Hybrid Cloud Market Size, Share, Growth Analysis, By Component(Solution, Services), By Services(Professional Service, Managed Services), By Service Type(Cloud Management and Orchestration, Disaster Recovery, Hybrid Hosting), By Service Model(Infrastructure as a Service, Platform as a Service, Software as a Service), By Workloads(Storage, Backup, and Disaster Recovery, Application Development and Testing), By Organization Size(Small and Medium-Sized Enterprises, Large Enterprises), By Vertical(Banking, Financial Services, and Insurance, IT and Telecommunications), By Region - Industry Forecast 2024-2031

Hybrid Cloud Market size was valued at USD 81.01 billion in 2022 and is poised to grow from USD 97.8 billion in 2023 to USD 348.14 billion by 2031, growing at a CAGR of 17.2% during the forecast period (2024-2031).

A hybrid cloud system is a particular computing system that enables the organization to comfortably combine and manage workloads over a range of platforms. This also includes public cloud services, dedicated cloud resources, and physical premises. In the hybrid computing models, some applications and information are stored in private clouds whereas other information systems and applications are stored in the public cloud infrastructure that is provided by third party providers. Organizations are implementing digital transformations to adapt to new technologies and update their IT systems. The global hybrid cloud market is on the rise due to a few key contributors.

Among the most notable are the growing adoption of digital transformation programs by businesses worldwide, the rise in Big Data consumption, and the expanding use of mobile and the Internet worldwide. It is expected that cloud enablement will be a key factor in the development of their new age industrial solutions thus there will be increased need for performing digital business. Also, as the Internet of Things (IoT) is gaining traction, the 5G technology being rolled out, edge computing that is becoming a reality and the use of AI and ML in real time data analysis, organizations are likely to prioritize a more holistic view of computing. This will solidify the crucial role that cloud solutions play in enabling these transformative technologies.