Global hybrid cloud market set for growth

Global hybrid cloud market set for growth

The hybrid cloud market is set to reach a value of $84.67 billion (£56.91 billion) by 2019, according to new research.

A study by MarketsandMarkets, a consulting and marketing research firm, found the market is due to grow from the $25.28 billion in 2014, with a combined annual growth rate (CAGR) of 27.3 per cent from 2014 to 2019.

However, adoption rates for hybrid cloud systems have been slow over the course of recent years, with the company's study finding that only 48 per cent of respondents are planning to adopt hybrid cloud systems and services in the near future.

According to the report, the adoption of cloud computing has often been hampered by growing concerns over privacy and security.

Those concerns mirror the findings of a Crowd Research survey, which uncovered that nine out of ten organisations were “moderately concerned” to “very concerned” about cloud security.

However, the market is expected to see increased growth over the course of the next few years, with the MarketsandMarkets research finding that a growing number of organisations are combining public and private models, suggesting the future of hybrid clouds cloud computing is evolving.

The hybrid model is expected to see a rise in all cloud infrastructure services, including consulting, integration, cloud management, cloud security, and networking.

In another report, MarketsandMarkets found that the rapid adoption of cloud computing is making firms spend a greater amount of money on security, which could lead to other benefits such as scalability and stability.

The growing demand is playing a major role in molding the cloud-based security services market, which could reach $8.71 billion in 2019.