OpenStack Cloud Software Market Size, Share, Growth, and Industry Growth by Type (Private Cloud, Public Cloud and Hybrid Cloud) By Application (BFSI, Government, Retail, Automotive, Healthcare, Education, Media & Entertainment and Other) and Regional Forecast From 2024 to 2031

Updated On: 08 April 2024

OpenStack Cloud Software Market Report Overview

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The global openstack cloud software market size expanded rapidly in 2021. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a high CAGR during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the openstack cloud software market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.    

An open-source cloud computing technology called OpenStack comprises a number of software tools that make it easier to create and maintain cloud computing systems. It also manages data center operations that are controlled via web dashboards or APIs that pertain to storage, computing, and networking resources. Given that it enables cloud services on common hardware, OpenStack is increasingly being considered as a strategic option by service providers and businesses. Also, it is employed by businesses that set up own clouds as well as by big corporations that use cloud computing services on several continents. 

The market is being driven by a growing requirement to manage OpenStack-based multi-cloud deployments efficiently. The market is expanding as a result of rising enterprise demand for compute, storage, and space optimization as well as OpenStack's capacity to improve interoperability and permit the inclusion of additional components in response to end-user need. The intricacy of the implementation and expensive cost of this application, however, restrict market expansion. Additionally, the market is anticipated to experience a steady increase in potential due to the use of OpenStack by commercial companies to manage multi-cloud projects.

COVID-19 Impact: Government Rules, Prolonged Closures, and The Labor Shortage on the Industrial Units Varied

The COVID-19 outbreak did, however, have a positive impact on the market for openstack cloud software since it forced major organizations to update their technological foundation for long-term profitability. Large enterprises were forced by the COVID-19 epidemic to invest in cloud services in order to update their technical infrastructure and guarantee their long-term sustainability. Major corporations are adopting openstack cloud software at a greater and faster rate as a result of the COVID-19 pandemic, which will hasten the growth of the openstack cloud software market. As a result, significant corporations are adopting cloud solutions more quickly and widely, which will fuel the market's expansion.  

LATEST TRENDS

"Rising Demand for Digitization Will Fuel Market Expansion"

 Growth of the market will be fueled by rising demand for digitization and the use of cloud services. Specifically for public and private cloud infrastructures, OpenStack is a collection of software tools used to build and manage cloud computing platforms. A free, open-source programme called OpenStack offers infrastructure as a service (IaaS). The processor, storage, and networking resource pools in the data centre, which are made up of hardware from different manufacturers, are managed by various components of the OpenStack software platform. The increasing adoption and use of public cloud services around the globe is one of the key factors driving the expansion of the OpenStack services market share. The deployment of the OpenStack software service is also fairly rapid and easy.

OpenStack Cloud Software Market Segmentation

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• By Type Analysis

By type, the openstack cloud software market is segmented into private cloud, public cloud, and hybrid cloud.

The private cloud segment will dominate the openstack cloud software market in the coming years.

• By Application Analysis

Based on applications, the openstack cloud software market is BFSI, government, retail, automotive, healthcare, education, media & entertainment and other.  

The government segment will lead the global share through 2028.

DRIVING FACTORS

"Technology Development in OpenStack Infrastructure Will Promote Market Growth"

organizations with sound financial management and operational effectiveness, which has expanded usage across a variety of industries. Technological developments in OpenStack infrastructure also provide increased capacity for heterogeneous organizations that require improved speed and developer experience, resulting in an increase in service utilization. In addition to the fundamental infrastructure-as-a-service (IaaS) capabilities, additional components include service management and fault management to ensure the availability of user applications. According to Red Hat, Inc., OpenStack is essential to the cloud strategies of adopters. OpenStack serves as a KPI for any organization's cloud strategy (key performance indicator).

" Using Cloud Computing by Small and Medium-Sized Businesses (SMEs) will Accelerate Market Growth"

The majority of cloud communication platform apps are expected to be used by small and medium-sized organizations (SMEs). These services have helped firms operate more efficiently by lowering operational costs and increasing productivity. Small businesses may benefit from greater operational effectiveness and lower IT infrastructure expenses as investments in apps for cloud communication platforms running on a variety of reliable operating systems are rising substantially. As a result, it is anticipated that the rise of the openstack cloud software market for cloud services would create numerous chances for small and medium-sized businesses. Hence, it is anticipated that rising use of cloud business services will fuel openstack cloud software market expansion for cloud services in the upcoming years. 

RESTRAINING FACTORS

"Investment and Expense Barriers Prevent Market Growth    "

The adoption of the hybrid cloud has been hampered by the general lack of awareness of privacy and security risks. Users are reluctant to utilise the hybrid cloud because they are unaware of its security advantages. Businesses are hesitant to migrate their operations to the cloud due to concerns about data security and privacy. The lack of clarity regarding cloud governance exacerbates the limitations for clouds. To reduce risks and enhance security features, cloud procedures must be regularly assessed. This aspect is therefore projected to keep impeding the market for openstack cloud software during the projection period.

OpenStack Cloud Software Market Regional Insights

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"Europe to Grow at the Highest openstack cloud software Market Share During the Forecast Period "

Due to the expanding demand for open-source software and the increasing importance of data security in this region, Europe has dominated the market for openstack services throughout the past several years and will continue to do so. The adoption of OpenStack services and the rising level of investment in digital transformation research and development in this region, on the other hand, are expected to cause this region to grow at the fastest rate throughout the projection period.

The adoption of OpenStack services in the Asia-Pacific region is being driven by large-scale cloud and telecom providers. Businesses in the area are quickly using OpenStack services to take advantage of the solution's features and gain a competitive edge.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio. 

List of Market Players Profiled

• Cisco (U.S.)
• IBM(U.S.)
• Lenovo (China)
• Red Hat (U.S.)
• OpenStack (U.S.)
• Mirantis (U.S.)
• Platform9 (U.S.)
• RACKSPACE (U.S.)
• Ubuntu (UK.)
• Fuga Cloud (Netherlands)
• Mesosphere (U.S.)
• SUSE (Germany)
• HPE (U.S.)
• EXIN (India)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services, or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes several other factors that have contributed to recent openstack cloud software market growth in some regions.