The ‘Global Cloud Computing Market Share, Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global cloud computing market, assessing the market on the basis of its segments like service, deployment model, organisation size, end use, and region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Cloud Computing Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 15%
The global cloud computing market expansion is being driven by the widespread adoption of cloud-based systems by small and medium-sized enterprises. The ability of cloud computing to streamline technology operations and increase productivity of various government is another reason why governments in many developing countries are investing in cloud computing delivery models.
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Cloud computing enables quick and more efficient adjustments to business operations in response to changing market conditions, and also streamlines the technological consumerisation process. The rapid rise of the global cloud computing market is being fuelled by the swift uptake of cutting-edge technologies like artificial intelligence and machine learning in cloud computing.
With the increasing use of smartphones, computers, and the internet, companies now need to store and process enormous amounts of data in order to provide their consumers and clients with services that are centred on their needs. Some of the most significant aspects that are considerably fostering the expansion of the global cloud computing market include the increasing need for controlling capital expenditure and the rising emphasis on customer satisfaction. Also, the demand for cloud computing services is rising globally due to their role in supporting data security, compliance with regulations, and fast data recovery.
Cloud Computing Industry Definition and Major Segments
Cloud computing is the on-demand use of computer resources housed in a distant data centres and controlled by a cloud services provider (CSP), such as programmes, servers (both physical and virtual), data storage, development tools, networking capabilities, and more. Using cloud computing, data can be replicated at many redundant sites on the network of the cloud provider, making data backup, disaster recovery, and business continuity simpler and less expensive.
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Based on service, the market is segmented into:
• Software as a Service (SaaS)
• Platform as a Service (PaaS)
• Infrastructure as a Service (IaaS)
The market on the basis of deployment model is divided into:
• Public
• Private
• Hybrid
By organisation size, the market is categorised into:
• Large Enterprises
• Small and Medium Enterprises
The market on the basis of end use is segmented into:
• BFSI
• IT and Telecom
• Retail and Consumer Goods
• Manufacturing
• Energy and Utilities
• Healthcare
• Media and Entertainment
• Government and Public Sector
• Others
On the basis of region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Cloud Computing Market Trends
The key trends driving the global cloud computing market include the increasing use of cloud-based technology, which offers computing solutions, infrastructure solutions, and application layers that enhance access to advanced technologies. Cloud computing also provides support for high-level computation, utility-based sharing models, storage, and security management. Emerging economies are also more focused on cloud computing due to cost advantages, which will likely boost demand for the global market for cloud computing in the near future. Moreover, cloud services have grown in appeal in developing nations as companies need to better their digital operations.
The expansion of the global cloud computing market is also being aided by a number of initiatives by multiple governments to safeguard data security and integrity. Cloud computing and hybrid work styles have become more popular as a result of the COVID-19 pandemic. The global market growth for cloud computing is being driven by rising returns on investments in cloud computing and declining storage and infrastructure costs. The pay-as-you-go model, which enables companies to pay for cloud services in accordance with the volume of use, makes use of the cloud possible and lowers expenses, hence encouraging the market expansion of cloud computing.
Key Market Players
The major players in the global cloud computing market report are:
- Microsoft Corporation
- Amazon Web Services
- Oracle Corporation
- Google LLC
- SAP SE
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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