Press release
With 19.1% CAGR, Hybrid Cloud Market Size Worth USD 312.6 Billion in 2028
Hybrid Cloud Market 2023
Report Highlights
How big is the hybrid cloud market?
The global hybrid cloud market size reached US$ 104.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 312.6 Billion by 2028, exhibiting a growth rate (CAGR) of 19.1% during 2023-2028.
What is a hybrid cloud?
A hybrid cloud is a computing environment that integrates on-premises and off-premises cloud services, enabling businesses to leverage the benefits of both. This intricate interplay facilitates the seamless movement and management of data and applications across these diverse environments. It also provides an optimal solution that suits a wide range of business needs by combining the scalability and cost-effectiveness of public clouds with the enhanced security and control of private clouds. As a result, it allows organizations to balance their workload efficiently, thereby gaining agility and driving innovation. For instance, a company might choose to use a private cloud for sensitive, critical operations such as financial reporting or customer data storage, while using a public cloud for high-volume, lower-security needs like email or the provisioning of server space for application development. Moreover, a well-implemented hybrid cloud strategy offers advantages such as cost efficiency, greater flexibility, scalability, and security. Currently, the hybrid cloud market is witnessing exponential growth worldwide, driven by its unique capability to provide a flexible and efficient IT infrastructure.
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What are the growth prospects and trends in the hybrid cloud industry?
The global hybrid cloud market is primarily driven by the increasing need for businesses to enhance their operational efficiency, improve data security, and cut down on IT expenditure. Nowadays, with the upsurge in data generation, businesses are adopting hybrid cloud models to manage and store massive data volumes efficiently. Moreover, the hybrid cloud model's flexibility allows for easier and quicker scalability and adaptability, which is particularly useful for businesses that experience fluctuations in their IT demands. In addition to these factors, the ongoing digital transformation across various industry verticals is contributing to the increasing demand for hybrid cloud solutions. For instance, the rising implementation of hybrid cloud services in healthcare, finance, and retail sectors for better data management and analytics has been instrumental in driving market growth. Additionally, the advent of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), which require significant data storage and processing capabilities, has further augmented the hybrid cloud market. Besides, the growing focus on the development of green IT and sustainable computing, aiming to reduce carbon footprints, is also acting as a factor in the expansion of the hybrid cloud market. Furthermore, the market players are investing in research and development (R&D) activities to develop innovative solutions that address data security and privacy concerns related to public clouds while maintaining the benefits of a hybrid cloud model, which is also creating a favorable market outlook across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
Solutions
Services
Breakup by Service:
Professional Services
Managed Services
Breakup by Service Type:
Cloud Management and Orchestration
Disaster Recovery
Hybrid Hosting
Breakup by Service Model:
Infrastructure as a Service
Platform as a Service
Software as a Service
Breakup by Organization Size:
Small Enterprises
Medium Enterprises
Large Enterprises
Breakup by Vertical:
Government and Public Sector
Healthcare
Banking, Finance, Services and Insurance (BFSI)
Retail
Information and Communication Technology
Manufacturing
Others
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Who are the key players operating in the industry?
The report covers the major market players including:
Alibaba Group Holding Limited
Amazon 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 Company
IBM Corporation
Microsoft Corporation
Oracle Corporation
Rackspace Inc.
VMWare Inc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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Contact US
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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