Market Overview:
The OpenStack Service Market is emerging at a faster pace, and the market value is assumed to reach around USD 8 billion by the end of 2023, with a CAGR of 29% during the forecast period from 2020-2027.
Openstack is a set of software tools used for managing and building cloud computing platforms. OpenStack service Market is managed by a non-profit foundation which seeks development in cloud computing. OpenStack helps in deploying virtual machines which are helpful for managing entire cloud environment remotely. Openstack is an open source software which can be modified by the source code within the organization. Openstack helps users to quickly add a new instance, upon which other cloud components can run. Many enterprises have realized the significant cost savings over public and private cloud alternatives. The openstack operates under four principles such as open source, open community, open development and open design.
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Key Players
Some of the key players in the field of global OpenStack Service Market are Canonical (U.K), Huawei (China), Cisco Systems (U.S.), SUSE (Germany), VMware (U.S.), Hewlett Packard Enterprise (U.S.), Oracle Corporation (U.S.), Dell Inc. (U.S.), IBM Corporation (U.S.), Red Hat (U.S.), Rackspace (U.S.), Mirantis (U.S.), Platform9 Systems (U.S.), EasyStack (China), Bright Computing (the Netherlands) and others. The key players are constantly innovating and investing in research and development activates to generate a cost-effective product portfolio.
Market Segmentation
The OpenStack service market is bifurcated into organization size, deployment, component, and vertical.
Based on organization size, the global OpenStack Service Market is categorized into large-scale enterprises and Small-medium enterprises.
By deployment, the market is classified into private cloud, public cloud, and hybrid.
Based on components, the market is further divided into services and solutions. The service segment contains installation and integration services, support and maintenance services, and consulting services.
Based on Verticals, the market includes sectors like IT and Telecommunication. BFSI, retail, manufacturing, government, and many more.
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Regional Analysis
The market is studied on various geographies such as North America, Asia Pacific, Europe, and the remaining parts of the world. North America has the major OpenStack Service Market share and is expected to dominate the market share during the forecast period. The key market players’ presence in the region and continuous advancements in cloud technology drives the market growth.
Europe will have a significant growth in the forecast years due to the usage of the private cloud and rapid adoption of BYOD or bring your own device policy. Big data analytics will also fuel the market growth in this region. In Asia-Pacific, the increasing usage of cloud services will boost the expansion of market size in the forecast period.