Hybrid Cloud Industry Insights
Shift in preference toward hybrid cloud and increased adoption of hybrid cloud in IT service management (ITSM) models act as major drivers of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 6, 2023 /EINPresswire.com/ — The global hybrid cloud market was valued at $36,138 million in 2017, and is projected to reach $171,926 million by 2025, growing at a CAGR of 21.7% from 2018 to 2025.
Shift in preference toward hybrid cloud, growth in digital disruptions, increased adoption of hybrid cloud in IT service management (ITSM) models, and growth in demand for scalable, agile, and cost-efficient cloud computing solutions majorly contribute toward the growth of the market. However, workload complexities in the hybrid cloud environment and security issues are expected to hamper the market growth.
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Based on component, the solution segment dominated the global hybrid cloud market in 2017 and is expected to continue this trend during the forecast period owing to the growing demand for hybrid cloud solutions, as large number of companies are expected to commit to multi-cloud architectures, both public and private, and other solutions from different providers. Furthermore, the services segment is expected to grow at the highest CAGR during the forecast period, as it provides a cost-effective way of allowing easy access to the organizations and ensuring more secure operations.
In 2017, the BFSI segment was the highest contributor to the global hybrid cloud market and is projected to maintain its dominance during the forecast period. However, the healthcare segment is expected to witness the highest growth, as the adoption of hybrid cloud has become essential for healthcare organizations due to concerns regarding security, cost, and complexity.
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The hybrid cloud market is a rapidly growing segment of the cloud computing industry. Here are some current trends:
• Adoption is increasing: More and more companies are adopting hybrid cloud solutions as they seek to take advantage of the benefits of both public and private clouds.
• Multi-cloud is becoming the norm: Many companies are using multiple clouds, including public, private, and hybrid clouds, to meet their needs.
• Edge computing is gaining importance: Edge computing, which involves processing data closer to where it is generated, is becoming increasingly important as companies seek to reduce latency and improve performance.
• Security remains a top concern: Security is still a top concern for companies using hybrid clouds, as they seek to protect their data and applications from cyber threats.
• Artificial intelligence and machine learning are driving innovation: The use of AI and machine learning in hybrid cloud solutions is driving innovation and helping companies to make more informed decisions based on their data.
• Containerization is gaining momentum: The use of containerization technologies like Kubernetes is becoming more common in hybrid cloud environments, as they allow for greater flexibility and scalability.
• Hybrid cloud management is becoming more complex: With the increasing use of multiple clouds and edge computing, managing hybrid cloud environments is becoming more complex, requiring specialized skills and tools.
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Some of the key market players profiled in the report include Microsoft Corporation, Amazon Web Services, Inc., VMware, Inc., Rackspace Inc., Hewlett Packard Enterprise, Dell EMC, International Business Machines Corporation (IBM), Google LLC, Verizon Enterprise, Cisco Systems, Inc., and others.
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