Surge in need for computational power in organizations and increase in awareness regarding benefits of hybrid cloud fuel the growth of the global hybrid cloud market. However, rise in concerns regarding data security and privacy hinders the market growth. On the other hand, rapid rise in adoption among small- and large-sized organizations and augmented demand among various organizations to boost its IT service management capabilities would offer lucrative opportunities in coming years. —
The demand for hybrid cloud is expected to be driven by several factors, such as cost efficiency, scalability, agility, and security. Hybrid cloud bridges the gap between Information Technology (IT) and businesses by improving agility and efficiency, as well as by rapidly delivering IT resources at a low-cost.
The global hybrid cloud market garnered $36.14 billion in 2017, and is expected to generate $171.93 billion by 2025, witnessing a CAGR of 21.7% from 2018 to 2025.
On the basis of service model, the SaaS segment contributed to the largest market share, accounting for more than three-fifths of the total share in 2017. However, IaaS segment is projected to maintain the highest CAGR of 26.1% from 2018 to 2025.
Based on organization size, the small & medium enterprises segment held the largest contribution in terms of revenue, accounting for more than two-thirds of the total share in 2017. Moreover, this segment is estimated to witness the highest CAGR of 22.5% during the forecast period.
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Based on component, the services segment would grow at the highest CAGR of 23.1% from 2018 to 2025, owing to increased adoption for its cost-effectiveness and ease in access. However, the solutions accounted for the highest market share, holding nearly two-thirds of the total revenue in 2017, and would maintain its highest share by 2025.
Geographically, North America accounted for nearly half of the total share of the market in 2017, attributed to rise in number of cloud-based service providers in the area. However, Asia-Pacific is estimated to register the highest CAGR of 25.3% from 2018 to 2025.
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Profiling Key Players: 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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Organization: Allied Market Research
Release ID: 89030969