Northbrook, IL -- (SBWIRE) -- 02/19/2018 -- 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", published by MarketsandMarkets™, 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 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"

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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.

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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.

North America is estimated to lead the OpenStack service market in 2017

North America is estimated to account for the largest share of the OpenStack service market in 2017. The growth of the North America OpenStack service market is primarily driven by the high adoption rate of latest technologies, such as cloud computing, Big Data, IoT, and business intelligence tools, by organizations in this region. The presence of key market players, such as Cisco Systems (US), Dell EMC (US), HPE (US), IBM (US), Mirantis (US), Oracle (US), Rackspace (US), Red Hat (US), and VMware (US), has also contributed to the growth of the OpenStack service market in this region.

Some of the major OpenStack service vendors include Canonical (UK), Cisco Systems (US), Dell EMC (US), HPE (US), Huawei (China), IBM (US), Mirantis (US), Oracle (US), Rackspace (US), Red Hat (US), SUSE (Germany), and VMware (US).

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