OpenStack Service Market to Reach $43.86B in 2028 at 27.4% CAGR, Driven by Innovation and AI-Driven Automation

The OpenStack service market size has grown exponentially in recent years. It will grow from $16.21 billion in 2023 to $20.18 billion in 2024 at a compound annual growth rate (CAGR) of 24.31%. The growth in the historic period can be attributed to flexibility and customization, vendor neutrality, community support, and innovation and experimentation.

The OpenStack service market size is expected to see exponential growth in the next few years. It will grow to $43.86 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%. The growth in the forecast period can be attributed to edge computing integration, AI and machine learning integration, containers and Kubernetes integration, hybrid and multi-cloud strategies, data management and governance. Major trends in the forecast period include ai-driven automation, standardization and interoperability, ecosystem convergence, regulatory compliance enhancements, and industry-specific solutions.

Market Overview -
An OpenStack service is a modular cloud computing platform that offers various components and functionalities for constructing and overseeing public and private clouds. OpenStack services are engineered to be highly scalable, interoperable, and customizable, enabling users to deploy and manage cloud infrastructure according to their specific needs.

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Hybrid And Multi-Cloud Deployments Fueling OpenStack Service Market Growth
Increasing demand for hybrid and multi-cloud deployments is expected to propel the growth of the open-stack service market going forward. A hybrid cloud environment comprises private and public cloud services, while a multi-cloud model includes two or more public cloud services. The demand for hybrid and multi-cloud deployments is increasing due to their ability to offer flexibility, scalability, resilience, and cost-effectiveness to organizations. Hybrid and multi-cloud deployments with OpenStack enable organizations to optimize resource utilization by dynamically allocating workloads across different cloud environments based on performance, cost, and regulatory considerations. For instance, in December 2023, according to CloudZero Inc., a US-based cloud computing company, most organizations deployed a hybrid cloud (39% vs. 36% last year) or a multi-cloud strategy (33%) to leverage multiple services, achieve scalability, or support business continuity. Additionally, four out of five companies use two or more IaaS or PaaS providers. Therefore, the increasing demand for hybrid and multi-cloud deployments is driving the growth of the open-stack service market.

Competitive Landscape -
Major companies operating in the openstack service market are Dell Inc., Huawei Technologies Co. Ltd., IBM Corporation, Cisco Systems Inc. , Oracle Corporation, Hewlett Packard Enterprise Company, VMware Inc., NetApp Inc., Red Hat Inc., Rackspace US Inc., SUSE Software Solutions Germany GmbH, Canonical Ltd., Docker Inc., Nuage Networks, EasyStack Inc., Mirantis Inc., Bright Computing Inc., Trilio Data Inc., CloudFerro S.A., CloudEndure Ltd., Platform9 Systems Inc., Cloudscaling Group Inc., Piston Cloud Computing Co., Nebula Inc., Nexenta Systems Inc.

Red Hat Inc. Unveils OpenStack Platform 17.1 For Enhanced Security And Advanced Use Cases
Major companies operating in the OpenStack service market are developing innovative technologies, such as OpenStack Platform 17.1, to increase their profitability in this market. OpenStack Platform 17.1 provides a comprehensive and feature-rich cloud infrastructure platform that organizations can use to effectively deploy and manage their applications and services. For instance, in June 2023, Red Hat Inc., a US-based software company, launched OpenStack Platform 17.1 with enhanced security. Red Hat Inc. Platform 17.1, in particular, aims to support advanced use cases, including open virtualized radio access networks (RAN), 5G standalone cores, and network, storage, and computing features. It is intended to assist service providers in maximizing their resources, scaling up more quickly, and bridging their current 4G investments with the newest 5G network infrastructures.

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Key Segments -
The openstack service market covered in this report is segmented -
1) By Component: Services, Solutions
2) By Deployment Model: On-Cloud, On-Premise
3) By End-User Industry: Information Technology, Telecommunication, Banking And Financial Services, Academic, Retail Or E-Commerce

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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