Hybrid Cloud Market by Application, Types, End-User, Regional Analysis and Forecast up to 2024
Global Hybrid Cloud Market: Overview
Hybrid cloud refers to a computing platform that incorporates both private and public cloud networks. Companies implement hybrid cloud as a way to increase the efficiency of business processes by bringing together the speed and reliability of private cloud and the economic and more scalable nature of public cloud as compared to the other. The combination of two varieties of cloud networks allow companies to exploit the benefits of both. Thus hybrid cloud has emerged as a more feasible solution for companies struggling to bring down the high costs involved in operating solely with the help of private cloud.
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Global Hybrid Cloud Market: Trends and Opportunities
Some of the key factors driving the market for hybrid cloud include the increased awareness regarding the high efficiency achieved in business processes through hybrid cloud, the rising volumes of business data, and increased implementation of Internet of Things across industries. The rising popularity of big data management tools across organizations is also leading to the increased incorporation of hybrid cloud; the value additions in business operations achieved through big data techniques can be enhanced through the use of flexible and compatible cloud networks, which allow the smooth assimilation of data into the operational databases of companies.
Regardless of the vast benefits of hybrid cloud, the market faces restraints such as the high costs of installation as compared to the installation of a single cloud network as the former requires the deployment of two distinct cloud networks. Moreover, the relatively newer field of hybrid cloud could also mean that new kinds of data security issues might arise. Although ongoing technological developments will likely make the field more secure and cost-effective in the near future, the lack of the same presently hinders the overall growth prospects of the market to a certain extent.
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Global Hybrid Cloud Market: Segmentation
The global market for hybrid cloud can be analyzed on the basis of criteria such as application, end-use sector, size of organization, service model, and geography. Key applications of hybrid cloud are found in areas such as data security, data hosting, orchestration, and disaster recovery. By end use, BFSI, IT and telecommunication, government, retail, healthcare, manufacturing, logistics are among the leading end-use segments of the market. On the basis of size of organization, the hybrid cloud market can be segmented into large-, medium, and small-sized organization. Based on service model, the market can segmented into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS).
Global Hybrid Cloud Market: Geographical and Competitive Dynamics
From a regional perspective, the global hybrid cloud market is dominated by North America. Key factors attributable to the strong presence of the hybrid cloud market in the region include the presence of some of the world’s leading technology companies, which has made hybrid cloud networks more easily accessible than other regions, and the rising demand for industrial and business automation in the region. However, the Asia Pacific market is expected to exhibit growth at a significant pace owing to the rapid adoption of digitization across the industrial and business sectors. The rapid growth of the Asia Pacific market will make it a key contender in the global market in the next few years.
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