The global cloud computing market is anticipated to grow at a substantial CAGR of 15.6% during the forecast period. The major factor driving the growth of the global cloud computing during the forecast period is the benefits offered by cloud computing such as- The installation of cloud computing results in the increasing collaboration between IT departments and other departments like finance or sales. The cloud, by enabling rapid information sharing, can flexibly adjust to smaller or larger workloads, quickly distribute software updates, and calibrate services and products more quickly to customers’ needs.
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More importantly, through more seamless information sharing, cloud computing facilitates quick feedback between junior and senior managers and allows more productive delegation of big projects into small tasks. Moreover, the security and safety of the data are the primary concerns for all organizations. Cloud computing provides safety and security of data. The Cloud data assists in providing better security than local servers as cloud providers hire security experts, and the web-based cloud has safeguards such as multi-factor authentication.
The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, OpenText announced that it is deepening its strategic partnership with Google cloud by launching its OpenText core content as a service on Google cloud. This service enables the customers to deploy OpenText’s enterprise productivity suite on a global, trusted infrastructure. Through this multi-year partnership, both the companies jointly explore new functionalities and integration to improve the productivity of distributed and hybrid teams. Similarly, in October 2021, Thales and Google Cloud announced a partnership to co-develop a sovereign hyper-scale cloud offering for France. With this partnership, Thales group offers a wide range of options such as digital transformation for organizations of all sizes and assists in providing google cloud offering to the private and public sectors.
Global Cloud Computing Market– Segmentation
By Deployment Model
- Private Cloud
- Public Cloud
- Hybrid Cloud
By Component
- Hardware
- Software
- Services
By Vertical
- Military & Defense
- Telecom & IT
- Healthcare
- Retail
- Others (energy and utilities, media and entertainment)
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Cloud Computing Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Accenture PLC
- Adobe Inc.
- Akamai Technologies, Inc.
- Alibaba Cloud International
- Amazon Web Services, Inc.
- Apple, Inc.
- AT&T, Inc.
- CenturyLink, Inc.
- Cisco Systems, Inc.
- Citrix Systems, Inc.
- Dell, Inc.
- Druva, Inc.
- Faction, Inc.
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