The global cloud computing market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period, to reach USD 947.3 billion by 2026 from USD 445.3 billion in 2021. Increased productivity, reduced time and costs, and enhanced focus on customer experience are expected to spur the demand for cloud computing offerings across the globe.
IaaS segment to grow at the highest CAGR during the forecast period
Growth of IaaS to be driven by increasing need of enterprises to shift enterprise workloads to cloud. The key features of IaaS include automated administrative tasks, dynamic scaling, platform virtualization, and network connectivity. The ever-changing business environment and customer demands encourage enterprises to increase their focus on their core business operations. IaaS enables enterprises to leverage their IT infrastructure without paying for the construction of the physical infrastructure. Moreover, it provides flexibility, mobility, easy, and scalable access to applications, and enhanced collaboration to help enterprises focus on their core businesses.
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Public deployment model to account for the highest market share during the forecast period
Lower cost and increased security capabilities result in rising popularity of public cloud. The services offered over the public deployment model are either free or offered under a subscription model. The advantages of using the public cloud include simplicity and ease of deployment. Moreover, the initial investment required for the deployment is minimum, and there are no responsibilities involved in managing the infrastructure.
The cloud computing market includes major vendors, such as AWS (US), Microsoft (US), Google (US), Alibaba (China), SAP (Germany), IBM (US), Oracle (US), VMware (US), Rackspace (US), Salesforce (US), Adobe (US), CenturyLink (US), Fujitsu (Japan), Workday (US), Infor (US), Sage Group (UK), Intuit (US), Epicor (US), IFS (Sweden), ServiceNow (US), OpenText (US), Cisco (US), Box (US), Zoho (US), Citrix (US), Upland Software (US), DigitalOcean (US), Bluelock (US), OVH (France), Joyent (US), Skytap (US), Virtuestream (US), Tencent (China), DXC (US), NEC (Japan), and Navisite (US).
The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as IBM, Alibaba, Salesforce, Oracle, Google, AWS, and Microsoft have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the cloud computing market.
AWS is a leading player in the cloud computing market. The company has developed a broad set of infrastructure service capabilities across compute, storage, networking, and content delivery. These products enable efficient cloud infrastructure management on AWS. The growing demand for automation and rising adoption of public cloud, especially among SMEs, have further fueled the increasing demand for AWS cloud products, which offer robust features and functionalities to customers. Its offerings enable easy and secure access to critical data at low costs and flexible resource optimization as per business needs. AWS has implemented various organic growth strategies to strengthen its foothold in the cloud computing market. The company has launched and upgraded its products and services to enhance its product portfolio. The company is expanding its global reach with the help of its business expansion strategy. It has also partnered with various vendors across the globe to provide technical enablement, business enablement, and sales and marketing enablement.
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Microsoft’s major cloud offerings include SaaS (Microsoft Dynamics Online [Enterprise Resource Planning (ERP) + Customer Relationship Management (CRM)] and O365 Online), and Infrastructure as a Service (IaaS), and Platform as a Service (PaaS) (Microsoft Azure [compute, integration, and networking]). Microsoft Azure enables businesses to build, manage, and deploy applications on global networks easily and quickly. The company follows organic and inorganic growth strategies. For instance, Microsoft announced to enable government customers to run the cloud technology on their own servers to make Azure more appealing to local and federal agencies. The company offered a combination of its Azure Stack and Azure Government products in the mid of 2021. Moreover, Microsoft partnered with SAP to give customers a trusted path to digital transformation in cloud. With this partnership, the companies would co-engineer, go to market together with premier solutions, and provide joint support services to deliver the best cloud experience to customers.
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