CLOUD COMPUTING MARKET: OVERVIEW
The Global Cloud Computing Market Size, was valued at USD 390.25 Billion in 2021. The market is projected to grow USD 1470.11 Billion in 2030, at a CAGR of 17.2%. Businesses can now manage, store, and analyze critical data on remote computers that are hosted online due to cloud computing. It specifically alludes to a storage area that may be accessed simultaneously by every networked device. The Internet is used by the cloud computing method of IT service delivery to distribute computing resources and software tools. Under this service model, the user simply pays for the time spent using the computer as well as the amount of storage and bandwidth.
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The growing trend of organizations adopting digital transformation and the acceleration of customer experience are two factors promoting the adoption of cloud computing services, which in turn are reducing company expenses. SMEs are using cloud computing services more and more because they don't cost anything to set up the basic infrastructure and offer compute power on demand. These factors are having an impact on how cloud computing is spreading throughout industries.
Many businesses serve many verticals that have adopted the work-from-home model in order to maintain operational effectiveness, and safeguard employee well-being, which has raised demand for SaaS-based collaboration solutions. For instance, the number of users of the Microsoft Team platform increased to 44 million globally as a result of the rising demand for collaboration solutions. While the standalone 8x8 Video Meetings cloud service witnessed a more than 300 percent increase among registered customers across 150 countries in the early months of 2020. Popular SaaS-based collaboration tools include Cisco Webex, Google Hangouts, Slack, Ding Talk, Zoom, WeChat Work, and Tencent Meeting.
CLOUD COMPUTING MARKET: TREND
Increasing Adoption of Cloud Computing in SMEs
Entrepreneurs and their small and medium-sized businesses have expanded dramatically during the past few decades. There is a significant demand for cloud computing services due to the advantages provided, including cost savings and more company flexibility, which is advantageous for start-up businesses. The development of these small and medium-sized businesses has increased the need for cloud computing services. The Microsoft Corporation found that small and medium-sized firms contributed to the GDP of all nations by about 76%. Another finding was that 79 percent of business owners thought technology may make their jobs more fun. The bulk of SMB IT businesses use the cutting-edge technology of cloud computing services to expand their operations and make a presence across several geographies.
CLOUD COMPUTING MARKET: DRIVERS
Rising Popularity of Hybrid Cloud Services
Businesses with existing infrastructure are adopting cloud computing services and are willing to use a hybrid strategy in order to profit from both on-premises and cloud services. Due to the significant advantages of cloud computing services, including the lack of upfront infrastructure expenses and the availability of computing services on demand, SMEs are embracing them swiftly. These elements are having an effect on how businesses adopt hybrid cloud services. Increased security and compliance, better workload management, and effective integration within DevOps teams are just a few advantages of the hybrid cloud. It also offers the freedom to move from on-premises to the cloud or between clouds and has the necessary size to outperform other businesses. These components broaden the potential applications for hybrid CSP.
Global Cloud Computing Market Report Coverage
|Market Size in 2021:||USD 390.25 Billion|
|Forecast Period 2021-2030 CAGR:||17.2%.|
|2030 Value Projection:||USD 1470.11 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||205|
|Tables, Charts & Figures:||107|
|Segments covered:||By Type, By Service, By End User, By Region, ,COVID-19 Impact Analysis|
|Companies Covered:||Alibaba Group Holding Limited, Amazon.com Inc, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc, SAP SE, VMware, Inc, Rackspace Technology, Inc.|
|Growth Drivers:||1)Rising Popularity of Hybrid Cloud Services|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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CLOUD COMPUTING MARKET: RESTRAIN
Data Security Concerns Impede Market Expansion
Due to the business requirements are changing, there are more data breaches and cyberattacks, and data security concerns are expanding, there is an increasing need to adhere to regulatory and compliance standards. Businesses must work to maintain their position in the market by taking steps to adhere to legal requirements, avoid fines, protect customers and income, and comply with regulatory requirements.
The Global Cloud Computing Market is segmented by Type, Service, End User, and Region. Based on the Type, the market is categorized into Public Cloud, Private Cloud, and Hybrid Cloud. Based on Service, the market is categorized into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). Based on End User, the market is categorized into IT and Telecom, BFSI, Manufacturing, Healthcare, Retail and Consumer Goods, Media and Entertainment, Energy and Utilities, Government and Public Sector, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
MARKET SEGMENTATION: BY REGION
The Global Cloud Computing Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
North American is anticipated to have the largest market share of the worldwide market for cloud computing due to the American businesses are giving digital transformation a high priority, and they are frequently recognized as pioneers in the adoption of cutting-edge technologies. These include the Internet of Things (IoT), big data analytics, additive manufacturing, linked industries, machine learning (ML), artificial intelligence (AI), augmented reality (AR), and virtual reality (VR), as well as cutting-edge telecommunications technologies like 4G, 5G, and LTE (VR). The continued adoption of cutting-edge technology by American corporations promotes future growth. This market segment is expected to keep its place in the industry due to the presence of numerous suppliers including Microsoft Corporation, Amazon.com Inc., Oracle Corporation, and IBM Corporation as well as a higher tendency to adopt new technologies.
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Asia Pacific is anticipated to see the greatest growth rate throughout the projected period of the global cloud computing market due to the introduction of local companies like Alibaba Group and the rapid rise of China and India. Significant investments made in the industrial and IT sectors through programs like Make in India have created demand for the country's cloud computing business. To assist governments in achieving their objectives for data sovereignty, hyper-scale cloud service providers including Microsoft Corporation, Amazon.com Inc., and Google LLP are building data centers in this region.
CLOUD COMPUTING MARKET: KEY PLAYERS
- Alibaba Group Holding Limited
- Amazon.com Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce, Inc.
- SAP SE
- VMware, Inc.
- Rackspace Technology, Inc.
CLOUD COMPUTING MARKET: RECENT DEVELOPMENT
- October 2020- Microsoft Corporation and ZEISS Group joined together to use data solutions to improve industrial quality and health care. Through this cooperation, ZEISS Group intended to use Microsoft Azure as its cloud platform to give digital experiences to its German manufacturers, quickly adapt to changing market conditions, and boost overall productivity and efficiency.
- June 2020- Amazon opened AWS Europe (Milan) and AWS Africa (Cape Town) to increase the number of availability zones within its 24 geographic regions to 76. Additionally, it has announced plans for three additional AWS regions in Indonesia, Japan, and Spain as well as nine additional availability zones.
CLOUD COMPUTING MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Cloud Computing Market. The Global Cloud Computing Market is segmented by Type, Service, End User, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Cloud Computing Market.
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