Introduction
Introduction
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Terraform, an infrastructure as code (IaC) tool , created by HashiCorp, is well known for automating server, database, and network deployment and maintenance. It provides users with the tools to use a simple configuration language to define and manage infrastructure. It is frequently used in conjunction with top cloud providers like AWS, Azure, and GCP. Furthermore, Terraform has a large user base of both individual and business users who work together by exchanging modules, configurations, and best practices, making it a flexible and widely used infrastructure management solution.
History of Terraform:
Terraform's history dates back to a blog post in response to AWS CloudFormation in 2011. The idea for an open-source, cloud-agnostic infrastructure tool was proposed. In 2014, Terraform 0.1 was released, supporting AWS and DigitalOcean. It aimed to extend automated provisioning workflows across different providers.
Terraform's early years saw modest adoption and doubts about its future. However, the focus shifted towards building an ecosystem and improving ease of use. By the end of 2016, Terraform had a vibrant community with 750 contributors and support from major cloud providers.
2017 marked the "year of Terraform," with downloads doubling every month. Terraform's partnership with Microsoft and the introduction of the provider program and Terraform Registry were pivotal moments.
From 2018 to 2020, Terraform began commercialization, introducing Terraform Enterprise. During this time, Terraform released its significant 0.12 version.
Today, Terraform stands at version 1.0, with over 100 million downloads, more than a thousand providers, and 5,500 modules. It's supported by a robust open-source community and has over 1200 commercial customers, including Fortune 500 companies, relying on Terraform Enterprise for their digital transformations. Terraform has become the standard for cloud provisioning and infrastructure automation.
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Revenue details
In fiscal 2023, HashiCorp, famously the company behind the Terraform virtual infrastructure provisioning tool is part of Hashi Stack, grew revenues by 48.3 percent to $475.8 million. But in the forecast for fiscal 2024, revenue is projected to be $591 million to $595 million, which is an increase of 24.6 percent growth over revenues in fiscal 2023. That is a pretty substantial slowdown, especially considering that in the past couple of years HashiCorp has grown in the high 50s and low 60s percents range. We do not think for a second that HashiCorp has saturated its potential market, certainly not with just 4,131 customers – an impressive number for such a young company, to be sure but nowhere near the tens of thousands to hundreds of thousands of potential customers in the addressable markets the Hashi Stack is playing within.
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