Hybrid Cloud Market to Reach $414.1 Billion, Globally, by 2032 at 17.2% CAGR: Allied Market Research
NEW CASTLE, Delaware, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Hybrid Cloud Market by Component (Solution and Services), Service model (Software as a Service (SaaS), Infrastructure as a Service (IaaS), Platform as a Service (PaaS)) Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), and Industry Vertical (IT and Telecom, Healthcare, BFSI, Retail, Government, Media & Entertainment, Transportation & Logistics, Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the hybrid cloud market was valued at $96.7 billion in 2023, and is estimated to reach $414.1 billion by 2032, growing at a CAGR of 17.2% from 2024 to 2032.
Prime Determinants of Growth
Rising need of flexibility and scalability, increasing demand of data security and compliance and rise in technological advancement are the factors expected to propel the growth of the global hybrid cloud market. However, increasing Complexity of Integration is anticipated to hamper the growth of global market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2022 | $96.7 billion |
| Market Size in 2032 | $414.1 billion |
| CAGR | 17.2% |
| Segments covered | Type, Enterprise Size, Deployment Mode and Region. |
| Drivers | Rising need of flexibility and scalability |
| Increasing demand of data security and compliance | |
| Rise in technological advancement | |
| Opportunities | Expanding need for increased processing power |
| Restraints | Increasing complexity of integration |
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The component segment dominates the market-
By component, the solution segment accounted for the largest share in 2023, of hybrid cloud owing to organizations are increasingly investing in comprehensive hybrid cloud solutions that offer integrated platforms, tools, and technologies to manage their hybrid cloud environments effectively. These solutions provide businesses with the necessary infrastructure, security features, and management capabilities to seamlessly integrate public and private cloud resources, optimize performance, and ensure data protection, which is further expected to propel the overall market growth. However, the services segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the expert guidance, support, and customization services to successfully implement and manage their hybrid cloud deployments. Service providers offer a range of consulting, implementation, migration, and managed services to help organizations navigate the complexities of hybrid cloud adoption, maximize the benefits of their hybrid cloud. Thereby, driving the growth of this segment in the global hybrid cloud market.
The IaaS segment to maintain its lead position during the forecast period
By service model, the IaaS segment accounted for the largest share in 2023, of the hybrid cloud market revenue, owing to access scalable and flexible infrastructure resources on a pay-as-you-go basis. With IaaS, organizations can leverage virtualized computing resources, storage, and networking services to build and manage their hybrid cloud environments without the need to invest in and maintain physical hardware, which is further expected to propel the overall market growth. However, the SaaS segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to more companies opt for cloud-based software solutions to streamline their operations and enhance productivity. SaaS applications are delivered over the internet and accessed through a web browser, eliminating the need for on-premises software installations and maintenance. This model offers businesses the flexibility to access a wide range of software applications on a subscription basis, enabling them to quickly deploy new tools, improve collaboration, and adapt to changing business requirements with ease. Thereby, driving the growth of this segment in the global hybrid cloud market.
The large enterprise segment to maintain its lead position during the forecast period
By enterprise size, the large enterprise platform segment accounted for the largest share in 2023, owing larger organizations typically have more resources and complex IT infrastructure requirements that can benefit from the scalability, flexibility, and cost-efficiency offered by hybrid cloud solutions. Large enterprises often have diverse workloads, data storage needs, and compliance requirements that can be effectively managed through a hybrid cloud approach, allowing them to leverage both public and private cloud environments to meet their specific business objectives., which is further expected to propel the overall market growth. However, the small and medium-sized enterprise segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to reduced capital expenditure, enhanced agility, and improved data security. SMEs can leverage hybrid cloud solutions to access enterprise-grade IT capabilities without the need for significant upfront investments, enabling them to compete more effectively in the digital economy and drive innovation within their organizations. Thereby, driving the growth of this segment in the global hybrid cloud market.
The BFSI segment to maintain its lead position during the forecast period
By industry vertical, the BFSI segment accounted for the largest share in 2023, of the hybrid cloud market revenue, owing to the stringent security and compliance requirements inherent in the industry. Banking, financial services, and insurance companies handle sensitive customer data and transactions that necessitate robust data protection measures, which is further expected to propel the overall market growth. However, the healthcare segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing due digital technologies to enhance patient care, streamline operations, and improve data accessibility. Hybrid cloud solutions offer healthcare organizations the ability to securely store and manage vast amounts of patient data, facilitate collaboration among healthcare professionals, and deploy advanced analytics tools to drive medical research and personalized treatment options. Thereby, driving the growth of this segment in the global hybrid cloud market.
Asia-Pacific region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2022, owing to the strong presence of established cloud service providers, advanced technological infrastructure, and a high level of cloud adoption among businesses in the region. Companies in North America have been early adopters of hybrid cloud solutions, leveraging the flexibility and scalability they offer to optimize their operations and drive innovation, anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032, owing to be the fastest-growing segment in the hybrid cloud market because of the rapid digital transformation taking place in countries like China, India, and Japan. Increasing investments in cloud technology, rising demand for data storage and processing capabilities, and a growing number of businesses embracing cloud solutions, further expected to contribute to the growth of the market in this region.
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Leading Market Players: -
- Amazon Web Services
- IBM
- Microsoft
- Oracle
- Salesforce
- SAP
- Teradata
- Alibaba
- Tencent
The report provides a detailed analysis of these key players in the Hybrid cloud market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- On April 2023, Accenture and Google Cloud announced expanding their global partnership to assist businesses in better protecting critical assets and strengthening security against persistent cyber threats. Jointly, they are providing the technology and security expertise to the organization's trusted infrastructure required to build robust security programs and maintain confidence in their readiness.
- On March 2023, Mastercard acquired cloud-based cybersecurity company Baffin Bay Networks to assist businesses in dealing with the increasingly challenging nature of cyberattacks. Baffin Bay Networks, based in Sweden, adds to Mastercard's multi-layered approach to cybersecurity and assists in stopping attacks while mitigating exposure to risk across the ecosystem. The acquisition further strengthens Mastercard's broader service offerings and value beyond the payment transaction.
- On April 2023, IBM launched a security suite focused on unifying and accelerating the security analyst experience throughout the incident lifecycle. The IBM Security QRadar Suite represents a sustainable development and extension of the QRadar brand, encompassing all key threat detection, investigation, and response capabilities, with considerable investment in portfolio innovation. The IBM QRadar Suite operates on an open basis and has been designed specifically for hybrid cloud workloads.
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