The global market is primarily driven by significant growth in the information technology (IT) sector.

SHERIDAN, WYOMING, UNITED STATES, February 6, 2023 /EINPresswire.com/ -- According to the latest research report by IMARC Group, titled “Hybrid Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global hybrid cloud market size reached US$ 85.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 262.4 Billion by 2027, exhibiting a CAGR of 19.63% during 2022-2027.

Hybrid Cloud Market Definition and Application:

A hybrid cloud is a cloud computing environment made of on-premises, private, and third-party, public cloud services. It comprises a public infrastructure as a service platform and private computing resources, such as on-premises data centers, and network connections. It enables the enterprise to deploy the most sensitive workloads in an on-premises cloud and allows the organization to host less critical resources on a third-party cloud provider to get the benefits of both private and public cloud models. Apart from this, it includes the network, hosting, and web service features of an application and offers resource options that make it easier for provision, deploying and scaling resources to meet demand spikes. It also allows organizations to migrate workloads from their traditional infrastructure and the public cloud of the vendor whenever necessary, which aids in high flexibility and cost-effectiveness. In addition, as a hybrid cloud provides high resiliency and interoperability by facilitating businesses to run workloads redundantly in both private and public environments, its demand is rising across the globe.

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Hybrid Cloud Market Trends and Drivers:

At present, rapid digitization and the proliferation of cloud computing services in fintech represent one of the key factors positively influencing the market. Moreover, the rising adoption of hybrid cloud in banking financial services, and insurance (BFSI) is currently bolstering the growth of the market. They are used to manage application portability to provide a unified and flexible distributed computing environment for easy scaling. Hybrid cloud banks can reduce the risks of compromising data security by adopting a private cloud environment for sensitive information and a public one for other records. Besides this, hybrid cloud decreases network latency when banks use them at edge servers, which is catalyzing their demand worldwide.

In addition, hybrid clouds enable organizations to maintain control over data and provide enhanced scalability of operations, which is fueling the growth of the market. Moreover, the introduction to advanced technologies, such as artificial intelligence (AI), the internet of things (IoT), and machine learning (ML), is propelling the growth of the market. AI helps in automation, integration, and management of data regardless of its storage location. In addition, AI aids in automatically selecting and sequencing the pre-packaged skills needed to perform any task, which, in turn, helps workers perform routine actions, such as scheduling meetings, mission-critical data, and procuring approvals more quickly. Furthermore, the escalating demand for agile, scalable, and cost-effective computing systems is projected to create a positive market outlook in the coming years.

Competitive Landscape Key Player:

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.

The report has segmented the market on the basis on region, component, service, service type, service model, organization size and vertical.

Breakup by Component:

Solutions
Services

Breakup by Service:

Professional Services
Managed Services

Breakup by Service Type:

Cloud Management and Orchestration
Disaster Recovery
Hybrid Hosting

Breakup by Service Model:

Infrastructure as a Service
Platform as a Service
Software as a Service

Breakup by Organization Size:

Small Enterprises
Medium Enterprises
Large Enterprises

Breakup by Vertical:

Government and Public Sector
Healthcare
Banking, Finance, Services, and Insurance (BFSI)
Retail
Information and Communication Technology
Manufacturing
Others

Breakup by Region:

North America:( United States, Canada)

Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)

Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

Latin America: (Brazil, Mexico, Others)

Middle East and Africa

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