Improvements in IT infrastructure, as well as increased use of multi-cloud spaces and SaaS, are transforming hybrid cloud industry trends driving the market growth.
A hybrid cloud is a cloud solution that combines private and public clouds to fulfill different goals inside the same business. Because of the variety and dynamic nature of work, the necessity of a hybrid cloud has increased. It has several benefits such as cost-effectiveness, scalability, flexibility, and security. The term "hybrid cloud" is an amalgamation of computing services across private and public cloud infrastructure. The global hybrid cloud market has been expanding with high revenue in recent years and is anticipated to expand with USD 139.5 billion at a CAGR of 17% during the forecasted period.
The growing need for flexible, scalable, and cost-effective computing is a critical component of the increase in Hybrid Cloud market revenue, as is the growing requirement for interoperability standards between cloud services and existing systems, which will drive market expansion.
Currently, several organizations of small, large, and medium dimensions are adopting hybrid-cloud facilities to flare up speed and agility, besides ensuring quality assurance and cost efficiency. Combining two types of cloud platforms enables businesses to get the benefits of both the models. As a result, the hybrid cloud has risen in popularity as a more realistic alternative for companies seeking to reduce the high expenses associated with working, particularly with the help of the private cloud.
Companies are using the hybrid cloud approach to avoid business disruptions that are difficult to handle with traditional IT infrastructure. The hybrid cloud bridges the gap between IT and business by improving agility and performance while also delivering IT resources quickly and at a cheap cost. It enables businesses to distribute their applications and infrastructure as needed, while also providing users with high-speed performance and availability.
Hybrid cloud enables economies of scalability without jeopardizing company-critical information security. Companies are likely to capitalize on more abundant opportunities to achieve higher scalability, cost-efficiency, and reliance which are collectively improving the scope for hybrid cloud adoption over the years.
In terms of components, the services segment of the market is expected to develop at a rapid pace during the projected period. Hybrid cloud adoption among businesses has become a significant component of the business process because of its high flexibility, enhanced scalability, low cost, and secures deployment options, and it is expected to rise in the coming years.
In terms of service type, the hybrid hosting market is expected to grow at a rapid pace in the future years. Companies are increasing the capabilities of their dedicated servers by combining co-location and virtualized environments to create a hybrid hosting environment.
In terms of the service model, the Infrastructure-as-a-Service (IaaS) sector is expected to have the largest market size in the future. IaaS ensures safe and seamless workload transit to the cloud from the existing on-premise infrastructure.
Based on regional segmentation and revenue streams the North American hybrid cloud market is poised to remain the most lucrative regional space. Likewise, the Asia Pacific region is estimated to grow at the fastest share in the near future with massive adoption rates across small and medium organizations.
Key Segments of the Global Hybrid Cloud Market
Component Overview, 2018-2028 (USD Billion)
Service Type Overview, 2018-2028 (USD Billion)
- Cloud Management and Orchestration
- Hybrid Hosting
- Disaster Recovery
Service Model Overview, 2018-2028 (USD Billion)
Organization Size Overview, 2018-2028 (USD Billion)
- Large Organizations
- Small & Medium-Sized Organization
Vertical Size Overview, 2018-2028 (USD Billion)
- IT and telecommunications
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and Africa