The hybrid cloud market is expected to grow at a CAGR of 17.05% during the forecasted period, with a market valuation of US$122.366 billion in 2021 and is expected to reach US$368.242 billion by 2028.
The market for hybrid clouds is significantly impacted by the increasing implementation of cloud computing.
As per the report, the market for hybrid clouds is expected to witness significant growth during the forecasted period.
A hybrid cloud is an information technology infrastructure that allows organizations to implement their personal IT resources into the infrastructure and services of external cloud providers. Cloud computing is a type of hybrid cloud application, where enterprises can use both a private and public cloud infrastructure. One of the key growth drivers to propel the hybrid cloud market during the forecasted period is the growing adoption of cloud computing. As per the American Community Survey (ACS) conducted by the U.S. Census Bureau, the number of work-from-home people has shown a high rate of increase from 5.7% (approximately 9 million workers) in 2019 to 17.9% in 2021 (approximately 28 million workers), which is more than triple the amount. This growth in cloud-based work can provide the necessary boost in cloud infrastructure development, which will propel the hybrid cloud market during the forecasted period.
There have been several product launches and developments that took place in the hybrid cloud market during the forecasted period. These product developments help boost the growth of the market and introduce many innovations that can propel the hybrid cloud infrastructure. For instance, in May 2023, IBM announced the launch of IBM Hybrid Cloud Mesh, which helps enterprises regain control over their multi-cloud infrastructure. The IBM Hybrid Cloud Mesh makes use of Application-Center Connectivity and provides automation of processes, management and surveillance over application connectivity in and between public and private clouds which can help modern enterprises to operate their infrastructure across the hybrid multi-cloud and heterogeneous environments. Another instance is in June 2023, when Hewlett Packard announced the expansion of their hybrid cloud leadership with their HPE GreenLake platform innovation, expanded private cloud portfolio, partner ecosystem, and new cloud services. This expansion included the closing of the acquisition of OpsRamp and the implementation of a SaaS offering on the HPE GreenLake platform, which provides customers with AI-driven operation for multi-vendor, multi-cloud environments.
The hybrid cloud market has been categorized based on type, enterprise type, industry vertical, and geography.
Based on type, the hybrid cloud market is categorised into two types, which include software, and services. Hybrid cloud services make use of both software and infrastructure since software requires the use of advanced computing machines to conduct the tasks of the computing platform/software.
Based on enterprise type, the hybrid cloud market is categorised into two types which include small & medium, and large. Hybrid clouds provide a lot of benefits to Small and Medium Enterprises (SMEs), which include digital transformation, high-quality IT services, always up-to-date, dynamic scalability, intelligent work processes, and easy remote services.
Based on industry vertical, the hybrid cloud market is categorised into six types, which include BFSI, healthcare, retail, IT and telecom, manufacturing, and others. Hybrid clouds allow the BFSI sector to expand and scale its operations to meet the continually evolving needs of its customers.
By region, North America is expected to witness significant growth in the hybrid cloud market during the forecasted period. The factor that affects the market is the increasing usage of cloud computing, as well as the strong infrastructure that is already present in the U.S. to support rapid developments and innovation. As per the US Census Bureau, the amount of people who work from home through the use of cloud computing amounted to an estimated 28 million in 2021, which is triple the amount from 2019 (an estimated 9 million workers). This can be coupled with the strong and well-established IT infrastructure that supports data centres and cloud-based computing in the US. This strong infrastructure and increasing application of cloud computing can propel growth and development in the hybrid computing market during the forecast period.
The research includes several key players from the hybrid cloud market, such as Microsoft Corporation, Oracle, Google, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Cisco, Amazon Web Services, Inc., Citrix Systems, Inc., Accenture, and NetApp.
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The hybrid cloud analytics report categorizes the market using the following criteria:
- By Type:
- By Enterprise Type:
- Small and Medium
- By Industry Vertical:
- IT and Telecom
- By Geography:
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America