The global hybrid cloud market is expected to post a CAGR of more than 18% during the period 2019-2023, according to the latest market research report by Technavio.
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A key factor driving the growth of the global hybrid cloud market is the security and compliance benefits. Several organizations hesitate to adopt public cloud solutions owing to their security and compliance concerns. Although service providers implement features such as secure multitenancy, the nature of the public cloud service leaves them open to attacks from hackers. In addition, there are many regulations that impose certain restrictions on where the data can be stored. Hence, the adoption of hybrid cloud solutions is increasing as they offer organizations the flexibility to store their critical data on-premises and move the less important data to the public cloud. Hybrid cloud solutions provide higher design and architecture flexibility, coupled with a higher level of security. These solutions allow organizations to use a firewall in the private cloud component, thereby restricting the data access only to employees. Such security and compliance benefits of hybrid cloud solutions will fuel their demand during the forecast period.
As per Technavio, the emergence of containers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global hybrid cloud market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global hybrid cloud market: Emergence of containers to enhance hybrid cloud services
With the demand for hybrid cloud deployments increasing at a significant rate, organizations in the industry are looking for a consistent application development environment. Containers and microservices have emerged as alternative solutions to virtual machines, which consume large amount of resources. Containers do not need a guest operating system or a hypervisor as they share the kernel of the operating system. Containers combine all the operating system dependencies in a single package, thereby reducing the issues faced by organizations when moving applications between different environments. Containers also offer agility and cost benefits that are difficult to achieve with virtualization technologies. This and many other applications of containers are likely to make them a popular choice in the hybrid cloud market.
“Apart from the emergence of containers that may enhance hybrid cloud services, factors such as the growing demand for colocation services providers for hybrid cloud, and the increasing adoption of cloud orchestration and cloud management software will have a significant impact on the growth of the hybrid cloud market during the forecast period,” says a senior research analyst at Technavio.
Global hybrid cloud market: Segmentation analysis
This market research report segments the global hybrid cloud market by end-user (BFSI, retail, healthcare, telecom, and others) and geographic regions (North America, APAC, Europe, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The market growth in North America can be attributed to the growing number of organizations moving their workloads from the public cloud to on-premises data centers. This is mainly due to the improved performance of on-premises systems, and growing concerns over data sovereignty issue and security issues.
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Five Forces Analysis
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- Vendors covered
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