PUBLISHER: The Business Research Company | PRODUCT CODE: 1409498
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409498
“Hybrid Cloud Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hybrid cloud market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hybrid cloud? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hybrid cloud market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A hybrid cloud refers to the amalgamation of at least two computing operating systems environments that collaborate in sharing information and consistently operating a set of applications for a business or enterprise over the internet. The primary objective of a hybrid cloud is to establish an IT infrastructure design that integrates a company's internal IT resources with the infrastructure and services provided by third-party cloud providers.
The primary components of hybrid cloud encompass solutions and services. Hybrid cloud solutions enable the on-demand provision of IT resources through the internet for accessing and storing data and applications online. Various workloads encompass storage, backup and disaster recovery, application development and testing, database management, business analytics, integration and orchestration, customer relationship management, enterprise resource management, cloud collaboration, content management, and other functionalities. The range of organizations using hybrid cloud includes large enterprises and small and medium-sized enterprises, serving end-use industries such as government and public sector, healthcare, banking, finance, services, insurance (BFSI), retail, information and communication technology, media and entertainment, and others.
The hybrid cloud market research report is one of a series of new reports from The Business Research Company that provides hybrid cloud market statistics, including hybrid cloud industry global market size, regional shares, competitors with a hybrid cloud market share, detailed hybrid cloud market segments, market trends and opportunities, and any further data you may need to thrive in the hybrid cloud industry. This hybrid cloud market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hybrid cloud market size has grown rapidly in recent years. It will grow from $99.37 billion in 2023 to $114.87 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth observed in the historical period can be ascribed to various factors, including intricate application requirements, the demand for business agility and flexibility, concerns related to security, the integration of legacy infrastructure, and the implementation of cost optimization strategies.
The hybrid cloud market size is expected to see rapid growth in the next few years. It will grow to $215.07 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The expansion anticipated in the forecast period can be credited to the rising adoption of cloud services, the progression of digital transformation, concerns about data security, the expansion of remote workforce, the management of multi-cloud environments, and the proliferation of AI and analytics. Prominent trends expected in the forecast period encompass business continuity and disaster recovery, the integration of AI and analytics, the incorporation of edge computing, the implementation of cost optimization strategies, the management of multi-cloud environments, and the facilitation of remote workforce.
The anticipated growth of the hybrid cloud market is driven by the increasing adoption of cloud services. Cloud services encompass a diverse range of on-demand services delivered to clients and companies via the internet. The hybrid cloud model combines on-premises infrastructure with both public and private cloud services, offering enterprises the advantages of private cloud security combined with the cost-effectiveness, scalability, and control associated with public and private clouds. The demand for hybrid cloud is on the rise, as evidenced by the Flexera 2021 State of the Cloud Report survey, where 92% of enterprises reported having a multi-cloud strategy, 80% had a hybrid cloud strategy, and 55% of enterprise workloads were expected to be in a public cloud within a year.
Another driving factor for the growth of the hybrid cloud market is the increasing emphasis on data security and compliance regulations. Data security and compliance regulations involve a formal governance framework ensuring organizations comply with applicable laws, rules, and standards for securing and managing data against threats. Hybrid cloud solutions enable businesses, especially those in finance, healthcare, and government sectors, to store sensitive data on-site, addressing concerns related to data privacy and regulatory compliance. For instance, in July 2023, the US Securities and Exchange Commission (SEC) passed regulations mandating the reporting of significant cybersecurity incidents and disclosures about annual cybersecurity risk management, strategy, and governance.
A prominent trend in the hybrid cloud market is technological advancement. Major market players are investing in advanced technologies to enhance efficiency and scalability, aiming to maintain their competitive edge. An example is Flexential, a US-based IT service management company, launching New Hybrid IT Options on the National FlexAnywhere Platform with Cloud Solution Expansion at Gartner IT Symposium/Xpo 2022. This platform allows customers to extend applications and workloads beyond on-premises data centers, relieving the burden of managing underlying infrastructure while ensuring superior application performance.
Security features, such as hybrid cloud security, are being introduced by major companies in the hybrid cloud market to strengthen their market position. Hybrid cloud security is a strategy that secures a computing environment combining on-premises infrastructure, private cloud, and public cloud services. Semtech Corporation, a US-based semiconductor and IoT systems provider, announced a patent-pending hybrid cloud security feature for AirLink router management in October 2023. This innovation enhances security and control by combining on-site infrastructure with cloud technology flexibility, aligning with Zero Trust strategies.
In July 2021, International Business Machines Corporation (IBM) acquired Bluetab Solutions Group, S.L., a Spain-based company specializing in data and hybrid cloud consulting services. The acquisition is part of IBM's efforts to expand its data and hybrid cloud consulting services portfolio, integrating Bluetab into its data services consulting business to advance its hybrid cloud and artificial intelligence (AI) ambitions.
Major companies operating in the hybrid cloud market report are Amazon Inc., Fujitsu Ltd., Oracle Corporation, Cisco Systems Inc., Citrix Systems Inc., Dell Technologies Inc., DXC Technology Company, Alibaba Group Holding Limited, Google LLC, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, Equinix Inc., Rackspace Technology Inc., VMware Inc., Panzura Inc., Lumen Technologies Inc., NetApp Inc., Atos SE, Red Hat Inc., Nutanix Inc., Lenovo Group Limited, Juniper Networks Inc., DigitalOcean LLC, Zerto Corporation, NTT Data Corporation, Hitachi Vantara Corporation, InterVision Systems LLC, Scale Computing Inc., Stratoscale Inc., Morpheus Data LLC, Joyent Inc., DataCore Software Corporation, Virtuozzo International GmbH .
North America was the largest region in the hybrid cloud market in 2023. Asia-Pacific is expected to be the fastest-growing region in the hybrid cloud market during the forecast period. The regions covered in the hybrid cloud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hybrid cloud market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hybrid cloud market includes revenues earned by entities by offering cloud storage management, security and regulatory compliance services, microservices architecture. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.