NEW YORK, Feb. 20, 2024 /PRNewswire/ — The potential growth difference for the hybrid cloud market between 2023 and 2027 is USD 127 billion. North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and drivers that shape the market during the forecast period. North America is expected to lead in terms of revenue contribution in the cloud services market. When public cloud services were introduced more than a decade ago, North America was the fastest region to adopt them. Most of the established global public cloud providers are headquartered in the United States and have multiple data centres throughout the country. These solutions offer organizations additional computing or storage capabilities based on their business requirements. Regulations such as HIPAA and PCI-DSS are driving North American organizations to consider hybrid cloud approaches due to their benefits, such as cloud governance and security. In addition, the enterprise solution is expected to increase the profitability of managed service providers (MSPs). The offering includes a single-tenant hosted private cloud solution developed by CenturyLink. The solution is expected to provide significant flexibility, cost savings, and data security. Such factors are expected to drive the market growth during the forecast period. Buy the full report here
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19.48% |
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Market growth 2023-2027 |
USD 127 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
19.27 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 45% |
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Key countries |
US, Canada, China, UK, and Germany |
The hybrid cloud solutions’ lower TCO is a key factor driving market growth. The flexibility of using further computing and storage resources as required by the client’s needs is offered in cloud solutions. It is especially useful in the case of customers, who may need additional resources temporarily. For testing and development of new applications, hybrid cloud solutions provide an opportunity to use the public cloud. This will allow organizations to make use of on-premises servers for their critical tasks while developing new applications in the cloud.
The hybrid cloud market has been segmented by component (services and solutions), end-user (BFSI, retail, healthcare, telecom, and others), and geography (North America, Europe, APAC, South America, and Middle East, and Africa).
- The market share growth by the services segment will be significant during the forecast period. There are different professional services, which include consulting, migration, training, and support, within the service segment of the Global Hybrid Cloud Market. A hybrid cloud service provides end users with information about data storage architecture, migration services for transferring data safely, training, and technical support in a seamless manner. As they assist businesses in building structures, increasing the efficiency of operations, and boosting their productivity, these services are vital to companies.View the Free Sample Report
Key Companies in the Hybrid Cloud Market:
Accenture Plc, Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., Dell Technologies Inc., DXC Technology Co., Equinix Inc., Furukawa Electric Co. Ltd., Hewlett Packard Enterprise Co., Intel Corp., International Business Machines Corp., Kyndryl Inc., Lumen Technologies Inc., Microsoft Corp., Nutanix Inc., Oracle Corp., Panzura LLC, Rackspace Technology Inc., and VMware Inc.
Related Reports:
The Private and Public Cloud in Financial Services Market size is estimated to grow at a CAGR of 19% between 2023 and 2028. The market size is forecast to increase by USD 106.43 billion.
The Cloud Storage Services Market size is estimated to grow at a CAGR of 19.56% from 2023 to 2028, with an estimated market size to increase by USD 123.84 billion.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by End-User
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
