Hybrid Cloud Market is Booming and Predicted to Hit US$ 558.6 Billion by 2032

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SHERIDAN, WYOMING, UNITED STATES, February 28, 2024 /EINPresswire.com/ -- IMARC Group's report titled "Hybrid Cloud Market Report by Component (Solutions, Services), Service (Professional Services, Managed Services), Service Type (Cloud Management and Orchestration, Disaster Recovery, Hybrid Hosting), Service Model (Infrastructure as a Service, Platform as a Service, Software as a Service), Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), Vertical (Government and Public Sector, Healthcare, Banking, Finance, Services and Insurance (BFSI), Retail, Information and Communication Technology, Manufacturing, and Others), and Region 2024-2032". The global hybrid cloud market size reached US$ 125.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 558.6 Billion by 2032, exhibiting a growth rate (CAGR) of 17.5% during 2024-2032.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/hybrid-cloud-market/requestsample

Factors Affecting the Growth of the Hybrid Cloud Industry:

● Rising Focus on Flexibility and Scalability:

The escalating demand for flexibility and scalability in information technology (IT) infrastructure is propelling the market growth. In addition, companies are constantly facing changing workloads and requirements. Hybrid cloud solutions address this challenge by allowing organizations to combine on-premises infrastructure with cloud resources. Moreover, hybrid cloud allows companies to scale their computing resources up or down based on their needs. During peak periods, organizations can utilize the vast computing power of public cloud providers, while during off periods, they can rely on their on-premises infrastructure, which optimizes costs and resource allocation.

● Increasing Need for Cost-Effective Solutions:

The increasing need for cost effective solutions is contributing to the growth of the market. In line with this, companies are seeking ways to optimize their IT spending. A hybrid cloud allows companies to maintain a balance between on-premises and cloud resources. Moreover, organizations can allocate workloads to the most cost-effective environment. Non-sensitive, routine tasks can run on the cost-efficient on-premises infrastructure, while more demanding or fluctuating workloads can be offloaded to the public cloud. This approach minimizes overall IT expenses, as companies pay only for the resources they utilize.

● Data Security and Compliance:

Data security and compliance are vital concerns for organizations across various industries. Apart from this, a hybrid cloud allows organizations to keep sensitive data and critical workloads on-premises, where they can maintain full control over security measures. This approach minimizes the exposure of sensitive information to potential external threats. Meanwhile, non-sensitive data and less critical applications can be hosted in the public cloud. In addition, a hybrid cloud enables companies to establish a comprehensive data governance strategy. Organizations can implement encryption, access controls, and monitoring tools to ensure data integrity and compliance with regulatory frameworks.

Leading Companies Operating in the Global Hybrid Cloud Industry:

● Alibaba Group Holding Limited
● Amazon Inc.
● CenturyLink 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.
● VMWare Inc.

Ask Analyst for Sample Report: https://www.imarcgroup.com/request?type=report&id=2418&flag=C

Hybrid Cloud Market Report Segmentation:

By Component:

● Solutions
● Services

Solutions represented the largest segment as they enable seamless data flow and resource optimization.

By Service:

● Professional Services
● Managed Services

Managed services accounted for the largest market share due to the rising focus on addressing security concerns.

By Service Type:

● Cloud Management and Orchestration
● Disaster Recovery
● Hybrid Hosting

Hybrid hosting holds the biggest market share on account of the increasing need to optimize performance.

By Service Model:

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

Software as a service accounts for the majority of the market share as it eliminates the need for complex software installations and maintenance.

By Organization Size:

● Small and Medium Enterprises (SMEs)
● Large Enterprises

SMEs exhibit a clear dominance in the market. Hybrid cloud solutions allow SMEs to leverage the benefits of on-premises and cloud environments without incurring exorbitant expenses.

By Vertical:

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

Banking, finance, services, and insurance (BFSI) hold the biggest market share on account of the increasing focus on minimizing disruptions.

Regional Insights:

● 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

North America enjoys the leading position in the hybrid cloud market due to the presence of technologically advanced infrastructure and cloud ecosystems.

Global Hybrid Cloud Market Trends:

The rising focus on ensuring continuous operations is bolstering the market growth. In line with this, hybrid cloud solutions offer redundancy and data backup capabilities. It also allows companies to quickly recover their systems and data and minimize downtime and financial losses in the event of unforeseen disruptions or data loss.

The escalating demand for real-time data processing is supporting the growth of the market. Apart from this, hybrid cloud enables organizations to process data at the edge while centralizing and further analyzing it in the cloud.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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