North America Dominated the Hybrid Cloud Market with a Share of 33.22% in 2020
Demand for secured data access and the
need for enhanced productivity in organizations to drive the growth of global hybrid
cloud market through 2026.
According
to TechSci Research report, “Global Hybrid Cloud Market
By Component (Service & Solution), By Delivery Model (Software-as-a-service,
Infrastructure-as-a-service & Platform-as-a-service), By Organization Size
(Large Enterprises & SMEs), By End User (IT & Telecommunications, BFSI,
Healthcare, Retail, Media & Entertainment, Others), By Region, Competition,
Forecast & Opportunities, 2026” the global
hybrid cloud market had revenue of USD45890.53 million in the year 2020 and is
expected to grow at a CAGR of 16.63% in the forecast period. Hybrid cloud
computing provides an environment where both public and private cloud can be
accessed. This feature of the hybrid cloud becomes one of the major reasons for
it being preferred over private or public cloud. The global hybrid cloud market
is expected to boom in the upcoming years as organizations have understood that
hybrid cloud is more adaptive in catering to ever-changing business
requirements due to which IT teams are becoming more efficient. The hybrid
cloud enables businesses to choose or shift between private and public cloud
with changing workload, traffic and management of critical application data.
This parameter is leading to the expansion of the global hybrid cloud market as
it becomes difficult for organizations to tell which cloud is needed the most
during the functioning with hybrid cloud. They have the option to choose any
whenever the business demands, thus making it easy during adverse situation for
the businesses to function efficiently.
Organizations
find hybrid cloud more flexible as they can provide any time on-demand access of
data to any employee even in the remotest location. The comparatively lesser
cost of using hybrid cloud is also surging the demand, as users will have to
pay only for the cloud resources, they use rather than the entire infrastructure.
Browse 154 Figures spread through 202 Pages and an in-depth TOC on "Global Hybrid Cloud Market"
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Global
hybrid cloud market is segmented on the basis of component, delivery model,
organization size, end user and region. Based on component, the market is
segmented into service and solution. Service segment held the share of 65.81%
in 2020 as the vendors generally do not sell hybrid cloud as a solution
directly, rather would take service fees from the users on a monthly or yearly
basis. In terms of delivery model, the market is segmented into
software-as-a-service, infrastructure-as-a-service and platform-as-a-service.
In 2020, software-as-a-service held the share of 59.54% owing to its agility
and cost-effectiveness, followed by infrastructure-as-a-service with a share of
26.72%. In terms of organization size, the market is bifurcated into large
enterprises and SMEs. Large enterprises captured the market share of 65.14% in
2020 as large enterprises were the early adopters of hybrid cloud because they
could easily afford to implement hybrid cloud due to high economies of scale.
Based
on end user, global hybrid cloud market is segmented into IT &
telecommunications, BFSI, retail, healthcare, media & entertainment and
others. IT and telecommunication captured the maximum share of 35.59% in the
year 2020, as the IT and telecommunications sector had become the early adopter
of hybrid cloud. BFSI segment held the second-highest share in the market in
2020, which is 28.86% and is likely to do so in the future as the BFSI sector
is shifting to the hybrid cloud due to its advantages such as cost-saving.
North America region held the maximum market share of 33.22% in the year 2020
due to the booming IT sector in the countries of this region. The government
policies in the countries of this region also favor digitalization, hence
leading to the expansion of the global hybrid cloud market in the region.
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Amazon Web Services, Microsoft Corporation,
Oracle Systems Corporation, International Business Machines, Google LLC, DXC
Technologies Co., Fujitsu Ltd., VMware Inc, Dell EMC, Nippon Telegraph and
Telephone Corporation, and Equinix Inc. are among the leading players operating
in the global hybrid cloud market. Companies operating in the market are using
strategies such as product advancement through addition of new features, mergers,
and collaborations to boost their share in the market.
“The key drivers that are leading to the expansion of the global hybrid
cloud market include the need to have a data access that is secured and the
rising demand for DRaaS (disaster recovery as a service). DRaaS can provide
immediate recovery of data during adverse conditions hence provoking the
organizations to invest in it. Along with that, the requirement for computing
that is inexpensive, scalable, and agile in organizations is leading to the
expansion of the global hybrid cloud market.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting firm.
“Global Hybrid Cloud
Market By Component (Service & Solution), By Delivery Model (Software-as-a-service,
Infrastructure-as-a-service & Platform-as-a-service), By Organization Size
(Large Enterprises & SMEs), By End User (IT & Telecommunications, BFSI,
Healthcare, Retail, Media & Entertainment, Others), By Region, Competition,
Forecast & Opportunities, 2026” has evaluated the future growth potential of the global hybrid cloud
market and provides statistics and information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global hybrid cloud
market.
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