The global hybrid cloud storage market garnered a market value of USD 55,678.0 Million in 2022 and is expected to accumulate a market value of USD 1,87,982 Million by 2032 registering a CAGR of 12.9% in the forecast period 2022 to 2032.
Factors behind this massive market expansion are:
| Report Attribute | Details |
|---|---|
| Expected Market Value (2022) | USD 55,678.0 Million |
| Anticipated Forecast Value (2032) | USD 1,87,982 Million |
| Projected Growth Rate (2022 to 2032) | 12.9% CAGR |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The hybrid cloud storage market size in North America is anticipated to be the greatest due to the thriving IT sector in the countries of this region.
The presence of a dynamic corporate environment, the rising use of numerous cloud services for cost savings, and an unavoidable need to improve productivity and efficiency through centralized cloud governance are the key reasons that will continue to propel the growth of the hybrid cloud storage market.
Numerous local businesses are transitioning from the public cloud to a new age of hybrid IT, which mixes the public cloud, private cloud, and conventional IT. These businesses have adopted a hybrid cloud approach, which helps them grow their operations and provide customer service. Government policies in the nations in this region support digitization as well, which has fueled the growth of the global hybrid cloud storage market in this region.
Research released by Stormforge in April 2021 states that 18% of North American respondents indicated that their company spends between USD 100,000 and USD 250,000 per month on cloud computing. In addition, 44% of respondents anticipate a little rise in cloud spending over the coming year, while another 32% predict a considerable increase in cloud spending for their firm over the same period. Additionally, vendors are supporting the hybrid approach in a variety of ways.
Companies in North America are actively engaged in strategic mergers and acquisitions. For instance, to improve its cloud offerings, American technology giant IBM purchased Sanovi Technologies. Sanovi offers business continuity, cloud migration, and hybrid cloud recovery software for corporate data centers and cloud infrastructure.
There are several significant participants in the extremely fragmented hybrid cloud industry. Few big firms now control the majority of the industry in terms of market share. These significant industry participants are concentrating on growing their consumer base internationally.
These businesses use tactical joint ventures to raise their market share and profitability. For instance, Citrix Systems and Google Cloud announced a new partnership in October 2021, as part of which Citrix would introduce a new Desktop-as-a-Service (DaaS) product on Google Cloud.
To support the smooth delivery of virtualized apps and desktops on Google Cloud, the service makes use of Citrix's management plan and HDX protocol. To improve the capabilities of their products, industry players are also buying up startups developing hybrid cloud technology.
New players in the hybrid cloud storage market are concentrating on providing hybrid cloud storage services, primarily for business and financial services.
Advanced storage solutions are being introduced by several international service providers to make data availability and accessibility across hybrid clouds simpler. The businesses are concentrating on providing streamlined hybrid storage systems.
For instance, For HPE GreenLake, the company's flagship product that enables businesses to update all of their apps and data, Hewlett Packard Enterprise introduced platform upgrades and new cloud services in June 2022.
This includes a contemporary private cloud that has been reinvented and offers a cloud-native experience to enable any organization's hybrid approach, regardless of location.
Challenges such as keeping a secure backup and lack of storage space on either a cloud or on-premise were eliminated with the introduction of hybrid cloud storage as hybrid cloud storage, in integration, uses both on-premises and cloud storage services.
Hybrid cloud storage supplements on-premise storage in addition to public cloud storage by keeping frequently used data on-premise while storing inactive data on the cloud simultaneously. Hybrid cloud storage, henceforth, enables flexibility in operation and efficiently undergoes the process of transferring data between the two environments.
Principal Consultant
Different organizations use hybrid cloud storage differently. For some hybrid cloud storage is a mediator between their on-site data storage and public cloud, while for some hybrid cloud storage leverages the scalability of cloud computing to have an access to a more stable and flexible storage platform.
Hybrid Cloud storage is widely adopted by enterprises whose volume of storage is considerably high. Furthermore, due to several benefits offered, high demand for hybrid cloud storage is witnessed by both large and small & medium-sized enterprises.
Low costs associated with an enterprise hybrid cloud storage solution, due to its consolidated storage infrastructure and automated data management, are a major factor driving the growth of the hybrid cloud storage market.
Added security offered to enterprises is the primary reason for the high demand witnessed, for hybrid cloud storage. In addition to this, added features such as flexibility, stability, faster data recovery, and reduced latency are expected to drive the overall hybrid cloud storage market.
