The global hybrid cloud storage software market is anticipated to expand at a considerable CAGR during the forecast period, 2020–2026.
A hybrid cloud is an integrated cloud service, which utilizes both, private and public clouds to perform distinctive functions within the same organization. The importance of hybrid cloud has increased on account of the versatility and dynamic nature of work. It offers numerous benefits such as cost efficiency and scalability, flexibility, and security. Owing to these benefits, organizations are shifting toward hybrid cloud to achieve security of data, application, and large storage spaces to reduce their capital expenditure by deploying a combination of the private and public cloud model.
Market Trends, Drivers, Restraints, and Opportunities:
- Surge in need for computational power in organizations and increase in awareness regarding benefits of hybrid cloud are some of the key trends driving the growth of the hybrid cloud storage software market and thus fueling the growth of the market.
- The increasing consumer base, mobile analytics among various industry sectors, high adoption rate of cloud-based services, and social media, is projected to boost market growth.
- Increase in advancements of Artificial Intelligence (AI) results in introduction of the Business Process Automation (BPA). This, in turn, is driving the growth for the market.
- Various large enterprises have adopted cloud storage service which efficiently manage the large customer database, thereby driving the demand for these market over the forecast period.
- Rise in concerns regarding data security and privacy hinders the market growth.
- High cost of investment and intricate analytical workflow is a key restraint of the market.
- Rapid rise in adoption among small- and large-sized organizations and augmented demand among various organizations to boost its IT service management capabilities are the key market opportunities during the forecast period.
- Globally, the online retail space is widening, which is one of the positive trends that is going to foster the growth of the market during the forecast period.
The Major companies in the global hybrid cloud storage software market include Microsoft Corporation, Hewlett Packard Enterprise, VMware, Inc., Google LLC, Dell EMC, Amazon Web Services, Inc., Cisco Systems, Inc., IBM Corporation (International Business Machines), Rackspace Inc., and Verizon Enterprise.
The global hybrid cloud storage software market has been segmented on the basis of
- Software as a Service (SaaS)
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecom
- Media & Entertainment
- Transportation & Logistics
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Hybrid Cloud Storage Software Market Overview
- Global Hybrid Cloud Storage Software Market Analysis and Forecast by Type
- Global Hybrid Cloud Storage Software Market Analysis and Forecast by Application
- Global Hybrid Cloud Storage Software Market Analysis and Forecast by Sales Channel
- Global Hybrid Cloud Storage Software Market Analysis and Forecast by Region
- North Hybrid Cloud Storage Software Market Analysis and Forecast
- Latin Hybrid Cloud Storage Software Market Analysis and Forecast
- Europe Hybrid Cloud Storage Software Market Analysis and Forecast
- Asia Pacific Hybrid Cloud Storage Software Market Analysis and Forecast
- Middle East & Africa Hybrid Cloud Storage Software Market Analysis and Forecast
- Competition Landscape
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