According to a recent report published by Allied Market Research, titled, Hybrid Cloud Market by Component, Service Model, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 - 2025, the global hybrid cloud market was valued at $36,138 million in 2017, and is projected to reach $171,926 million by 2025, growing at a CAGR of 21.7% from 2018 to 2025.
Shift in preference toward hybrid cloud, growth in digital disruptions, increased adoption of hybrid cloud in IT service management (ITSM) models, and growth in demand for scalable, agile, and cost-efficient cloud computing solutions majorly contribute toward the growth of the market. However, workload complexities in the hybrid cloud environment and security issues are expected to hamper the market growth.
Based on component, the solution segment dominated the global hybrid cloud market in 2017 and is expected to continue this trend during the forecast period owing to the growing demand for hybrid cloud solutions, as large number of companies are expected to commit to multi-cloud architectures, both public and private, and other solutions from different providers. Furthermore, the services segment is expected to grow at the highest CAGR during the forecast period, as it provides a cost-effective way of allowing easy access to the organizations and ensuring more secure operations.
In 2017, the BFSI segment was the highest contributor to the global hybrid cloud market and is projected to maintain its dominance during the forecast period. However, the healthcare segment is expected to witness the highest growth, as the adoption of hybrid cloud has become essential for healthcare organizations due to concerns regarding security, cost, and complexity.
Key Findings of the Hybrid Cloud Market:
- By component, the services segment is expected to exhibit significant growth in the global hybrid cloud market during the forecast period.
- In 2017, the small and medium enterprises segment accounted for the highest revenue in the organization size category.
- Based on service model, the software as a service (SaaS) segment generated the highest revenue in 2017.
- Based on industry vertical, the BFSI segment generated the highest revenue in 2017.
- Based on region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
Some of the key market players profiled in the report include Microsoft Corporation, Amazon Web Services, Inc., VMware, Inc., Rackspace Inc., Hewlett Packard Enterprise, Dell EMC, International Business Machines Corporation (IBM), Google LLC, Verizon Enterprise, Cisco Systems, Inc., and others.