OpenStack Service Market projected to reach to worth 5.66 Billion USD by 2022
(Telecom-NewsWire.Net, July 09, 2018 ) According to a new market research report "OpenStack Service Market by Component (Solution, Service), Organization Size (Large Enterprises, Small & Medium Enterprises), Vertical (IT, Telecommunication, Academic & Research, BFSI, Retail & E-Commerce), and Region - Global Forecast to 2022", The OpenStack service market is expected to grow from USD 1.63 Billion in 2017 to USD 5.66 Billion by 2022, at a CAGR of 28.3% from 2017 to 2022. The market is primarily driven by the advantages offered by OpenStack services, such as fast and easy deployment, no compulsion of vendor lock-in, and wide community support.
Browse 77 tables and 39 figures spread through 138 pages and in-depth TOC on "OpenStack Service Market"
Based on component, the service segment is expected to witness a higher growth rate during the forecast period
Based on component, the service segment of the OpenStack service market is expected to witness a higher growth rate than the solution segment from 2017 to 2022. The growth of the service segment is due to the growing need to simplify the maintenance, operation, and control of open source platforms. The high IT complexity of cloud has also supported the growth of services associated with the open source platform. The high cost of managing and monitoring enterprise-ready open source technologies is another factor driving the growth of the service segment.
Based on organization size, the small & medium enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period
Based on organization size, the SMEs segment of the OpenStack service market is estimated to witness a higher growth rate than the large enterprises segment during the forecast period. SMEs have budget constraints on investing in IT infrastructure equipment, whereas implementing OpenStack infrastructure-as-a-service could save the additional costs incurred in purchasing licenses and supporting hardware. The benefits associated with the implementation of OpenStack service are expected to drive the adoption of OpenStack solutions by SMEs in the near future.
Based on vertical, the telecommunication segment is expected to grow at the highest CAGR during the forecast period
Based on vertical, the telecommunication segment of the OpenStack service market is expected to witness the highest growth in the coming years. This segment has accelerated the adoption of Network Function Virtualization (NFV) using OpenStack, to increase network agility and mitigate installation and management costs.
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