An OpenStack service is a modular cloud computing platform that offers various components and functionalities for constructing and overseeing public and private clouds. OpenStack services are engineered to be highly scalable, interoperable, and customizable, enabling users to deploy and manage cloud infrastructure according to their specific needs.
Sizing and Forecast
The OpenStack service market size has grown exponentially in recent years. It will grow from $16.21 billion in 2023 to $20.18 billion in 2024 at a compound annual growth rate (CAGR) of 24.31%. The growth in the historic period can be attributed to flexibility and customization, vendor neutrality, community support, and innovation and experimentation.
The OpenStack service market size is expected to see exponential growth in the next few years. It will grow to $43.86 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%. The growth in the forecast period can be attributed to edge computing integration, AI and machine learning integration, containers and Kubernetes integration, hybrid and multi-cloud strategies, data management and governance. Major trends in the forecast period include ai-driven automation, standardization and interoperability, ecosystem convergence, regulatory compliance enhancements, and industry-specific solutions.
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Segmentation & Regional Insights
The openstack service market covered in this report is segmented –
1) By Component: Services, Solutions
2) By Deployment Model: On-Cloud, On-Premise
3) By End-User Industry: Information Technology, Telecommunication, Banking And Financial Services, Academic, Retail Or E-Commerce
Europe was the largest region in the openstack service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the openstack service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing demand for hybrid and multi-cloud deployments is expected to propel the growth of the open-stack service market going forward. A hybrid cloud environment comprises private and public cloud services, while a multi-cloud model includes two or more public cloud services. The demand for hybrid and multi-cloud deployments is increasing due to their ability to offer flexibility, scalability, resilience, and cost-effectiveness to organizations. Hybrid and multi-cloud deployments with OpenStack enable organizations to optimize resource utilization by dynamically allocating workloads across different cloud environments based on performance, cost, and regulatory considerations. For instance, in December 2023, according to CloudZero Inc., a US-based cloud computing company, most organizations deployed a hybrid cloud (39% vs. 36% last year) or a multi-cloud strategy (33%) to leverage multiple services, achieve scalability, or support business continuity. Additionally, four out of five companies use two or more IaaS or PaaS providers. Therefore, the increasing demand for hybrid and multi-cloud deployments is driving the growth of the open-stack service market.
Key Industry Players
Major companies operating in the openstack service market are Dell Inc., Huawei Technologies Co. Ltd., IBM Corporation, Cisco Systems Inc. , Oracle Corporation, Hewlett Packard Enterprise Company, VMware Inc., NetApp Inc., Red Hat Inc., Rackspace US Inc., SUSE Software Solutions Germany GmbH, Canonical Ltd., Docker Inc., Nuage Networks, EasyStack Inc., Mirantis Inc., Bright Computing Inc., Trilio Data Inc., CloudFerro S.A., CloudEndure Ltd., Platform9 Systems Inc., Cloudscaling Group Inc., Piston Cloud Computing Co., Nebula Inc., Nexenta Systems Inc.
The openstack service market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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