Cloud computing is an evolving concept involving a large number of computers that are connected through internet and other such real-time communication networks. Amongst various types of cloud computing, hybrid cloud is known as the strongest model for multiple deployments. It is a composition of two or more clouds with unique entities. Increasing applications of cloud computing in small, midsize and large organizations is attracting great business to hybrid cloud market as well. Cost saving features and advanced applications of these services are expected to help the industry gain great profit in terms of global expansion, demand and market trends. Constant technological advancements is another driver for cloud computing technologies to succeed on global platform.
Strong Drivers for Hybrid Cloud Computing Market
Along with small and medium businesses or SMBs, large organizations are also attracted towards hybrid cloud services, which are ideal to take care of their core business. Hybrid cloud service is cost effective and has higher level of technological expertise, which helps these organizations to manage their businesses in the most advanced and trouble free manner. Another factor separating these services from private and public cloud is the fact that they combine the best practices of both these services, making them ideal for diverse applications. Due to the cost effective nature of its services, hybrid cloud market is making inroads into small and medium organizations that are on the quest for inexpensive ways to manage their operations.
In order to understand the hybrid cloud market in a better way, experts have segmented the global market on the basis of different factors. These factors include the types of services, components, applications, deployments in various industrial verticals and geographic regions. These services enable organizations to bridge the gap between different types of cloud computing and leverage high-tech infrastructure, which has become the need of the hour for a business of any size. Cloud bursting is another feature of hybrid cloud services, which helps businesses to shift their workload into public cloud if there is an added workload. As a result, companies need not build a special infrastructure to address increasing traffic.
As a positive influence of all these factors hybrid cloud market is witnessing strong growth in different industrial verticals including retail, customer goods, telecommunication, and information technology. According to market research reports, the industry is poised to grow at an estimated CAGR of over 30% from 2013 to 2018. During the forecasting period of over four to five years, the market is expected to reach $79.54 billion in 2018. In 2013, the market was worth $21.27 billion. Although North America is the dominating geographic region, Asia Pacific region is expected to witness remarkable growth during the forecasting period.