Hybrid Cloud Market to Reach $171.93 Bn, by 2025 At 21.7% CAGR: Allied Market Research
PORTLAND, Oregon, October 17, 2018 /PRNewswire/ --
Growing need for higher computational power and increasing demand across various organizations to enhance their IT service management capabilities without addition of servers would boost the growth of the global hybrid cloud market
Allied Market Research published a report, titled, "Global Hybrid Cloud Market by Component (Solution and Services), Service Model (Software as a service (SaaS), Infrastructure as a service (IaaS), and Platform as a service (PaaS)), Organization Size (Large enterprises, and Small & Medium Enterprises), Industry Vertical (IT & Telecom, Healthcare, BFSI, Retail, Government, Media & Entertainment, Transportation & Logistics, Manufacturing, Others): Opportunity Analysis and Industry Forecast, 2018-2025." The report provides in-depth analyses of the market size & estimations, top winning strategies, driving forces & opportunities, top investment pockets, competition landscape, and market player positioning. According to the report, the global hybrid cloud market was pegged at $36.14 billion in 2017 and is estimated to reach $171.93 billion by 2025, registering a CAGR of 21.7% from 2018 to 2025.
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Increasing need for more computational power among organizations and growing awareness about the benefits of hybrid cloud drive the growth of the global hybrid cloud market. However, lurking concerns about data privacy and security hamper the market growth. On the other hand, rapid increase in adoption of hybrid cloud among small- and large-sized companies and augmented demand among various organizations to boost its IT service management capabilities without the addition of servers are expected to create lucrative opportunities for the market players in near future.
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Services segment to grow the fastest
The services segment is estimated to register the fastest CAGR of 23.1% during the forecast period, owing to the rise in adoption of hybrid cloud services on account of their cost-effectiveness and ease of access. However, the solutions segment held the largest market share, contributing about two-thirds of the total revenue, owing to the increasing inclination of companies toward building multi-cloud architectures.
Major service models of the industry
Based on service model, the global hybrid cloud market report is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). SaaS segment held the largest market share, contributing about 61% of the total revenue, owing to the increasing adoption of SaaS among organizations that seek complex software and hardware management. However, IaaS segment is expected to register the fastest CAGR of 26.1% through 2025, owing to various benefits such as enhanced performance, improved productivity, flexible computing capabilities, and increased delivery speed. In addition, the PaaS segment is expected to grow at a steady rate during the forecast period.
Large enterprises segment offers lucrative opportunities
In 2017, the small & medium enterprises segment was the largest contributor to the global hybrid cloud market in terms of revenue, holding more than two-thirds share. Moreover, the segment is expected to portray the fastest CAGR of 22.5% during the study period. On the other hand, the large enterprises segment is estimated to manifest gradual growth through 2025.
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Major industry verticals of the market
Among industrial verticals, the global hybrid cloud market report is analyzed across IT & Telecom, healthcare, BFSI, retail, government, media & entertainment, transportation & logistics, manufacturing, and other sectors. In 2017, the BFSI segment was the largest contributor, holding about one-third share of the market and would continue to retain its dominant position during the forecast period. However, the healthcare segment is expected to manifest the fastest CAGR of 27.9% during the forecast period, as concerns regarding security, cost, and complexity have considerably increased among healthcare organizations.
North America to lead in terms of revenue
North America contributed about half share of the market in 2017, owing to the increasing number of cloud-based service providers in the region. However, Asia-Pacific region would grow at the fastest CAGR of 25.3% during the study period, owing to rise in usage of cloud-based services and growth in deployment of data centers in the developing countries such as India and China. In addition, the hybrid cloud market in Europe is expected to grow gradually from 2018 to 2025.
Torchbearers of the market
The key market players analyzed in the report include Microsoft Corporation, VMware, Inc., Hewlett Packard Enterprise, Dell EMC, Google LLC, Cisco Systems, Inc., Amazon Web Services, Inc., Rackspace Inc., IBM Corporation (International Business Machines), and Verizon Enterprise. These market players have adopted various strategies such as partnerships, collaboration, mergers & acquisitions, and new product launch to maintain their leading position in the industry.
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