The global cloud computing market is anticipated to grow at a significant CAGR of 11.2% during the forecast period (2022-2028). Cloud computing enables businesses to store, manage, and process critical data on internet-connected machines. The growing need to regulate and reduce capital expenditure (CAPEX) and operational expenditure (OPEX), as well as the increasing volume of data generated through websites and mobile apps, are a few drivers driving the growth of emerging technologies.
Increasing usage of IaaS is significantly supporting the growth of the market. The increasing usage of smartphones and other devices to access the internet has hastened the digitalization trend among firms that often generate large volumes of data. Due to these factor, organizations are concerned about losing focus on core business operations and meeting client demand. IaaS lowers the cost of deploying IT infrastructure, and hardware, and recruiting qualified personnel. As a result of these advantages, use of IaaS is further expected to increase during the forecast period.
The global cloud computing market is growing as emerging technologies such as big data, artificial intelligence (AI), and machine learning (ML) gain acceptance. The expansion of cloud computing services is also being driven by major issues such as data security, faster disaster recovery (DR), and meeting compliance standards. The adoption of the cloud computing is driven by the desire to manage risks, achieve scalability and flexibility in moving and storing data, reduce storage and infrastructure difficulties, and improve corporate efficiency.
The market players are also contributing significantly to the market’s growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in June 2020, Google and Telefonica collaborated under which Google plans to build a cloud region in Spain, which will use Telefonica’s Madrid area infrastructure. This collaboration also aims to help Spain’s economy rebound post-COVID-19 by encouraging company digitalization and assisting the country’s public administration.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Service
- By Deployment
- By End-User
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Adobe, Alibaba Group Holding Ltd., Amazon.com, Inc., Google LLC, and IBM Corp., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Cloud Computing Market is available at: https://orionmarketreports.com/global-cloud-computing-market/105062/
Global Cloud Computing Market Report by Segment
By Service
- IaaS
- PaaS
- SaaS
By Deployment
- Public
- Private
- Hybrid
By End-Use
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Others
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