The GMI Research foretells that the share of Cloud Computing Market will elevate over the forecast period. This is primarily because of the augmenting acquisition of SaaS to evade excessive capita costs. Cloud computing allows several firms to reply rapidly as per the customers need, technological wants, and varying demand.
Introduction of the Cloud Computing Market
Cloud computing refers to the procedure of offering on-demand computing services, varying from various applications to cumulate and process power based on pay as you go over the internet. Instead of procuring, controlling, and acquiring physical data centers and servers, that can be accessed by technology services, like computing power, databases, and storage, from a cloud vendor like Amazon Web Services (AWS) and other prominent cloud service vendors in the market.
Key Players of the Market:
- Adobe Inc.
- SAP SE
- Microsoft Corporation
- com, Inc.
- Google LLC
- Amazon Web Services, Inc.
- Alibaba Cloud
- VMware, Inc.
- Rackspace Inc.
Cloud Computing Market Dynamics
The accelerating seepage of internet and smart instruments accompanied by the surging deployment of big data has stimulated the growth of the global cloud computing market. The increasing digital modification across various industries will further strengthen the market growth. Further, the augmenting acquisition of the internet of things, machine learning, 5G, and the application of real time analytics by artificial intelligence will fuel the acquisition of cloud technology among large enterprises.
In accordance with the World Economic Forum, the evolution of fourth industrial revolution has encouraged organizations to adopt modernized technologies such as Artificial Intelligence, IoT, and cloud computing. Hence, companies across several verticals are deploying cloud computing to operate these modernized technologies. Furthermore, the adoption of Platform as a Service (Paas), Software as a Service, and Infrastructure as a Service, primarily by the Small and Medium organizations will impel the market growth.
Cloud Computing Market Growth
Besides this, the government across various developing and developed nations has adopted several innovative technologies across various industries such as BFSI, retail, manufacturing, and consumer goods. For example, the UAE government launched digital initiatives and strategies such as the Digital Invoicing, 5G, and Smart Dubai. This will further generate huge opportunities for the market growth. Moreover, the drift of several organizations towards digital modification, and the growing emphasis on offering remarkable customer experience will supplement the market growth.
Cloud Computing Market Size
The evolution of coronavirus has significantly altered the way individuals work and has introduced new ways of working. Work from home gained huge prominence to safeguard the well-being of workers and manage the business certainty. The switch from workplaces to work from home has generated huge opportunities for the cloud services such as Software-as-a-Service (SaaS)-based collaboration solutions. Therefore, COVID-19 has stimulated the focus of staying at home, so now individuals have ample of free time. This has persuaded individuals to use different streaming platforms such as Apple TV, Amazon, Hulu, Netflix, YouTube, and Disney+, which in turn, has raised the demand for IaaS to cater for the varying demand of consumer’s. However, the growing cases of cyber-attacks and acute digital loss are likely to restrain the market growth.
Cloud Computing Market Segmentation:
Segmentation by Service Model
- Infrastructure as a Service
- Platform as a Service
- Software as a Service
Segmentation by Deployment Model
- Public Cloud
- Private Cloud
- Hybrid Cloud
Segmentation by Organization Size
- Small and Medium-Sized Enterprises
- Large Enterprises
Segmentation by Workload
- Storage, Backup, and Disaster Recovery
- Application Development and Testing
- Database Management
- Business Analytics
- Integration and Orchestration
- Enterprise Resource Management
- Collaboration and Content Management
Segmentation by Industry Vertical
- Banking, Financial Services and Insurance
- IT and Telecommunications
- Government and Public Sector
- Retail and Consumer Goods
- Energy and Utilities
- Media and Entertainment
- Healthcare and Life Sciences
Segmentation by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia