Cloud Computing Market Research Report- Forecast till 2027

Market Highlights

The cloud computing market is anticipated to grow by US$340.5 billion by 2024 rapidly growing at a CAGR of 19.4% during the forecast period. The global cloud computing market is driven by benefits such as cost-affordability, disaster recovery, faster deployment, and scalability. These factors have helped shape the cloud computing market and are expected to boost the growth. Companies in the cloud computing market could also face challenges such as lack of skilled manpower, lack of awareness about technology, underdeveloped technical infrastructure in some countries. The details covered in the cloud computing market report cover all the aspects of the industry. Cloud computing market analysts have also shared growth projections in the report and have suggested cloud computing market players to plan growth strategies accordingly.

Market Scope

The global cloud computing market is set to exhibit 19.4% 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 global cloud computing market has been segmented based on service model, deployment, organization size, and vertical. On the basis of organization size, the market for cloud computing is segmented based on small & medium enterprises and large enterprises. Additionally, the market on the basis of vertical, is segmented into BFSI, retail and consumer goods, IT & telecommunication, healthcare & life sciences, manufacturing, energy & utility, media & entertainment, government & public sector, and others. The global market for cloud computing is also covered based on the deployment segment which is further split into public, hybrid, and private. Also, on the basis of service model, the market is segmented into SaaS, IaaS, and PasS.

Factors like adoption of cloud computing technology and increasing BYOD trend support the cloud computing market growth. The performance of the cloud computing market has also been studied for the past and current years. Additionally, the cloud computing market report provides analysis of these segments. The cloud computing market segmental analysis provided in the report offers major details about the cloud computing market performance and future.

The global cloud computing market has been segmented based on service model, deployment, organization size, and vertical. On the basis of organization size, the market for cloud computing is segmented based on small & medium enterprises and large enterprises. Additionally, the market on the basis of vertical, is segmented into BFSI, retail and consumer goods, IT & telecommunication, healthcare & life sciences, manufacturing, energy & utility, media & entertainment, government & public sector, and others. The global market for cloud computing is also covered based on the deployment segment which is further split into public, hybrid, and private. Also, on the basis of service model, the market is segmented into SaaS, IaaS, and PasS.

Factors like adoption of cloud computing technology and increasing BYOD trend support the cloud computing market growth. The performance of the cloud computing market has also been studied for the past and current years. Additionally, the cloud computing market report provides analysis of these segments. The cloud computing market segmental analysis provided in the report offers major details about the cloud computing market performance and future.

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 2027

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