Hybrid Cloud Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Solution, Services), By Enterprise Size (Small And Medium, Large), By Industry Vertical (BFSI, Healthcare, Retail, IT And Telecom, Manufacturing, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Apr 2023
- Report Code : KSI061614388
- Pages : 138
The hybrid cloud market is projected to grow at a CAGR of 17.04% from US$122.366 billion in 2021 to US$368.208 billion in 2028.
The hybrid cloud approach provides organizations with the benefits of both public cloud services, such as scalability and cost savings, and private cloud services, such as security and control. This market is growing rapidly, as more organizations are seeking to take advantage of the benefits of cloud computing while retaining control over their critical data and applications. The market is expected to be driven by the increasing demand for cloud computing and the growth of cloud-based services and applications.
There are several key players in the hybrid cloud market, including Amazon Web Services (AWS), Microsoft Azure, Google Cloud, and Oracle Cloud.
These companies offer a range of hybrid cloud services, including cloud storage, computing, and networking services. However, there are also challenges associated with a hybrid cloud environment, including integration and management, security concerns, complexity and cost, lack of standardization, and vendor lock-in.
- Growing adoption of cloud computing
The growing adoption of cloud computing is a major driver of the growth of the hybrid cloud market, as more organizations look to leverage the benefits of both public and private cloud infrastructure. Public cloud services provide organizations with the scalability they need to quickly and easily scale up or down to meet changing demands. It can be more cost-effective than traditional on-premise IT infrastructure, as they allow organizations to pay only for the resources they use, rather than having to invest in expensive hardware upfront. And as they have limited IT budgets, it allows them to access the resources they need without having to make significant upfront investments. Private cloud infrastructure provides organizations with the security and control they need to protect sensitive data. Netflix is a leading streaming service that uses a hybrid cloud solution to support its operations.
- High usage across the retail sector
The rapid growth of e-commerce has driven many retailers to adopt the hybrid cloud, needed to meet the demands of online shopping. Retailers can use the public cloud for their e-commerce platforms while retaining control over their critical data and applications in the private cloud. They are collecting and analyzing vast amounts of data from a variety of sources, including point-of-sale systems, customer behavior, and market trends that optimize their supply chain operations, as it provides them with real-time access to data and allows for collaboration with suppliers and other partners. The hybrid cloud provides retailers with the computing resources needed to process and analyze this data while keeping sensitive data secure in the private cloud. For instance, Walmart is one of the largest retailers in the world and uses a hybrid cloud solution to support its e-commerce operations. In 2020, Walmart announced plans to invest $1 billion in its cloud infrastructure over the next five years.
Security is a major concern for organizations adopting a hybrid cloud environment.
Ensuring the privacy of sensitive data in a multi-cloud environment can be difficult, as different cloud services may have different security protocols and mechanisms. Data may need to be encrypted before being transferred between cloud platforms. Managing identities and access controls across multiple cloud services can be complex, particularly if they have different authentication and authorization mechanisms. Insider threats, such as employees with malicious intent or those who accidentally compromise sensitive data, can pose significant security risks.
Vendor lock-in is a common concern in the hybrid cloud market, as it can limit an organization's ability to switch to a different cloud vendor if needed.
Different cloud vendors may have different APIs and compatibility issues, making it difficult to integrate their services. Organizations may become dependent on specific features or services offered by a particular cloud vendor, making it difficult to switch to a different provider.
- In October 2021, Citrix Systems an American multinational cloud computing and virtualization technology company, and Google Cloud announced a collaboration to bring the power of Citrix's virtualization and workspace solutions to Google Cloud. They integrated their technologies to offer a range of solutions, including virtual desktops, application delivery, and network security.
- In August 2021, Tech Mahindra, a leading provider of digital transformation, consulting, and business reengineering services collaborated with Microsoft to bring the power of Microsoft's cloud and artificial intelligence (AI) technologies to Tech Mahindra's customers, helping them to drive their digital transformation journeys and to offer a range of solutions, including cloud-based services, AI and machine learning, and the Internet of Things (IoT).
Regions, such as Europe and North America, are expected to see continued growth in the hybrid cloud market, as more organizations look to adopt a multi-cloud approach and take advantage of the benefits of both public and private cloud infrastructure. North American companies are laboriously involved in making strategic combinations and accessions. IBM, the American technology giant, acquired Sanovi Technologies, a leading provider of cloud management software, in 2021 to bolster its cloud offerings. The acquisition was part of IBM's strategy to expand its cloud capabilities and provide its customers with a comprehensive suite of cloud services and solutions.
Due to the increasing adoption of cloud technology by organizations in countries such as China, India, and Japan, the Asia-Pacific region holds a considerable share in the hybrid cloud space. In recent years, there has been significant growth in the number of businesses in this region adopting hybrid cloud solutions, as they look to take advantage of the scalability and cost-effectiveness of public cloud services while also ensuring the security and control offered by private cloud infrastructure.
Hybrid Cloud Market Scope:
| Market Size Value in 2021
|| US$122.366 billion
| Market Size Value in 2028
|| US$368.208 billion
|Growth Rate||CAGR of 17.04% from 2021 to 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, Enterprise Size, Industry Vertical, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Microsoft Corporation, Oracle, Google, Inc., IBM Corporation, Hewlett Packard Enterprise Development LP, Cisco, Amazon Web Services, Inc., Citrix Systems, Inc, Accenture, NetApp, Red Hat, Inc.|
|Customization Scope||Free report customization with purchase|
- By Type
- By Enterprise Size
- Small and Medium
- By Industry Vertical
- IT and Telecom
- By Geography
- North America
- South America
- United Kingdom
- Middle East And Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Research Design
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. HYBRID CLOUD MARKET BY TYPE
6. HYBRID CLOUD MARKET BY ENTERPRISE SIZE
6.2. Small and Medium
7. HYBRID CLOUD MARKET BY INDUSTRY VERTICAL
7.5. IT and Telecom
8. HYBRID CLOUD MARKET BY GEOGRAPHY
8.2. North America
8.3. South America
8.4.3. United Kingdom
8.5. Middle East And Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Microsoft Corporation
10.3. Google, Inc.
10.4. IBM Corporation
10.5. Hewlett Packard Enterprise Development LP
10.7. Amazon Web Services, Inc.
10.8. Citrix Systems, Inc
10.11. Red Hat, Inc.
Hewlett Packard Enterprise Development LP
Citrix Systems, Inc.
Red Hat, Inc.
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