According to a research report “Hybrid Cloud Market by Component, Service Type (Cloud Management and Orchestration, Disaster Recovery, and Hybrid Hosting), Service Model, Organization Size (SMES and Large Enterprises), Vertical, and Region – Global Forecast to 2023″, published by MarketsandMarkets, the global hybrid cloud market is expected to grow from USD 44.6 billion in 2018 to USD 97.6 billion by 2023, at a CAGR of 17.0% during the forecast period.
The major factors expected to drive the growth of the hybrid cloud market include the increasing demand from organizations for agile, scalable, and cost-efficient computing; the growing need of standards for interoperability between cloud services and existing systems; rising demand to avoid vendor lock-in; and an increasing number of digital services and their applications. The need for more computational power and rapid adoption of hybrid cloud are expected to open new avenues for hybrid cloud vendors.
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Solution segment to hold a larger market size in the hybrid cloud market during the forecast period
The hybrid cloud solution helps organizations in overcoming complexities arising out of traditional IT environments. Moreover, it provides various advantages, including reduced Total Cost of Ownership (TCO), high security, flexibility, agility, and improved economies of scale. Among components, the solution segment is expected to have a larger market size, as the hybrid cloud solution manages both private and public cloud with the help of a single platform.
Disaster recovery segment to grow at the highest CAGR in the hybrid cloud market during the forecast period
Disaster recovery assists enterprises in protecting their technology resources and ensuring they can quickly recover from events causing significant interruption in business operations. It protects mission-critical data from any man-made or natural disaster. The disaster recovery strategy comprises four important parts, namely, business continuity and continuous availability, backup and recovery, real-time replication, and data archiving. Under service types, the disaster recovery segment is expected to grow at the highest CAGR, owing to the rising demand for business continuity and data backup.
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North America to hold the largest market size in the hybrid cloud market during the forecast period
North America is the most advanced region in terms of the adoption of the cloud computing solution and associated services. The North American industrial environment is governed with the help of stringent regulations, such as Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS), and Sarbanes–Oxley Act (SOX). The US and Canada are the key countries in the region. Both countries are expected to contribute to the hybrid cloud market in North America significantly. North America is expected to hold the largest market size during the forecast period, owing to the increasing cloud enablement activities and growing trends in the cloud marketplace.
Major vendors in the hybrid cloud market include IBM (US), Microsoft (US), Cisco Systems (US), AWS (US), Oracle (US), Google (US), VMware (US), Alibaba (China), Equinix (US), and Rackspace (US).
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