Dublin, Nov. 09, 2023 (GLOBE NEWSWIRE) -- The "OpenStack Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global OpenStack service market, valued at US$ 6.0 Billion in 2022, is on the brink of remarkable expansion. Market analysts project substantial growth, with expectations that the market will reach US$ 23.3 Billion by 2028, reflecting an impressive Compound Annual Growth Rate (CAGR) of 26.7% during the period from 2023 to 2028.

OpenStack: Revolutionizing Cloud Services

OpenStack is an open-source platform that empowers users with the freedom to access, modify, and share its source code. Functioning as Infrastructure-as-a-Service (IaaS), OpenStack facilitates seamless communication and storage between computer hardware devices and the cloud. This versatile platform encompasses a range of computing services, including object and block storage, networking, and shared file systems.

It serves diverse purposes, such as web hosting, big data projects, Software-as-a-Service (SaaS) delivery, and efficient resource utilization via a user-friendly web interface. OpenStack offers high efficiency, on-demand services, resource pooling, and remarkable flexibility and agility, making it invaluable for medium to large enterprises across industries such as manufacturing, telecommunications, and energy.

Key Drivers of OpenStack Market Growth

Several factors are propelling the growth of the OpenStack service market:

1. Increasing Demand for Cloud-Based Services: The surging demand for cloud-based and internet-enabled services is a primary driver of market growth.
2. Cost-Efficiency: OpenStack enhances cost-efficiency by providing users with control over the virtual computing infrastructure, allowing modifications to both hardware and software components.
3. Operational Effectiveness: OpenStack assists organizations in achieving operational effectiveness and financial management, which has led to its widespread adoption across industries.
4. Free Availability and Easy Deployment: The platform's free availability, ease of deployment, and adoption of big data analytics are further driving its growth, particularly among telecom verticals and small and medium-sized enterprises (SMEs).
5. Technological Advancements: Continuous technological advancements in OpenStack infrastructure are increasing capacities for heterogeneous enterprises, resulting in higher adoption rates.

Key Market Segmentation

The report provides a comprehensive breakdown of the global OpenStack service market:

Breakup by Component Type:

• Solution
• Services

Breakup by Organization Size:

• Large Enterprises
• Medium Enterprises
• Small Enterprises

Breakup by Platform:

• Public Cloud
• Private Cloud
• Hybrid

Breakup by Application:

• BFSI
• Government and Defense
• Information Technology
• Telecommunication
• Academic and Research
• Retail and E-Commerce
• Manufacturing
• Others

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

Competitive Landscape

Key players in the OpenStack service market include Bright Computing Inc., Canonical, Cisco Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise, IBM, Mirantis Inc., Oracle Corporation, Rackspace Inc., Red Hat Inc., SUSE, VMware Inc., and others. These industry leaders are at the forefront of innovation and technological advancements in the OpenStack ecosystem.

Key Questions Answered in This Report

The report addresses critical questions about the global OpenStack service market:

1. How has the global OpenStack service market performed, and what is its growth outlook?
2. What are the key regional markets for OpenStack services?
3. What has been the impact of COVID-19 on the global OpenStack service market?
4. How is the market segmented based on component type, organization size, platform, and application?
5. What are the key driving factors and challenges in the industry?
6. Who are the major players in the global OpenStack service market?
7. What is the competitive landscape and the degree of competition in the industry?

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/jne91i

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• Global OpenStack Service Market