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The global hybrid cloud market exhibited strong growth during 2015-2020. Looking forward, the market is expected to grow at a CAGR of around 18% during the forecast period (2021-2026). Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
A hybrid cloud refers to a cloud-computing environment that combines on-premises, private, public and third-party cloud services. It enables the movement of workloads between public and private platforms to unify, automate and manage a computing environment. The hybrid cloud architecture generally utilizes three types of service models namely Infrastructure as a Service, Platform as a Service and Software as a Service. It also utilizes a private cloud that is either on-premises or hosted by a third-party cloud provider and a stable wide area network (WAN) connectivity between the environments. It offers various benefits, such as comprehensive support for the remote workforce, minimized costs of operations and improved scalability, control, security and risk management. As a result, it finds extensive applications across various industries, such as banking, financial services and insurance (BFSI), information technology (IT), healthcare, government and public sector, retail and manufacturing.
Rapid digitization, along with the widespread adoption of cloud-computing services, is one of the key factors driving the growth of the market. Moreover, the growing demand for agile, scalable and cost-effective computing systems is also augmenting the market growth. Hybrid clouds enable organizations to maintain control over data and provide enhanced scalability of operations. Apart from this, due to the sudden outbreak of the COVID-19 pandemic across the globe, enterprises are adopting remote work and video conferencing tools, thereby increasing the demand for hybrid cloud systems for business continuity. Various technological advancements, such as the integration of artificial intelligence (AI), the Internet of Things (IoT), machine learning (ML) and edge computing, are also contributing to the market growth. Other factors, including increasing adoption of Software-as-a-Service (SaaS) and multi-cloud spaces, along with improvements in the IT infrastructure, are expected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global hybrid cloud market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, component, service, service type, service model, organization size and vertical.
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Breakup by Vertical:
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The report has also analysed the competitive landscape of the market with some of the key players being Alibaba Group Holding Limited, Amazon Inc., Century Link Inc., Cisco Systems Inc., Citrix Systems Inc., Dell Technologies Inc., DXC Technology Company, Fujitsu Ltd. (Furukawa Group), Google (Alphabet Inc.), Hewlett Packard Enterprise Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Inc. and VMWare Inc.
We expect the global hybrid cloud market to exhibit a CAGR of around 18% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic had led to the increase in the demand for hybrid cloud systems for business continuity as enterprises are adopting remote work and video conferencing tools due to the implementation of stringent lockdown regulations across several nations.
Rapid digitization, along with the rising integration of cloud-computing services with numerous advanced technologies, such as artificial intelligence (AI), the Internet of Things (IoT), machine learning (ML) and edge computing, are some of the factors catalyzing the global hybrid cloud market.
Based on the component, the global hybrid cloud market can be divided into solutions and services, where solutions currently represent the largest segment.
Based on the service type, the global hybrid cloud market has been bifurcated into cloud management and orchestration, disaster recovery, and hybrid hosting. Among these, hybrid hosting currently exhibits a clear dominance in the market.
Based on the service model, the global hybrid cloud market can be segregated into infrastructure-as-a-service, platform-as-a-service, and software-as-a-service. Currently, infrastructure-as-a-service accounts for the majority of the market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
Some of the major players in the global hybrid cloud market include Alibaba Group Holding Limited, Amazon Inc., Century Link Inc., Cisco Systems Inc., Citrix Systems Inc., Dell Technologies Inc., DXC Technology Company, Fujitsu Ltd. (Furukawa Group), Google (Alphabet Inc.), Hewlett Packard Enterprise Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Inc., and VMWare Inc.
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