Cloud Computing Market Research Report - Global Forecast till 2024
Posted December 12,2019 in Science and Technology.
Global 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) By Region - Forecast till 2024
The global cloud computing market is bound to expand at a remarkable CAGR of 15% during the forecast period (2017-2027), asserts Market Research Future (MRFR) in its detailed report. There is a good reason to believe the future of cloud computing market seems bright owing to its cost effective services. An organization saves a lot of revenue from its total annual cost by adopting the cloud computing technology. Moreover, the cloud computing technology not only gives cost benefits but it also makes applications accessible to all devices at any time and from any location in the network. In addition, cloud computing is capable enough to react swiftly to any changes in business needs, which is an ideal characteristic for large enterprises across the globe.
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Although the market is growing exponentially, few factors consolidate this growth, namely data security issues. However, growing number of companies worldwide is increasingly becoming aware about the cloud computing system’s security aspects, which work in the favor of the global market growth. Information technology (IT) giants such as IBM and Google are actively developing new solutions to address existing security issues.
A market trend to worth acknowledging is the major adoption of Internet of Things (IoE). IoE will take the center stage in the global market, with continuous innovations in real-time data analytics and cloud computing set to push the IoE to the fore in the coming years.
The global cloud computing market is segmented on the basis of cloud service type, deployment model, application and region.
By cloud service type, the market is segmented on the basis of software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS) and others. Software as a service (SaaS) provides various advantages such as saving time, lower cost, high scalability and integration, easy upgrades, and easy to use.
By deployment model, the market is segmented on the basis of private cloud, public cloud, hybrid cloud and community cloud. The benefits offered by private cloud deployment model are better controls for data, superior performance over other models, enhanced security, easy customization and compliance. They are used widely in banking and financial institutions and government organizations where only authorized users are able to access the system. On the other hand, public cloud deployment models are ideal for start-ups and small businesses as there are minimal set up costs involved.
The cloud computing market observes a wide range of applications such as government, BFSI, healthcare and many more. The healthcare industry, having realized the potential of cloud computing, is using the software in a bid to provide quality services to patients and also share large data files easily that not only saves cost but also boosts efficiency. Thus, hospitals across the globe are extensively using this technology for better and safe storage coupled with improved research for new and enhanced medical aspects.
The global market is spread across North America, Asia Pacific, Europe and the Rest of the World (RoW).
Among all the regions, North America claimed over 50% of the global market share. North America revels in the presence of companies which include Amazon web service, Google, Microsoft, IBM and others who are majorly responsible for the regional market growth. These companies, in order to strengthen their market position, constantly indulge in strategic activities like mergers and acquisition along with researches and development, which intensifies the already competitive market in the region.
The Asia Pacific market is set to grow rapidly with the key underlying theme being the increase in demand for managed cloud services. This growing demand takes place due to Big Data and complex workloads that leads to excruciating need for cloud platforms in order to make them more simplified. Moreover, organizations are turning to third-party service providers to address their cloud security concerns, a fact that also shapes the market size in the region positively. Also, massive demand from healthcare industry for cloud computing software has outlined the positive outlook of the market size regionally.
On the other hand, economic benefits and free flow of data due to cloud computing within the enterprises based in Europe, have led to wider adoption of the technology in the region. In addition, policy initiatives in the region aiming at promoting the use of cloud computing software, support the market growth.
The Middle East and Africa markets are expanding slow but consistently due to the software’s economic benefits and flexibility of use. Such characteristics constitute opportunities for cloud computing market expansion in the region, as the cost saving advantages of the software attracts many regional market players who invest in research and development activities.
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The key players thriving in the global cloud computing market are Dell Inc. (U.S.), Flexiant Ltd. (U.K.), Google Inc. (U.S.), Hewlett-Packard Development Company L.P. (U.S.), Akamai Technologies Inc. (U.S.), Amazon Web Services LLC (U.S.), CA Technologies (U.S.), IBM Corporation (U.S.), Joyent Inc. (U.S.), and Microsoft Corporation (U.S.) and others.
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