The Global Hybrid Cloud Market has been anticipated to value USD 63,658.0 million in 2021 and reach USD 667,916.4 million by 2030 at a CAGR of 29.8% during the forecast period. Growing demand for agile, scalable computing and cost-effective services is expected to drive the hybrid cloud market. Also, increasing adoption of digital services is further boosting the market growth.
Hybrid cloud is a cloud computing environment that consists of private cloud or third party, public cloud, and on-premises services with orchestration between these platforms. The connection involves other private assets, clouds, and edge devices. A typical connection includes an on-premises data center to the public cloud. Hybrid cloud allows the organizations to deploy their workloads in public clouds or private IT environments to move between them as cost changes and computing needs. This process offers advantages to businesses like greater flexibility and more data deployment options. Furthermore, it provides great agility & scalability, resiliency & interoperability and allows companies to meet regulatory requirements.
Digital transformation is a vital factor promoting the demand for cloud computing services. Hybrid cloud platforms are supporting the major market players to accomplish their current business conditions by aligning with digital transformation. To remodel the current IT infrastructure, small & medium scale corporations are adopting hybrid cloud services, which will further augment the market growth. However, poor security practices and a lack of expertise can restrain the market growth during the forecast period.
Growing digitalization also contributed to market growth owing to changing user preferences. This has urged organizations to accustom themselves to the digital environment. Also, to fulfill business concerns quickly, various corporations have started embracing new technologies like big data, internet of things (IoT), machine learning, and others. This has provided solution to solve the crucial workloads and elevated the demand for greater computational power, driving the market growth. The ongoing enhancements in IT infrastructure in developing regions will further augment the market growth.
Impact of COVID-19 on Global Hybrid Cloud Market
The pandemic has accelerated the interest and adoption of cloud services. As customers shifted their working and learning from offices to home, cloud services demand and use increased during the COVID-19 period. IT organizations with a cloud environment can adapt according to the current crisis, as they can easily continue or shift to deliver their services. During the pandemic, key players are aggressively investing in cloud services to improve technical infrastructure, product development, and go-to-market capabilities for long-term growth. With continued focus towards digital transformation, market players are investing in digital skills that have become vital for hybrid cloud.
The global Hybrid Cloud Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the hybrid cloud market include Microsoft Corporation, Amazon Web Services, Inc., VMware, Inc., Rackspace Inc., Hewlett Packard Enterprise, Dell EMC, IBM Corporation, Google LLC, Verizon Enterprise, Cisco Systems, Inc.
The availability of secure, scalable, and cost-effective resources will lead to an organization with more opportunities to explore different operational avenues.
Hybrid cloud provides economies of scale while simultaneously delivering security to the sensitive information of businesses.
The rising need for interoperability standards between cloud services and existing systems, increasing focus to avoid vendor lock-in, and growth in digital services and their applications create more growth opportunities.
