Market Research Future (MRFR) analyses the global cloud computing market 2020 and concludes that it holds the potential to achieve a growth rate of 19.4% over the forecast period (2018 to 2024). The market can also procure an attractive valuation of USD 340.5 billion by 2024, says MRFR.
Top Drivers and Key Barriers
MRFR experts project that roughly 80% of all the enterprise workload can be in the cloud by the year 2022, with a significant portion of the said workload expected to be in public cloud. Cloud computing services, as well as apps, are gaining traction across companies, serving as the IT infrastructure that supports the new digital enterprises. It is projected that variables like increased agility and automation, better customer experience, and rising price savings and investment returns can help the cloud computing market size expand in the following years.
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Surging confidence in cloud security among enterprises is why most of the applications are now being shifted from data centers to the public cloud. Another significant reason why most of the IT leaders are adopting cloud adoption is the considerable investments the cloud providers are making in their own security. These factors have induced the growth of the cloud computing architecture in recent years and do so even in the coming years.
Data compliance is considered to be the main cornerstone of business operations, especially in industries such as healthcare and financial services. If an enterprise operates on-premises solutions, the continuous management of compliance regulations can pose a significant resource challenge. Shift to cloud helps the enterprise opt for services that are already compliant. The move to cloud computing can give an enterprise the flexibility to quickly increase and decrease compute, reduce costs through a pay-as-you-go model. Mounting awareness regarding such benefits is boosting the growth of the cloud computing market across the globe.
The global market for cloud computing has been segmented with regard to service model, deployment model and organization size.
The service models considered in the report are infrastructure as a service (IaaS), platform as a service (PaaS) and software as a service (SaaS). In 2018, the SaaS segment took the lead with the largest share of 58% in in the global market. The segment is also expected to attain the highest growth rate in the years ahead.
Depending on the deployment mode, the market consists of public, hybrid and private cloud. The public cloud segment seized the largest share in Cloud Computing Market in 2018 and can record a CAGR of 20% over the review period.
The organization sizes mentioned in the report re small- and medium-sized enterprises as well as large enterprises. The large enterprises segment led the market in 2018, and can register a growth rate of 19% in the coming years.
The vertical-based segments are financial services and insurance (BFSI), retail and consumer goods, banking, government and public sector, healthcare and life sciences, manufacturing, IT and telecommunications, media and entertainment, energy and utilities, and others. Out of these, the BFSI segment claimed the top position in the market in the year 2018, and was valued at USD 24.8 billion the same year. The segment’s projected growth rate in the coming years is estimated to be 18.6%. The IT & telecommunication segment, on the other hand, secured the second-leading position in the global market. The segment can procure a CAGR of 20% from 2018 to 2024.
The demand for cloud computing services is mounting at a rapid pace in the primary regions of Asia Pacific (APAC), Europe, the Middle East & Africa, South America as well as North America.
North America is the clear winner in the global market for cloud computing, with the largest size among all the regions. Some important factors boosting the market growth in North America include the rising focus of enterprises on offering flexible options to their employees along with enhanced internet connectivity. The presence of renowned vendors like Amazon Web Services Inc., Cisco Systems Inc., Microsoft Corporation, IBM Corporation, Google, and others also add to the market strength in the region.
APAC offers lucrative possibilities for the cloud computing market, with the large pool of skilled labor along with the high investments made by SMEs as well as big companies in the region.
Europe is led by countries like the UK, France, Germany, Italy and Spain. The UK can gain the highest traction in the region, followed by Germany and France. The market growth in the region is the result of the increasing investments made by colocation service providers in a bid to increase their regional presence and also fulfil all the computing requirements of customers.
Top companies enhancing the cloud computing market share include Dell EMC Corp., TIBCO Software Inc., Salesforce.com, Inc., IBM Corporation, Microsoft Corporation, Alphabet Inc, Alibaba Group Holding Ltd., Rackspace Inc., Cisco Systems, Inc., Adobe Systems Inc., SAS Institute Inc, Oracle Corporation, SAP SE, Amazon.com Inc., VMware, Inc., to name a few.
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