Insights & Forecast with Potential Impact of COVID-19 - Global Bare Metal Cloud Market 2020-2024| Shift from CAPEX to OPEX MODEL to Boost Market Growth | Technavio
The global bare metal cloud market is expected to grow by USD 7.89 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Bare Metal Cloud Market 2020-2024 (Graphic: Business Wire)
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The shift from the CAPEX model to the OPEX (News - Alert) model is the primary factor driving the adoption of bare metal cloud services in several industry verticals such as BFSI, healthcare, retail, and IT and telecom. The rising cost pressure due to uncertain business and economic conditions has compelled several companies to use flexible IT solutions. Bare metal cloud solutions offer flexibility as they are available in three deployment models, such as public cloud, private cloud, and hybrid cloud. This enables organizations to build their cloud-based infrastructure based on business requirements. Bare metal cloud solutions are also available in pay-per-use model and have no fixed upfront costs, which is attracting end-users. With the growing shift from CAPEX model to OPEX model, the demand for bare metal cloud is expected to increase during the forecast period.
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The global outbreak of COVID-19 has created financial pain for businesses across several industries. At the same time, the pandemic has increased the need for additional investments in the IT sector to support remote work. As a result, the IT industry is expected to witness a mixed growth in the coming future. Similarly, the bare metal cloud market is expected to have a neutral impact of COVID-19 pandemic.
As per Technavio, the the rise in adoption of hybrid bare metal cloud storage systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Bare Metal Cloud Market: Rise in Adoption of Hybrid Bare Metal Cloud Storage Systems
Hybrid bare metal cloud storage systems provide both on-premise and cloud-based bare metal data center storage systems to improve efficiencies of operations. They also offer benefits such as enhanced data management, improved IT infrastructure management, and better security and compliance. Owing to many such advantages, organizations are increasingly adopting hybrid bare metal cloud storage systems. This is expected to boost the growth of the global bare metal cloud market during the forecast period.
"Factors such as the emergence of hyper-convergence technology, green bare metal data centers, and increasing adoption of centralized and micro-mobile data centers will have a significant impact on the growth of the bare metal cloud market value during the forecast period," says a senior analyst at Technavio.
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Bare Metal Cloud Market: Segmentation Analysis
This market research report segments the bare metal cloud market by end-user (BFSI, government, IT and telecom, healthcare, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the bare metal cloud market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the increased adoption of secured cloud services in the region.
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