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IMARC Group, a leading market research company, has recently releases report titled “Hybrid Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global hybrid cloud market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the hybrid cloud?Report Attributes
Details
Market Size in 2022
US$ 104.2 Billion
Market Forecast in 2028
US$ 312.6 Billion
Growth rate (2023 to 2028)
CAGR of 19.1%
Base Year of the Analysis
2022
Forecast Period
2023-2028
What is a hybrid cloud?A hybrid cloud is a cloud computing environment made of on-premises, private, and third-party, public cloud services. It comprises a public infrastructure as a service platform and private computing resources, such as on-premises data centers, and network connections. It enables the enterprise to deploy the most sensitive workloads in an on-premises cloud and allows the organization to host less critical resources on a third-party cloud provider to get the benefits of both private and public cloud models. Apart from this, it includes the network, hosting, and web service features of an application and offers resource options that make it easier for provision, deploying and scaling resources to meet demand spikes. It also allows organizations to migrate workloads from their traditional infrastructure and the public cloud of the vendor whenever necessary, which aids in high flexibility and cost-effectiveness. In addition, as a hybrid cloud provides high resiliency and interoperability by facilitating businesses to run workloads redundantly in both private and public environments, its demand is rising across the globe.
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What are the growth prospects and trends in the hybrid cloud industry?At present, rapid digitization and the proliferation of cloud computing services in fintech represent one of the key factors positively influencing the market. Moreover, the rising adoption of hybrid cloud in banking financial services, and insurance (BFSI) is currently bolstering the growth of the market. They are used to manage application portability to provide a unified and flexible distributed computing environment for easy scaling. Hybrid cloud banks can reduce the risks of compromising data security by adopting a private cloud environment for sensitive information and a public one for other records. Besides this, hybrid cloud decreases network latency when banks use them at edge servers, which is catalyzing their demand worldwide.
In addition, hybrid clouds enable organizations to maintain control over data and provide enhanced scalability of operations, which is fueling the growth of the market. Moreover, the introduction to advanced technologies, such as artificial intelligence (AI), the internet of things (IoT), and machine learning (ML), is propelling the growth of the market. AI helps in automation, integration, and management of data regardless of its storage location. In addition, AI aids in automatically selecting and sequencing the pre-packaged skills needed to perform any task, which, in turn, helps workers perform routine actions, such as scheduling meetings, mission-critical data, and procuring approvals more quickly. Furthermore, the escalating demand for agile, scalable, and cost-effective computing systems is projected to create a positive market outlook in the coming years.
What is included in market segmentation?The report has segmented the market into the following categories:
Breakup by Component:
Breakup by Service:
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Breakup by Organization Size:
Breakup by Vertical:
Breakup by Region:
The report covers the major market players including:
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