“Cloud Computing Market Reached USD 288 Million in 2020 Growing at CAGR of 19.6% – GMI Research”
The cloud computing market size was valued at USD 288 million in 2020 and is predicted to grow at 19.6% during the forecast period (2020-2027) due to the accelerating penetration of the internet and smart devices. Cloud computing provides easy deployment, lower ownership cost, data security, cost efficiency, data storage, and scalability.
Cloud Computing Market Dynamics
Cloud computing helps organizations use remote servers hosted on the internet to store, handle, and process important data. The huge volume of data generated on websites and mobile apps, the increasing emphasis on providing customer-centric applications to ensure customer satisfaction, and the evolving need to reduce capital and operational expenditure are major factors fueling the cloud computing market growth. Cloud computing provides a more effective and faster way to transform and run the business as per the changing market environment.
Rapid digitalization has encouraged industries to streamline their application to achieve cost efficiency and business agility. With the adoption of cloud solutions and services, organizations can navigate their workload to a cloud platform. Moreover, cloud computing services help measure, interpret, and correlate business activities and ensure the company operations align with the customer’s demand. The increasing adoption of advanced technologies, such as the Internet of Things, Machine Learning, 5G, and the use of real-time analytics by Artificial Intelligence have opened up plenty of chances for the market to grow. Leading vendors in the market are emphasizing introducing new cloud services, solutions, and workloads to strengthen their presence in the market.
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Cloud computing exploded as work went virtual and businesses acclimatized to the coronavirus pandemic by emphasizing the delivery of digital services. The strict lockdown enforced across the nation has transformed the way organizations work. A growing number of businesses across different industry verticals have adopted the work from home model to ensure employee well-being and operational efficiency. Also, the cloud computing market forecast projects that there has been a significant increase in demand for streaming platforms, such as Netflix, YouTube, Hulu, and Amazon, because of the increasing focus of individuals to stay home.
Various key players operating in the cloud market include Microsoft Corporation, IBM, SAP SE, Oracle, Salesforce.com, Inc., Amazon Web Services, Inc., Adobe Inc., Alibaba Cloud, VMware, Inc., Fujitsu, Rackspace Inc. , and Google LLC.
Industry Verticals Segment Analysis
The BFSI segment is expected to emerge as the fastest-growing segment over the forecast period. Cloud computing allows BFSI firms to retaliate customer needs, changing markets, and technological demand. With the rising volume of data produced, the need to save and maintain customers’ private information has increased.
Organization Size Segment Analysis
The large enterprise segment is expected to register the fastest growth in the coming years. Cloud computing allows businesses to assign routine work to technology. Thus, the increasing delegation of work in large organizations to streamline operations will drive the segment’s growth. The growing demand for hybrid cloud, primarily among large enterprises such as education, government, retail, logistics, transportation, and oil and gas industry, will further strengthen the market growth. Also, as per the cloud computing market reportthe growing concern pertaining to data safety and recovery has persuaded large organizations to deploy cloud solutions to secure their data.
The North American cloud computing market is projected to hold the highest share during the forecast period, primarily because of the early adoption of cloud computing solutions. The presence of leading players such as Azure, and AWS, is another major factor fueling the market demand. On the other hand, the Asia-Pacific region is expected to provide significant opportunities over the forecast period. The rapid rise of India and China, as well as the emergence of regional players such as Alibaba Group, boosted the regional growth. Government initiatives such as Make in India have encouraged significant investment in the manufacturing and IT sector, which has increased demand for cloud computing. In order to fulfill the data need of the Government, various hyper-scale cloud companies such as Amazon, Google, and Microsoft have decided to establish new data centers in the emerging markets. Thus, all these factors will drive cloud computing market share.
Cloud Computing Market Segmentation:
Cloud Computing Market by Service Model
• Infrastructure as a Service
• Platform as a Service
• Software as a Service
Cloud Computing Market by Deployment Model
• Public Cloud
• Private Cloud
• Hybrid Cloud
Cloud Computing Market by Organization Size
• Small and Medium-Sized Enterprises
• Large Enterprises
Cloud Computing Market by Workload
• Storage, Backup, and Disaster Recovery
• Application Development and Testing
• Database Management
• Business Analytics
• Integration and Orchestration
• Enterprise Resource Management
• Collaboration and Content Management
Cloud Computing Market by Industry Vertical
• Banking, Financial Services and Insurance
• IT and Telecommunications
• Government and Public Sector
• Retail and Consumer Goods
• Manufacturing • Energy and Utilities
• Media and Entertainment
• Healthcare and Life Sciences
Cloud Computing Market by Region:
• Asia Pacific
o Rest of APAC
• North America
o Rest of Europe
or South Africa
or Saudi Arabia
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