Hybrid Cloud Market size is expected to grow $97.64 billion by 2023

Hybrid Cloud Market

According to 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″, The global hybrid cloud market size is expected to grow from USD 44.60 billion in 2018 to USD 97.64 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period.

As new applications are being launched continuously along with the growing use of existing applications, the capacity of private cloud is unable to meet the rising demand. Therefore, enterprises are moving towards the adoption of hybrid cloud deployment model so that they could use the pay-as-you-go capacity model of public cloud with controlled security of private cloud. The hybrid cloud market consists of various solutions such as consulting, integration, cloud management, cloud security, and networking. These tools help to analyze business data and derive valuable insights. The major suppliers in this field include Amazon Web Services, HP, Rackspace, Cisco Systems Inc., Equinix, Inc., IBM and many more.

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By leveraging the hybrid cloud solutions, organizations could use the capacity of public cloud to serve regions that are not covered by their internal data centers. The organizations can migrate the workloads on different cloud environment to meet capacity demands. The advantage of such a hybrid cloud is that an organization needs to pay for only extra compute resources they use. The hybrid cloud deployment model provides many benefits such as security and compliance, workload portability, and improved control.

In terms of vertical, BFSI sector accounts for the largest market share in the overall hybrid cloud market in 2014. In the long term too, BFSI industry is expected to have the largest market share by 2019. The healthcare and media & entertainment vertical segments are growing with the highest Compound Annual Growth Rate (CAGR) as compared to other verticals. Retail and Education sectors are the other emerging verticals in the hybrid cloud market.

The key industry players are solidifying their presence in the hybrid cloud market through Mergers and Acquisitions (M&A), partnerships, and new product development. A few M&A are: Cisco acquired Metacloud, a unique Openstack-as-a-service model that deploy private cloud in the customer’s data center. Metacloud OpenStack-based cloud platform is expected to accelerate Cisco’s strategy to build the world’s largest global Intercloud. Microsoft had partnership with Cisco to increase the deployment of hybrid cloud worldwide among the enterprises. This partnership would also enable the customers in simplifying their IT operations, reduce additional costs, and experience benefits of optimized data centers. HP launched its new product HP Helion to extensively expand its diverse portfolio in cloud-based services and products.

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