DUBLIN--(BUSINESS WIRE)--The "Global Cloud Computing Market, By Deployment Type, By Service Model, Platform as a Service, Software as a Service, By Industry Vertical & By Region - Forecast and Analysis 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Cloud Computing Market was valued at USD 442.89 Billion in 2021, and it is expected to reach a value of USD 1369.50 Billion by 2028, at a CAGR of more than 17.50% over the forecast period (2022 - 2028).
Cloud computing is the delivery of hosted services over the internet, including software, servers, storage, analytics, intelligence, and networking. Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS) are three types of cloud computing services (PaaS).
The expanding usage of cloud-based services and the growing number of small and medium businesses around the world are the important drivers driving the market growth. Enterprises all over the world are embracing cloud-based platforms as a cost-effective way to store and manage data. Commercial data demands a lot of storage space. With the growing volume of data generated, many businesses have moved their data to cloud storage, using services like Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
The growing need to regulate and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), as well as the increasing volume of data generated in websites and mobile apps, are a few drivers driving the growth of emerging technologies. Emerging technologies like big data, artificial intelligence (AI), and machine learning (ML) are gaining traction, resulting in the global cloud computing industry growth. The cloud computing market is also driven by major factors such as data security, Faster Disaster Recovery (DR), and meeting compliance standards.
Aspects covered in this report
The global cloud computing market is segmented on the basis of deployment type, service model, and industry vertical. Based on the deployment type, the market is segmented as: private cloud, public cloud, and hybrid cloud. Based on the service model, the market is segmented as: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). Based on industry vertical, the market is segmented as: Government, Military & Defense, Telecom & IT, Healthcare, Retail, and Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
- The key aspect driving the market growth includes the increased RoI with lower storage and infrastructure costs. Enterprises are concerned about the expenses of data hosting on-premises, both in terms of implementation and maintenance. Electricity prices, employee expenses, and downtime issues are a few other concerns for companies. The current competitive environment and global economic conditions have hastened the use of cost-effective business model restructuring measures. This has significantly encouraged the use of cloud-based services, in turn, contributing to the growth of the market.
Restraint
- The major factor that negatively impacts the growth of the market includes the need to manage regulatory and compliance policy needs. Due to changing business needs, increasing data breaches and cyber-attacks, and expanding data security concerns, the need to meet regulatory and compliance requirements is continually increasing; which is challenging the market growth.
Key Market Trends
- The key trend driving cloud computing services is the increasing shift of businesses toward digital transformation and the enhancement of customer experience. These are just a few more factors that are driving the adoption of cloud computing services and, as a result, lowering enterprise costs.
- The cloud offers the pay-as-you-go approach, which allows businesses to pay for cloud services based on how often they use them, resulting in lower prices. Due to the sheer benefits of cloud services, such as on-demand availability and low cost, companies are increasingly adopting them. This thus contributes to the growth of cloud computing market growth.
- The outbreak of COVID-19 has also been a growth driver for the market. In May 2020, to address COVID-19 problems, Microsoft announced Microsoft Cloud for Healthcare. For healthcare enterprises, Microsoft developed industry-specific cloud products, enhanced workflow efficiency, and streamlined interactions. Data analytics for both structured and unstructured data are included in Microsoft Cloud for Healthcare. Hence, such growth strategies adopted by the key player in the market are likely to aid the industry growth during the forecast period.
Companies Mentioned
- Accenture plc
- Adobe, Inc.
- Alibaba Cloud International
- Amazon Web Services, Inc.
- Apple, Inc.
- At&T, Inc.
- Cisco Systems, Inc.
- Citrix Systems, Inc.
- Dell, Inc.
- Google LLC
- Hewlett Packard Enterprise Development Lp
- IBM Corp.
- Intel Corp.
- Microsoft Corp.
- Netsuite, Inc.
- Oracle Corp.
- Salesforce.Com, Inc.
- Sap Se
- Verizon Enterprise Solutions
- Yahoo, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/m9wewu
