The global cloud computing market is expected to grow at a CAGR of 17.3% during the forecast period 2021-2027. The penetration of cloud-based technology provides computing solutions, application layers, and infrastructure solutions that increase access to advanced technologies are driving the market growth of cloud computing across the globe.
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In addition, it offers flexibility, storage, security management, utility-based sharing models, high-level computing, and others. Furthermore, emerging economies are more inclined towards cloud computing due to cost benefits and the introduction of cloud computing products in the market portfolio, which also fuels the market demand for cloud computing in the near future.
The outbreak of COVID-19 exhibits a positive influence on the adoption of cloud computing solutions. Numerous organizations and governments in the market are mainly reliant on IT services and solutions as well as there is considerable growth in the online stream platforms such as Amazon, Spotify, Netflix, etc. Thus, companies are selecting work from home models like Software-as-a-service (SaaS) based solutions to protect their workforce from coronavirus and continue their operational efficiency. It leads to the sudden growth in cloud-hosted services like IaaS, SaaS, and PaaS across various enterprises that accelerate the market demand of cloud computing over the forecasting period.
Growth Drivers
The increasing returns on investments with less storage and infrastructure costs are driving the market across the globe. As the maintenance cost for hosting data and implementation on a platform like on-premises is one of the major concerns among enterprises. Considering the global economic scenario and market competition stimulates the penetration of cost-effective measures for reforming business models.
Also, emerging markets in developing nations such as Africa, Brazil, China, and India fuels the market demand. Increasing demand for a cost-effective digital solution like cloud computing facilitates an organization to work efficiently. With the various applications offered by emerging technologies, small and Medium Enterprises (SMEs) and large enterprises also shift towards cloud computing. This may also flourish the market demand for cloud computing in the forecasting years.
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Global cloud computing market report segmentation
By Service
Infrastructure as a Service (IaaS)
Platform as a Service (PaaS)
Software as a Service (SaaS)
By Deployment
Public
Private
Hybrid
By Enterprise Size
Large Enterprises
Small & Medium Enterprises
By End-Use
BFSI
IT & Telecom
Retail & Consumer Goods
Manufacturing
Energy & Utilities
Healthcare
Media & Entertainment
Government & Public Sector
Others
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Geographically, North America holds the majority of shares in 2020. Due to the factors such existence of major market players such as Amazon Inc., Oracle Corp., International Business Machines Corp., and Microsoft Corp., as well as higher acceptance of latest technologies.
The U.S. is the key contributor to the market growth in this region due to the high adoption rate of next-generation technologies such as big data analytics, AI, MR, AR, IoT, etc., along with the companies are more inclined towards the digital transformation. Moreover, the availability of a skilled workforce and the presence of advanced infrastructure will further fuel the market demand for cloud computing in the region.
Asia Pacific is projected to exhibit a noteworthy CAGR in the upcoming years. The rapid development of emerging countries such as China, Japan, India, South Korea, and others and the introduction of several regional competitors impels the regional cloud computing market growth.
For instance, in July 2021, Google introduced its second cloud computing region in Delhi. With this launch, the company helps enterprises solve their intricate challenges by utilizing reliable and secure cloud computing technology even closer to the house. Hence, the increasing launch of cloud computing services across the region fuels the market growth in the upcoming scenario.
Competitive Insight
Major players operating the global market include Adobe Inc., Alibaba Group Holding Ltd., Amazon.com Inc., CenturyLink, DigitalOcean, DXC Technology, Fujitsu, Google LLC, Infor, International Business Machines Corporation, Joyent, Microsoft Corporation, NEC Corporation, Open Text Corporation, Oracle Corporation, OVHcloud, Rackspace Technology, Salesforce.com Inc., SAP SE, Skytap, Tencent, Virtustream, Vmware, Workday, Inc., and Zoho Corporation Pvt. Ltd.
Key Questions Answered in The Report:
- What are the strengths and weaknesses of the key vendors?
- Who are the Leading key gamers and what are their Key Business plans in the close to future?
- What will be the market increase price and measurement in the coming year?
- What are the principal key elements riding the market?
- What are the key market tendencies impacting the increase of the world Market?
- Which are Trending elements influencing the market shares of the pinnacle areas throughout the globe?
- What is the have an effect on of The Russia-Ukraine Crisis on the modern industry?
- Who are the key gamers and what are their strategies in the international Market?
- What are the market opportunities and threats confronted by using the carriers in the world Market?
- What industrial trends, drivers, and challenges are manipulating its growth?
- What are the key consequences of the 5 forces evaluation of the world industry?
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