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Software industry

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

Strategic Insights

— 2 min read

The hybrid cloud market is poised to experience significant growth, driven by various factors such as security and compliance benefits, lower Total Cost of Ownership (TCO), and increasing adoption of cloud-based solutions. According to a recent report by Technavio, the market is expected to grow at a Compound Annual Growth Rate (CAGR) of almost 20% during the forecast period.

The hybrid cloud market is highly fragmented, with major 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 market is driven by the adoption of cloud-based solutions, which is expected to increase significantly in the next few years.

Key Takeaways:

  • The hybrid cloud market is expected to grow by USD 67.62 billion during 2020-2024, progressing at a CAGR of almost 20% during the forecast period.
  • The market is highly 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. as some of the major market participants.
  • The security and compliance benefits are driving the growth of the hybrid cloud market, offering immense growth opportunities for market vendors.
  • The adoption of cloud-based solutions is expected to increase significantly in the next few years, driven by the need for greater flexibility, scalability, and cost savings.
  • The market is expected to be driven by various factors such as security and compliance benefits, lower TCO, and increasing adoption of cloud-based solutions.
  • The hybrid cloud market is segmented by end-user, geography, and covered vendors.
  • The report includes a detailed market analysis, vendor comparison, and customer landscape analysis, providing a comprehensive understanding of the market.
  • The report includes information on the market's competitive landscape, five forces analysis, and market segmentation, providing valuable insights to vendors and customers alike.

Statistics:

  • The hybrid cloud market is expected to grow by USD 67.62 billion during 2020-2024.
  • The market is expected to progress at a CAGR of almost 20% during the forecast period.
  • 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. are some of the major market participants.
  • The security and compliance benefits are driving the growth of the hybrid cloud market.
  • The adoption of cloud-based solutions is expected to increase significantly in the next few years.

Sources:

  • "Global Hybrid Cloud Market 2020-2024" report by Technavio (https://www.businesswire.com/news/home/20200521005526/en/)
  • Technavio is a leading global technology research and advisory company (https://www.technavio.com/)
  • The report includes a detailed market analysis, vendor comparison, and customer landscape analysis.

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