Global Cloud Computing Market Expected to Reach USD 791.48 Billion by 2028

Companies in the Cloud Computing Market are Amazon Web Services (AWS), Oracle Corporation, IBM Corporation, Alibaba Group Holding Limited, Microsoft Corporation, VMware, Inc., Alphabet Inc. (Google LLC), Rackspace Technology, Inc., SAP SE, Apple Inc., Salesforce com, Inc., HCL Technologies Limited, Hewlett-Packard Company (HPE), Sprint Corporation, Verizon Wireless, Red Hat, Inc., Ooma Inc ., Paytm, Adobe, Inc.

According to a recent report published by Fortune Business Insights, titled, “Cloud Computing Market” Size, Share and COVID-19 Impact Analysis, By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Service (Infrastructure as a Service (IaaS) ), Platform as a Service (PaaS), Software as a Service (SaaS)), By Industry (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government, Consumer Goods, and Retail, Healthcare, Manufacturing, Others ) and Regional Forecast, 2021-2028 ”the global Cloud Computing Market Size was valued at USD 219.00 billion in 2020, and is projected to reach USD 791.48 billion by 2028, growing at a CAGR of 17.9% from 2021 to 2028.

Significant Development:

May 2020: Microsoft Corporation presented industry-specific Microsoft cloud for healthcare organizations and streamlined communications and amplified workflow proficiency. Additionally, this involves data analytics for both unstructured as well as structured data.

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Cloud computing is the on-demand availability of computer system resources, especially data storage (cloud storage) and computing power, without direct active management by the user. Large clouds often have functions distributed over multiple locations, each location being a data center. Cloud computing relies on sharing of resources to achieve coherence and typically using a “pay-as-you-go” model which can help in reducing capital expenses but may also lead to unexpected operating expenses for unaware users.

List of Key Players Covered in Cloud Computing Market are:

  • Amazon Web Services (AWS) (Washington, US)
  • Oracle Corporation (California, US)
  • IBM Corporation (New York, US)
  • Alibaba Group Holding Limited (Hangzhou, China)
  • Microsoft Corporation (New Mexico, US)
  • VMware, Inc. (California, US)
  • Alphabet Inc. (Google LLC) (California, US)
  • Rackspace Technology, Inc. (Texas, US)
  • SAP SE (Walldorf, Germany)
  • Apple Inc. (California, US)

The report on the Cloud Computing Market includes:

  • Authoritative insights into the Cloud Computing Market Size
  • Key industry trends
  • Strategies adopted by major players
  • Dominating regions

Segmentation-

By Type – Public Cloud, Private Cloud, Hybrid Cloud

By Service – Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)

By Industry – Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government,

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Drivers and Restraints

Incorporation of Big Data, AI, and ML with Cloud to Offer Motivation to Market Growth

The rising implementation of technologies such as big data, Artificial Intelligence (AI), Machine Learning (ML), and others are projected to fuel the growth of the market. These technologies alter the market setting, as it aids users in surveying, assessing, and considering the untreated data.

Moreover, implementing these developing technologies with cloud solutions would help enterprises to augment their imagining capabilities and make complicated data available and serviceable. Therefore, these factors are expected to promote the cloud computing market growth during the mentioned timeframe.

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Press Release Distributed by The Express Wire

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