to be constantly controlled to minimize risks and strengthen security features.
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Some Noted Developments Considered in the Report:
- In September 2019, an expanded partnership with Oracle Corporation was announced by VMware to strengthen their clients' hybrid cloud strategies. The partnership enables users to run workloads from VMware Cloud on Oracle Cloud Infrastructure.
- In August 2019, Equinix partnered with VMware Inc. to speed up the transformation of the enterprise hybrid cloud. The partnership has helped both companies to build technologies to help companies accelerate VMware Cloud-based hybrid cloud transitions on Dell EMC within the International Business Exchange (IBX) data centres of Equinix.
COVID-19 Impact on Global Hybrid Cloud Market
The QMI team has closely monitored the impact of COVID-19 on the global hybrid cloud industry, and it is observed that the demand for hybrid cloud has slowed down during the pandemic time. But it is anticipated to grow at a healthy pace from mid-2021.
Governments around the world announced coronavirus to be a global pandemic in March 2020, which had a significant impact on industries worldwide. Partial or absolute lockdowns as well as shutdowns of all sectors except critical goods and services have been imposed to control the pandemic. Owing to the rapid spread of the virus around the world, precautionary measures have been taken by governments, such as orders for people to remain at home during the COVID-19 pandemic. The technology of cloud computing can play a key role in this situation.
Hybrid cloud refers to the world of storage, hybrid computing, and operation, consisting of public cloud providers, on-site infrastructure, and private cloud. In an organization's datacentre, the hybrid architecture uses on-site infrastructure, private cloud, and public cloud. Digital networks are becoming critical during the COVID-19 pandemic due to the use of different digital solutions by workers and their families.
Companies have now made it possible to operate from home for most workers, as the cloud technology enables employees to access systems and software from home. The hybrid environment ensures that the cloud runs as reliably and smoothly as the on-premises environment. During the COVID-19 pandemic, which has posed a short-term challenge to businesses, IT companies and other companies are required to ensure the stability of underlying structures that support operating processes and critical activities. It is anticipated that enterprises will be able to follow a remote working strategy to prevent the spread of the virus in the long term. Cloud technology is going to play an important role in this regard in the coming days.
Global Hybrid Cloud Market, by Component
Based on component, the hybrid cloud market has been segmented into solution and services. During the forecast timeframe, the services segment is anticipated to grow at a higher CAGR, while the solution segment is poised to retain a larger market share in the market. Owing to high flexibility, low price, increased scalability, and stable deployment options, the adoption of the hybrid cloud by businesses has become an essential part of the business process and is expected to increase further in the near future. The services segment is further segmented into professional service and managed services.
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Global Hybrid Cloud Market, by Service Model
Based on the service model, the market has been segmented into software as a service (SaaS), infrastructure as a service (IaaS), and platform as a service (PaaS). Among these, the infrastructure as a service (IaaS) is expected to hold the largest market share during the forecast period.
During the forecast timeframe, IaaS will provide benefits in the transition of workloads from on-site systems to the cloud. This makes resource utilisation simpler for more important business processes. Organizations can improve delivery speed, enhance their performance, increase efficiency, and also provide versatile computing capabilities with both public as well as private cloud environments.
Global Hybrid Cloud Market, by Organization Size
Based on the organization size, the market has been segmented into large enterprises and small & medium enterprises, of which the small & medium enterprises segment is expected to hold the largest market share during the forecast period. Since hybrid cloud does not need continuous internet access, it is often implemented by small & medium enterprises. This is expected to boost the development of the small & medium enterprises segment in the hybrid cloud market.
Global Hybrid Cloud Market, by Industry Vertical
Based on the industry vertical, the global hybrid cloud market is segmented into IT & telecom, healthcare, BFSI, retail, government, media & entertainment, transportation & logistics, manufacturing, and others. The BFSI segment is poised to capture the largest market share and is anticipated to grow with the highest CAGR during the forecast period. This is because hybrid cloud allows banks to handle costs with great flexibility and enables them to provide resources quickly throughout the entire business.
Global Hybrid Cloud Market, by Region
Based on region, the global hybrid cloud market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among these regions, North America is anticipated to dominate the overall hybrid cloud market during the forecast period. However, Asia Pacific is expected to grow with the highest CAGR during the forecast period.
For enterprises in all regions, hybrid cloud implementation has become the most appropriate approach. The presence of a competitive business climate, growing adoption of multiple cloud services for cost savings, as well as an indispensable need to achieve higher efficiency and productivity through unified cloud governance are the important factors that are expected drive the growth of the hybrid cloud. It is anticipated that the growing need for more computing capacity and an increasingly growing hybrid cloud adoption rate would generate new opportunities in the hybrid cloud market.
Some Major Findings of the Hybrid Cloud Market Report Include:
- Major global market trend & forecasts analysis along with the country-specific market analysis for up to 25 countries.
- An in-depth global hybrid cloud market analysis by the aforementioned segments along with an analysis of trend-based insights and factors.
- Profiles of the major market players operating in the global hybrid cloud market, which include IBM, Microsoft, Cisco Systems, AWS, Oracle, Google, VMware, Alibaba, Equinix, Rackspace, NetApp, Atos, Fujitsu, CenturyLink, HPE, DXC, RightScale, Micro Focus, NTT Communications, Dell EMC, Citrix, Pure Storage, Unitas Global, and Quest Software, among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players along with their major investments in the last five years.
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global hybrid cloud market.
- Impact of COVID-19 on the global hybrid cloud market.
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Hybrid Cloud Market, By Component (Solution And Services), By Service Model (Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS).), By Organization Size (Small and Medium Sized Enterprises and Large Enterprises),By Industry Verticals (IT & telecom, Healthcare, BFSI, Retail, Government, Media & Entertainment, Transportation & Logistics, Manufacturing, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting 2016-2028” in-depth analysis along with the table of contents (ToC).
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