The complexity observed in maintaining an efficient network across both cloud and on-premise is one of the restraining factors for the hybrid cloud storage market. Additionally, compatibility across dual levels of infrastructure to run different stacks efficiently is another major challenge faced by hybrid cloud storage.
Certain geographical locations do not possess a strong network bandwidth to support the integration of hybrid cloud storage systems, thus impeding the growth of the market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
End-user industries present in the USA and Canada are relying on private clouds and public clouds. The increasing dependency on the same for completing various tasks such as data collection and retrieving information is augmenting the growth of the hybrid cloud storage market.
In addition, companies such as IBM, HudsonAlpha, and VMWare are creating lucrative opportunities for hybrid cloud storage in North America.
Owing to the above-mentioned reasons, North America is expected to hold a 32.2% market share for the hybrid cloud storage market in 2022.
Europe is a hub of technological advancement. The strong presence of the IT industry, healthcare sector, and the automotive sector has increased the demand for hybrid cloud storage systems. Moreover, digitalization and automation especially in countries like the United Kingdom. and Germany is augmenting its reliance on the hybrid cloud storage market.
Due to the reasons mentioned above, Europe is expected to possess a 24.7% market share for the hybrid cloud storage market in 2022.
Growing internet penetration along with customization of hybrid cloud services is favoring the growth of the hybrid cloud storage market, especially in India and China. In addition, the increasing population and end-user industries in the Asia Pacific region are propelling the growth of hybrid cloud storage systems as they offer a secure space for storing and maintaining information.
Asia Pacific is expected to procure a 27% market share for the hybrid cloud storage market in 2022.
Some of the key players in the hybrid cloud storage market are Virtustream, Hewlett Packard Enterprise, Gigas, Stratoscale, and Quali
Some of the key players in the hybrid cloud storage market are IBM Corporation, Microsoft Corporation, NetApp, Amazon Web Services, Inc., VMware, Inc., Micro Focus, Google Cloud Platform, Dell Inc., Rackspace, Inc., Panzura, Spectra Logic Corporation, Cloudian, and Quantum Corporation.
| Report Attribute | Details |
|---|---|
| Market Value in 2022 | USD 55,678.0 Million |
| Market Value in 2032 | USD 1,87,982 Million |
| Growth Rate | CAGR of 12.9% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Enterprise Type, Industry Verticals, Region |
| Regions Covered |
North America; Latin America; Western Europe; Eastern Europe; Asia Pacific Excluding Japan; Japan; Middle East and Africa |
| Key Countries Profiled |
United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled |
IBM Corporation; Microsoft Corporation; NetApp; Amazon Web Services, Inc.; VMware Inc.; Micro Focus; Google Cloud Platform; Dell Inc.; Rackspace, Inc.; Panzura, Spectra Logic Corporation; Cloudian; Quantum Corporation. |
| Customization | Available Upon Request |
FMI projects the global hybrid cloud storage market to expand at a 12.9% value CAGR by 2032.
North America is expected to hold a 32.2% market share for the hybrid cloud storage market in 2022.
IBM Corporation, Microsoft Corporation, NetApp, Amazon Web Services, Inc., VMware, Inc., Micro Focus, Google Cloud Platform, Dell Inc., Rackspace, Inc., Panzura, Spectra Logic Corporation, Cloudian, and Quantum Corporation are some prominent hybrid cloud storage manufacturers.
1. Executive Summary | Hybrid Cloud Storage Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Enterprise Type 5.1. Large Enterprises 5.2. Small and Medium-Sized Enterprises 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Industry Verticals 6.1. Government & Public 6.2. BFSI 6.3. Retail 6.4. Healthcare 6.5. Telecommunication and IT 6.6. Media and Entertainment 6.7. Others 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. IBM Corporation 15.2. Microsoft Corporation 15.3. NetApp 15.4. Amazon Web Services, Inc 15.5. VMware, Inc. 15.6. Micro Focus 15.7. Google Cloud Platform 15.8. Dell Inc 15.9. Rackspace, Inc 15.10. Panzura 15.11. Spectra Logic Corporation 15.12. Cloudian 15.13. Quantum Corporation 16. Assumptions & Acronyms Used 17. Research Methodology
Explore Technology Insights
View Reports
Hybrid Cloud Storage Market
