The hybrid cloud market is expected to grow from more than $44bn in 2018 to almost $98bn by 2023, reflecting a CAGR of 17% during the forecast period, according to a report by MarketsandMarkets.
The report has linked the growth to the growing need from organizations for agile, scalable and cost-efficient computing; the increasing demand for interoperability between new cloud services and existing systems; rising concern about vendor lock-in; and escalating digitalization.
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Of the growth, MarketsandMarkets commented: "The demand for hybrid cloud is increasing as organizations are deploying the hybrid cloud solution to overcome complexities existing in the traditional IT environment.
"Moreover, the hybrid cloud solution offers numerous benefits, such as the reduced total cost of ownership, high security, flexibility, agility, and improved economies of scale."
During the forecast period, the infrastructure-as-a-service (IaaS) segment is expected to hold the largest share of the market due to its ability to transfer workloads from on-premises systems to the cloud during peak demand. Using IaaS, companies are able to allocate resources for more important business processes, optimizing their performance, delivery speed, flexibility and productivity.