According to IMARC Group’s latest report, titled “OpenStack Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global market exhibited strong growth during 2015-2020. OpenStack refers to an open-source platform that enables users to freely access, modify, and share the source code. It is a form of Infrastructure-as-a-service (IaaS) that facilitates communication and storage between the computer hardware and the cloud. OpenStack includes various computing services, consisting of object and block storages, networking and shared file systems, etc. These services are used for web hosting, conducting big data projects, delivering software-as-a-Service (SaaS), and effectively utilizing resources through a web interface.
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The rising adoption of cloud-based and internet-enabled services is driving the OpenStack service market. In recent times, OpenStack has emerged as a cost-efficient service that fortifies virtual computing infrastructure, thereby enabling the customized modification of hardware and software components. Moreover, the growing popularity of OpenStack services across diverse sectors for enhancing operational efficacy and financial management of the organizations is also propelling the market growth. Furthermore, several technological advancements in the OpenStack infrastructure have expanded the capacities for heterogeneous enterprises, thereby offering them better speed and enhanced developer experience. Looking forward, IMARC Group expects the market to grow at a CAGR of 27.4% during 2021-2026.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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