MarketsandMarkets Says Hybrid Cloud Market to be Worth $91.74 Billion by 2021
April 29 -- According to a new market research report, "Hybrid Cloud Market by Solution (Cloud Management and Orchestration, Disaster Recovery, Security and Compliance, and Hybrid Hosting), by Service (Professional Services and Managed Services), by Service Model (IaaS, PaaS, and SaaS) - Global Forecast to 2021", published by MarketsandMarkets, The market is estimated to grow from USD 33.28 Billion in 2016 to USD 91.74 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period.
The tremendous growth of the analytics market and its inclination towards scalable and flexible cloud-based solutions provides immense opportunities to the hybrid cloud solution and service vendors, who provide advanced hybrid cloud solutions to the business organizations.
"The disaster recovery solution segment is expected to show a significant growth during the forecast period"
The disaster recovery solution is expected to grow at the highest CAGR while hybrid hosting solution is expected to have the largest market share during the forecast period. The disaster recovery solution enables the backup and recovery of data and applications on secondary storages or infrastructure. The hybrid hosting solution is expected to have the highest market share as it combines the scalability and flexibility of virtual cloud servers with the security and performance of dedicated hosting.
"The SaaS service model is expected to show significant growth during the forecast period"
The SaaS service model is expected to grow at the highest CAGR while IaaS service model is expected to have the largest market share during the forecast period. Several SaaS vendors in the market offer applications as a service to the end users and focus on the hybrid cloud management software. Since the hybrid cloud environment adopts functionalities of both public and private cloud, the requirement for an application that can operate in a hybrid environment also increases.
"Asia-Pacific (APAC) is expected to be the fastest-growing region in the hybrid cloud market."
Considering the regional analysis of the Hybrid Cloud Market, North America is projected to hold the largest market share. The market in APAC is in the growth phase and is the fastest-growing region for the global Hybrid Cloud Market. The key reason for this high growth rate is the increasing utilization of data centres and cloud services and increasing trend of large enterprises combining private and public operations for hybrid cloud computing.
There are various companies that have started offering innovative and efficient hybrid cloud solutions and services. The major vendors providing hybrid cloud solutions and services are Hewlett-Packard; Microsoft Corporation; IBM Corporation; Cisco Systems; Equinix, Inc.; Oracle Corporation; VMware, Inc., Citrix Systems, Inc.; Rackspace, Inc.; and Amazon Web Services, Inc.
The scope of the report covers detailed information regarding the major factors influencing the growth of the Hybrid Cloud Market, such as drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, partnerships, collaborations, expansions, and competitive landscape associated with the Hybrid Cloud Market.
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Source: MarketsandMarkets
