North America Dominated the Hybrid Cloud Market with the Share of 33.86% in 2020
Demand for secured data access and the need for enhanced productivity in organizations to drive the growth of Global Hybrid Cloud Market through 2026.
According to TechSci Research report, “Global Hybrid Cloud Market By Component (Service & Solution), By Delivery Model (Software-as-a-service, Infrastructure-as-a-service & Platform-as-a-service), By Organization Size (Large Enterprises & SMEs), By End User (IT & Telecommunications, BFSI, Healthcare, Retail, Media & Entertainment, Others), By Region, Competition, Forecast & Opportunities, 2026” the Global Hybrid Cloud Market was valued USD45890.53 million in the year 2020 and is expected to grow at a CAGR of 16.63% in the forecast period. Hybrid cloud computing provides an environment where both public and private cloud can be accessed. This feature of hybrid cloud becomes one of the major reasons for it being preferred over private or public cloud. The Global Hybrid Cloud Market is expected to boom in the upcoming years as organizations have understood that hybrid cloud is more adaptive in catering to ever changing business requirements due to which IT teams are becoming more efficient. The hybrid cloud enables businesses to choose or shift between private and public cloud with changing workload, traffic and management of critical application data. This parameter is leading to the expansion of the Global Hybrid Cloud Market as it becomes difficult for organizations to tell which cloud they will need the most during the functioning but with hybrid cloud they have the option to choose any whenever the business demands, thus making it easy during adverse situation for the businesses to function efficiently.
Organizations find hybrid cloud more flexible as they can provide any time on demand access of data to any employee even in the remote location. The comparatively lesser cost of using hybrid cloud is also elevating the demand, as users will have to pay only for the cloud resources, they use rather than the entire infrastructure.
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Global Hybrid Cloud Market is segmented on the basis of component, delivery model, organization size, end user and region. Based on component, the market is segmented into service and solution. Service segment held the share of 65.85% in 2020 as the vendors generally do not sell the hybrid cloud as solution directly, rather would take service fees from the users on monthly or yearly basis. In terms of delivery model, the market is segmented into software-as-a service, infrastructure-as-a-service and platform-as-a-service. In 2020, software-as-a service held the share of 59.57% owing to its agility and cost effectiveness, followed by infrastructure-as-a-service with a share of 26.73%.
In terms of organization size, Global Hybrid Cloud Market is bifurcated into large enterprises and SMEs. Large enterprises captured the market share of 65.15% in 2020 as large enterprises were the early adopters of hybrid cloud because they could easily afford to implement hybrid cloud due to high economies of scale.
Based on end user, Global Hybrid Cloud Market is segmented into IT & telecommunications, BFSI, retail, healthcare, media & entertainment and others. IT and telecommunication captured the maximum share of 34.25% in the year 2020, as IT and telecommunications sector had become the early adopter of hybrid cloud. BFSI segment held the second highest share in the Global Hybrid Cloud Market in the year 2020, that is 31.35% and is likely to do so in the future as the BFSI sector is shifting to hybrid cloud due to its advantages such as cost saving.
North America region held the maximum market share of 33.86% in the year 2020 due to the booming IT sector in the countries of this region. The government policies in the countries of this region also favor digitalization, hence leading to the expansion of Global Hybrid Cloud Market in the region.
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Amazon.com, Inc., Microsoft Corporation, International Business Machines Corporation (IBM), Oracle Systems Corporation, Google LLC., Dell Inc., VMware Inc, Alibaba Group Holding Limited, Cisco Systems Inc. and Hewlett Packard Enterprise are among the leading players operating in the Global Hybrid Cloud Market. Companies operating in the market are using strategies such as product advancement through addition of new features, mergers, and collaborations to boost their share in the market.
“The key drivers that are leading to the expansion of the Global Hybrid Cloud Market include the need to have a data access that is secured and the rising demand for DRaaS (disaster recovery as a service). DRaaS can provide the immediate recovery of data during adverse conditions hence provoking the organizations to invest in it. Along with that requirement for computing that is inexpensive, scalable, and agile in organizations is leading to the expansion of Global Hybrid Cloud Market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Hybrid Cloud Market By Component (Service & Solution), By Delivery Model (Software-as-a-service, Infrastructure-as-a-service & Platform-as-a-service), By Organization Size (Large Enterprises & SMEs), By End User (IT & Telecommunications, BFSI, Healthcare, Retail, Media & Entertainment, Others), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of Global Hybrid Cloud Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Hybrid Cloud Market.
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