North America Dominated the Hybrid Cloud Market with a Share of 33.22% in 2020 – TechSci Research
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 had revenue of 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 the 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 is needed the most during the functioning 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 remotest location. The comparatively lesser cost of using hybrid cloud is also surging 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 “
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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 65.81% in 2020 as the vendors generally do not sell hybrid cloud as a solution directly, rather would take service fees from the users on a 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 59.54% owing to its agility and cost-effectiveness, followed by infrastructure-as-a-service with a share of 26.72%. In terms of organization size, the market is bifurcated into large enterprises and SMEs. Large enterprises captured the market share of 65.14% 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 35.59% in the year 2020, as the IT and telecommunications sector had become the early adopter of hybrid cloud. BFSI segment held the second-highest share in the market in 2020, which is 28.86% and is likely to do so in the future as the BFSI sector is shifting to the hybrid cloud due to its advantages such as cost-saving. North America region held the maximum market share of 33.22% 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 the global hybrid cloud market in the region.
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Amazon Web Services, Microsoft Corporation, Oracle Systems Corporation, International Business Machines, Google LLC, DXC Technologies Co., Fujitsu Ltd., VMware Inc, Dell EMC, Nippon Telegraph and Telephone Corporation, and Equinix Inc. 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 immediate recovery of data during adverse conditions hence provoking the organizations to invest in it. Along with that, the requirement for computing that is inexpensive, scalable, and agile in organizations is leading to the expansion of the 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 the 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 the global hybrid cloud market.
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