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Software industry

Hybrid Cloud Market to Grow by USD 67.62 Billion During 2020-2024

Strategic Insights

— 1 min read

The hybrid cloud market is poised to grow by USD 67.62 billion during 2020-2024, with a compound annual growth rate (CAGR) of almost 20%. The market is fragmented, with key players such as Accenture Plc, Alphabet Inc., CenturyLink Inc., Cisco Systems Inc., Dell Technologies Inc., Equinix Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., and Microsoft Corp. The security and compliance benefits are driving the growth of the market, and vendors are focusing on the growth prospects in fast-growing segments while maintaining their positions in slow-growing segments.

Key Takeaways:

  • The hybrid cloud market is estimated to grow by USD 67.62 billion during 2020-2024, with a CAGR of almost 20%.
  • The market is fragmented, with Accenture Plc, Alphabet Inc., CenturyLink Inc., Cisco Systems Inc., Dell Technologies Inc., Equinix Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., and Microsoft Corp. being major market participants.
  • The security and compliance benefits are driving the growth of the market, allowing vendors to focus on growth prospects in fast-growing segments.
  • Lower TCO is one of the prime reasons driving the hybrid cloud market growth during the next few years.
  • The market is segmented into end-user BFSI, retail, healthcare, telecom, and others, with BFSI being the largest segment in 2019.
  • North America is expected to be the largest geographic segment, accounting for 35% of the market size, followed by Europe and APAC.

Statistics:

  • The hybrid cloud market is expected to grow by USD 67.62 billion during 2020-2024, with a CAGR of almost 20%.
  • The market is expected to grow by 35.1% in North America, 29.8% in Europe, and 28.6% in APAC.
  • The BFSI segment is expected to be the largest, accounting for 34% of the market size, followed by retail and healthcare.
  • North America is expected to account for 35% of the market size, followed by Europe (23%) and APAC (22%).

Sources:

  • Technavio Research, "Hybrid Cloud Market 2020-2024, Segmentation, Size, Trends, Opportunities and Forecast"
  • Technavio Research, "Hybrid Cloud Market 2020-2024, Scope, Market Definition, Value Chain Analysis, Market Sizing, Market Outlook"
  • Technavio Research, "Hybrid Cloud Market 2020-2024, Vendor Analysis, Market Positioning, Vendor Landscape"

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