With mobility emerging as a key word for market growth in recent times, cloud computing which offers just that and much more has grown rapidly as a result. Market Research Future, a firm which specializes in market reports related to the Information and Communications Technology sector among others, recently published a report on this market. The market for global cloud computing is expected to mature at a 15 per cent CAGR approximately throughout the forecast period.
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As cloud computing considerably reduces the time taken to get applications to market, the appeal of the sector is significantly enhanced. Its main feature to enhance the usage of shared computing resources has increased its range of applications. Increased need for technologically upgraded services has also prompted further expansion of the market. Increased adoption rates have also been instrumental in development of the market.
The global cloud computing is divided on the basis of cloud service type, deployment model, application and region. On the basis of cloud service type, the segment is further classified into software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS) among others. Further, on the basis of deployment model, the industry is further classified into private cloud, public cloud, hybrid cloud and community cloud. The cloud computing market has a wide range of application areas such as government, BFSI, healthcare and many more.
Cloud Computing Market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America, especially the U.S. cloud computing market size accounted for over 50% total share of global cloud computing market. Since North America is home to largest companies in terms of revenue, which includes Amazon web service, Salesforce, Google, Microsoft, IBM and other major companies are the main reason for this growth. The Asia Pacific cloud computing market is expected to grow at a very rapid pace. The key underlying reason across the markets is the increase in demand for managed cloud services. This can be attributed to big data and complex workloads which are being increasingly migrated to cloud platforms. In addition, enterprises are also turning to third-party service providers to better address their cloud security concerns.
A trend of volume-driven growth has been observed in the market of late with the development of different varieties of product types. The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The industry players in the segment are effectively utilizing their primary resources to initiate long lasting growth changes. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. Conversely, with companies aiming to capture a considerable share of the market segment as early as possible, experimentation with various advantage points is being seriously considered and implemented.
The key players in market include Akamai Technologies Inc. (U.S.), Amazon Web Services LLC (U.S.), CA Technologies (U.S.), Dell Inc. (U.S.), Flexiant Ltd. (U.K.), Google Inc. (U.S.), Hewlett-Packard Development Company L.P. (U.S.), IBM Corporation (U.S.).
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