Authored By: Sarah
11 Jul 2024

 Hybrid Cloud Market Size to grow by USD 245.30 billion between 2024-2028

According to a research report “ Hybrid Cloud Market” by Component (Services, Solution) End-user (BFSI, Retail, Healthcare, Telecom, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 245.30 billion, at a CAGR of almost 27.16% during the forecast period. Hybrid cloud solutions offer businesses a cost-effective and efficient alternative to traditional disaster recovery (DR) setups. Previously, organizations had to invest in and manage a separate DR site, which could significantly impact their IT budgets. The hybrid cloud model enables the use of public cloud platforms for DR, simplifying overall management. By partnering with a cloud service provider, businesses can delegate tasks such as implementation, configuration, and management of their DR environment, reducing internal IT workload and ensuring business continuity.

Browse market data tables, figures, and in-depth TOC on “Hybrid Cloud Market” by Component (Services, Solution) End-user (BFSI, Retail, Healthcare, Telecom, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Component, the Services segment is projected to dominate the market size in 2024

The Hybrid Cloud market is experiencing significant growth as businesses seek to optimize their IT infrastructure. By combining the benefits of private and public clouds, Hybrid Cloud solutions offer increased flexibility, cost savings, and enhanced security. Companies can leverage the scalability of public clouds for non-sensitive workloads while maintaining control over critical data in a private environment. This strategic approach allows businesses to streamline operations, improve efficiency, and ultimately, gain a competitive edge.

By End-user, BFSI  segment is expected to hold the largest market size for the year 2024

The Hybrid Cloud Market represents a significant business opportunity for organizations seeking to optimize their IT infrastructure. By combining the benefits of public and private clouds, Hybrid Cloud solutions enable companies to achieve cost savings, enhanced security, and improved application performance. This flexible deployment model allows businesses to leverage the scalability of public clouds for non-critical workloads while maintaining control over sensitive data in private environments. The global Hybrid Cloud Market is projected to grow at a robust CAGR during the forecast period, driven by increasing adoption across various industries.

North America is forecasted to hold the largest market size by region in 2024

The Hybrid Cloud market is experiencing significant growth due to businesses seeking to optimize their IT infrastructure. By combining the benefits of private and public clouds, Hybrid Cloud solutions offer increased flexibility, cost savings, and enhanced security. Companies can run critical applications on a private cloud while leveraging public cloud services for non-sensitive workloads. This strategic approach allows businesses to maintain control over their data while taking advantage of the scalability and cost efficiencies of the cloud.

The Hybrid Cloud Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Accenture Plc
  • Alibaba Group Holding Ltd.
  • Alphabet Inc.
  • Amazon.com Inc.
  • Cisco Systems Inc.
  • Dell Technologies Inc.
  • DXC Technology Co.
  • Equinix Inc.
  • Furukawa Electric Co. Ltd.
  • Hewlett Packard Enterprise Co.
  • Intel Corp.
  • International Business Machines Corp.
  • Kyndryl Inc.
  • Lumen Technologies Inc.
  • Microsoft Corp.
  • Nutanix Inc.
  • Oracle Corp.
  • Panzura LLC
  • Rackspace Technology Inc.
  • VMware Inc.
.

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Research Analysis Overview

The Hybrid Cloud market is witnessing significant growth in various industries, particularly in the banking sector, as remote working becomes the new norm. With the digitization of banking processes, transactions without physical presence at bank branches are increasingly common. However, this shift presents challenges for banks, as they must manage both critical and non-critical processes using a mix of legacy technologies and new virtual services. IT spending in the banking sector is expected to increase as dynamic regulatory requirements and emergency needs drive the adoption of hybrid cloud solutions. Service types and components, such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), are being utilized to enhance agility, scalability, and cost efficiency. Public bodies, enterprises in sectors like Healthcare, Telecommunications, and others, are also embracing hybrid cloud solutions for data protection, security, and IT infrastructure modernization. Business-IT collaboration is crucial in ensuring the successful implementation of hybrid cloud strategies, which offer the benefits of flexibility, cost savings, and improved disaster recovery capabilities. Despite these advantages, security remains a top concern, with data protection and compliance being key considerations. Effective hybrid cloud management and the ability to meet dynamic regulatory requirements are essential for successful adoption. The cyclical demand for hybrid cloud solutions is expected to continue, driven by the ongoing digitization of various industries and the need for cost-effective, scalable IT infrastructure.

Market Research Overview

The hybrid cloud market is experiencing innovation and growth as organizations seek to enhance analytics, digital transformation, and flexibility in their IT infrastructure. Hybrid multicloud infrastructure, which combines on-premises infrastructure with public cloud solutions, is becoming increasingly popular. This approach offers the benefits of both worlds: the efficiency, cost reduction, and online documentation of public cloud solutions for non-critical applications, and the data security and control of on-premises infrastructure for sensitive business processes. Hybrid Cloud Mesh, a new architecture, enables seamless movement of workloads between public, private, and on-premises environments, providing observability and automation. Tablets and productivity tools are revolutionizing remote working systems, especially in sectors like banking, where digital transformation is crucial. Hybrid cloud deployment models cater to various organization sizes, regions, verticals, and service models. Hyperscale cloud providers offer virtual services for emergency needs and cyclical demand, while traditional data centers undergo modernization. IT services are evolving to manage consolidated cloud operations, and IT spending is shifting towards cloud infrastructure as an infrastructure utility. Security, agility, scalability, and cost efficiency are key drivers for hybrid cloud adoption in industries like healthcare, telecommunications, and public bodies. Hybrid hosting solutions, including private, public, and hybrid hosting, cater to diverse needs. Data protection and regulatory compliance are essential components, especially in the banking sector with its dynamic regulatory environment. Legacy technologies are being replaced by cloud computing, and organizations are collaborating closely with IT to ensure a smooth transition. The cloud market continues to grow, offering new opportunities for innovation and growth.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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