According to the latest report by IMARC Group, titled “Hybrid Cloud Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2020-2025,” the global hybrid cloud market size reached US$ 51.12 Billion in 2019. A hybrid cloud is a computational environment that uses a public and a private cloud to allow data and applications to be shared between them. It enables businesses to seamlessly scale their on-site infrastructure to the public cloud to handle any overflow. This enables them to meet any fluctuations in computing and processing demands without allowing third-party data centers to access their data. Hybrid cloud solutions are gaining momentum worldwide as they enable organizations to gain public cloud versatility and computing resources for primary and non-sensitive computing tasks while keeping business-critical applications and data on-premises, safely behind a company firewall.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Hybrid Cloud Market Trends:
Hybrid cloud computing offers numerous benefits, such as flexibility, scalability, and cost-efficiency, with low data exposure risk. On account of these advantages, several organizations are shifting toward hybrid cloud solutions to achieve security of data and large storage spaces to reduce their capital expenditure and enhance capabilities through digitizing their infrastructure. Due to the spread of the coronavirus disease (COVID-19) worldwide, businesses are embracing remote work and video conferencing technologies, which, in turn, is escalating the demand for hybrid cloud systems for business continuity. Furthermore, technological advancements, such as the integration of artificial intelligence (AI), the Internet of Things (IoT), machine learning (ML) and edge computing, are also enhancing the functioning of hybrid cloud systems, thereby providing a positive outlook for the market. Moreover, the leading companies are developing advanced hybrid cloud services to support next-generation workloads in latency-sensitive, bandwidth-intensive, and data transfer-heavy applications. On account of these factors, the market is anticipated to exhibit double-digit growth during the next five years.
- Based on the component, the market has been bifurcated into solutions and services.
- On the basis of the service, the market has been classified into professional and managed services.
- The market has been segmented based on the service type into cloud management and orchestration, disaster recovery and hybrid hosting.
- On the basis of the service model, the market has been segregated into infrastructure-as-a-service, platform-as-a-service and software-as-a-service.
- The market has been divided based on the organization size into small, medium and large enterprises.
- On the basis of the vertical, the market has been categorized into government and public sector, healthcare, banking, finance, services and insurance (BFSI), retail, information and communication technology, manufacturing and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (Japan, China, India, Indonesia, South Korea, Australia and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Alibaba Group Holding Limited, Amazon.com Inc., Century Link Inc., Cisco Systems Inc., Citrix Systems Inc., Dell Technologies Inc, DXC Technology Company, Fujitsu Ltd. (Furukawa Group), Google (Alphabet Inc.), Hewlett Packard Enterprise Co., IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Inc. and VMWare Inc.
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