India – March 16, 2022 —
Cloud Computing Market Research Report- Forecast till 2030
Market Highlights
Cloud computing refers to networking, storage, servers, and computing services offered through data centers and the internet. It can be leveraged by small and medium sized enterprises to fuel innovation without investments on hardware and software. The global cloud computing market projected to reach 1738.44 billion by 2030. The COVID-19 outbreak and its effects on the industry make up a major part of the report.
The need to meet regulatory and compliance on the other hand will challenge computing services sector based organizations functioning in the global cloud computing market. Analysts have split the market into deployment model, organization size, service model, and vertical segments based on products and services. Computing services based companies have been profiled.
Market Scope
The global cloud computing market is set to exhibit 18.53% CAGR over the forecast period. It is attributed to flexibility and scalability accorded to individuals and organizations owing to its implementation. Increasing maintenance costs of hosting, workforce charges, and shift towards digital channels can drive market growth. Use of cloud computing by enterprises for curbing operational expenditure can bode well for the market.
The COVID-19 outbreak has accelerated the shift to digital models and propelled the market demand. Government regulations and increased spending on cloud computing can favor the market. Rollout of novel subscription programs by cloud service providers for smooth onboarding of clients coupled with transparency and pricing in their business models can bode well for the cloud computing market.
But rise in cyberattacks and compliance to data security and privacy regulations can restrict market growth.
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Segmentation:
The computing services sector has seen growth across deployment model, organization size, service model, and vertical segments owing to a rise in the disposable income and the surging usage across different industries. To study the market, analysts have further segmented deployment model, organization size, service model, and vertical into SaaS, PaaS, and IaaS on the basis of service model. The market is further segmented into deployment sub segment which is split into public, private and hybrid. Additionally, the cloud computing market on the basis of organization size is segmented into large enterprises, small & medium enterprises. The market is further segmented into vertical sub segment which is split into BFSI, energy & utility, government & public sector, healthcare & life sciences, IT & telecommunication, manufacturing, media & entertainment, retail and consumer goods, and others.
Regional Analysis
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are major regions covered in the cloud computing market.
North America is touted to lead the market owing to demand for stable internet connectivity and stable working conditions for employees. Commitment by cloud service providers such as Cisco, Amazon, Microsoft, IBM, Google, and others for offering storage services and infrastructure to enterprises and individuals.
APAC is likely to showcase a strong growth rate during the forecast period owing to shift to digitalization of data and data protection demands of countries of India and China. Adoption of cloud by healthcare organizations during the pandemic to scale their operations and cater to storage requirements due to large influx of patients can drive the regional market demand. The move by corporations to move their data to the cloud can spur the market demand. This is exemplified by announcement of telecommunication providers such as Smart, Dialog, Celcom, XL Axiata, Robi, and Ncell planning to move their services to Google cloud for modernizing their infrastructure.
Competition Analysis
Salesforce.com, Inc., Amazon.com Inc., Alibaba Group Holding Ltd., Cisco Systems, Inc., Rackspace Inc., Oracle Corporation, Microsoft Corporation, TIBCO Software Inc., SAS Institute Inc, VMware, Inc., Dell EMC Corp., SAP SE, IBM Corporation, Alphabet Inc., and Adobe Systems Inc. are key players of the cloud computing market. Players are differentiating their products and services on the basis of price, ease of use, and support. Rise of multi-cloud strategies is likely to lead to innovation among players.
Industry news
The Pentagon, house of the U.S. Department of Defense, is considering a move to cloud computing to move to highly secure architecture and enable communications with soldiers on battlefields.
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Cloud Computing Market Research Report: By Service Model (SaaS, PaaS IaaS), By Deployment (Public, Private and Hybrid), By Organization Size (Large Enterprises, Small & Medium Enterprises), By Vertical (BFSI, IT & Telecommunication, Retail and Consumer Goods, Manufacturing, Healthcare & Life Sciences, Government & Public Sector, Media & Entertainment, Energy & Utility and others) – Forecast till 2030
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