Market Research Report
Hybrid Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Hybrid Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
Published: September 3, 2020
IMARC Services Private Limited
Content info: 112 Pages
Delivery time: 2-3 business days
The global hybrid cloud market grew at a CAGR of around 20% during 2014-2019. A hybrid cloud refers to a cloud-computing environment that combines on-premises, private, public and third-party cloud services. It enables the movement of workloads between public and private platforms to unify, automate and manage a computing environment. The hybrid cloud architecture generally utilizes three types of service models namely Infrastructure as a Service, Platform as a Service and Software as a Service. It also utilizes a private cloud that is either on-premises or hosted by a third-party cloud provider and a stable wide area network (WAN) connectivity between the environments. It offers various benefits, such as comprehensive support for the remote workforce, minimized costs of operations and improved scalability, control, security and risk management. As a result, it finds extensive applications across various industries, such as banking, financial services and insurance (BFSI), information technology (IT), healthcare, government and public sector, retail and manufacturing.
Rapid digitization, along with the widespread adoption of cloud-computing services, is one of the key factors driving the growth of the market. Moreover, the growing demand for agile, scalable and cost-effective computing systems is also augmenting the market growth. Hybrid clouds enable organizations to maintain control over data and provide enhanced scalability of operations. Apart from this, due to the sudden outbreak of the COVID-19 pandemic across the globe, enterprises are adopting remote work and video conferencing tools, thereby increasing the demand for hybrid cloud systems for business continuity. Various technological advancements, such as the integration of artificial intelligence (AI), the Internet of Things (IoT), machine learning (ML) and edge computing, are also contributing to the market growth. Other factors, including increasing adoption of Software-as-a-Service (SaaS) and multi-cloud spaces, along with improvements in the IT infrastructure, are expected to drive the market further. Looking forward, IMARC Group expects the global hybrid cloud market to continue its double-digit growth during the next five years.