The Global Cloud Computing Market, according to a report by Market Research Future (MRFR), is slated to expand at a moderate 19.4% CAGR, registering a substantial market valuation of USD 340.5 billion in 2024, over the forecast period.
Drivers and Restraints
The growing adoption of bring your own device (BYOD) trend across numerous industry verticals is fueling the growth of the cloud computing market. In recent times, organizations have been undergoing several advancements in technology, including the adoption of smartphones, computers, and personal devices. The growing adoption of BYOD management platforms has been simplified with the help of cloud services. Consequently, the adoption of cloud services to support flexible access to enterprise resources by the employees is slated to act as a major influential factor for the growth of the cloud computing market.
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Additionally, due to several benefits that cloud computing offers over on-premise deployment is one of the other factors for the upsurge in the adoption of cloud computing. The deployment of cloud computing is precisely growing among small- and medium-sized enterprises owing to the flexibility it offers to them. Additionally, with the entrance of various cloud computing providers in the market, enterprises have several market players to assess before selecting a cloud provider, which consequently is creating competition in the market. Moreover, with the advent of virtual private cloud, enterprises are now able to use public cloud space more securely. All these developments in the market are fueling the demand forward.
The global market for cloud computing has been segmented based on the deployment model, service model, and organization size.
Based on the service model, the market has been segmented into infrastructure as a service (IaaS), software as a service (SaaS), and platform as a service (PaaS). The SaaS segment is expected to register a substantial CAGR during the review period
Based on deployment mode, the market for cloud computing has been segmented into public, private, and hybrid cloud. The public cloud segment is touted to register a significant CAGR of 20% during the review period.
By the organization size, the cloud computing market has been bifurcated into large enterprises and small- and medium-sized enterprises. The large enterprises segment is poised to register a remarkable CAGR of 19% over the forecast period.
By the vertical, Cloud Computing Market Size is segmented into IT and telecommunications, banking, financial services and insurance (BFSI), government and public sector, manufacturing, retail, and consumer goods, energy and utilities, healthcare, and life sciences, media and entertainment, and others. The BFSI segment is expected to register a notable CAGR of 18.6% over the review period, whereas the IT & telecommunication segment is projected to register a CAGR of 20%.
Regionally, the global cloud computing market has been segmented into North America, Asia-Pacific, Europe, the Middle East & Africa, and South America.
North America dominates the market in terms of market value in the cloud computing market and is expected to sustain its lead over the review period. Some of the factors that are accountable for the growth of the market are the growing need for businesses to offer flexible work options to their employees as well as better-quality internet connectivity. Furthermore, the presence of major companies in a higher concentration in the region is one of the significant factors fueling the cloud computing market in this region.
In the European region, the UK is slated to gain the maximum market share, followed by Germany and France. One of the factors driving the market growth is the increasing usage of cloud-based solutions. Moreover, several businesses are employee-centric and offer flexible work options for their employees. Augmented automation and agility is also a vital factor for the growth of the European cloud computing market over the review period.
The major market players of the global cloud computing market are Amazon.com Inc., Microsoft Corporation, Alphabet Inc, Oracle Corporation, Cisco Systems, Inc., Salesforce.com, Inc., SAP SE, VMware, Inc., IBM Corporation, Alibaba Group Holding Ltd., Rackspace Inc., Adobe Systems Inc., SAS Institute Inc, Dell EMC Corp.and TIBCO Software Inc.
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