Cloud computing refers to networking, storage, servers, and computing services offered through data centers and the internet. It can be leveraged by small and medium-sized enterprises to fuel innovation without investments on hardware and software. The global cloud computing market report by Market Research Future (MRFR) encompasses drivers, challenges, trends, and restraints for the industry during the forecast period (2020-2030). The COVID-19 outbreak and its effects on the industry make up a major part of the report.
The global cloud computing market is set to exhibit 18.53% CAGR over the forecast period. It is attributed to flexibility and scalability accorded to individuals and organizations owing to its implementation. Increasing maintenance costs of hosting, workforce charges, and shift towards digital channels can drive market growth. Use of cloud computing by enterprises for curbing operational expenditure can bode well for the market.
The COVID-19 outbreak has accelerated the shift to digital models and propelled the market demand. Government regulations and increased spending on cloud computing can favor the market. Rollout of novel subscription programs by cloud service providers for smooth onboarding of clients coupled with transparency and pricing in their business models can bode well for the cloud computing market.
But rise in cyberattacks and compliance to data security and privacy regulations can restrict the market growth.
By service model, the SaaS segment attained the highest share owing to the preference of external service providers by large companies for hosting their services. The move by enterprises to shift their applications to the cloud can favor the segment.
By deployment mode, the public cloud segment can capture the highest share over the assessment period. This is credited to scalability of cloud and control over data centers.
The public cloud segment captured the largest market share in 2018, and it is expected to post a CAGR of 20% during the forecast period.
By organization size, the large enterprise segment to lead the market and post 19% CAGR over the forecast period. Low operational expenditure, fast product to market, increased flexibility and collaboration can drive the demand for cloud computing in the segment.
By vertical, the BFSI segment to post the highest CAGR of 18.6% during the forecast period. This is attributed to use of cloud computing resources by companies to cater to customer data management and digitization of wealth. Services such as mobile wallets, online transactions, and omnichannel experiences can drive the integration of cloud in the sector.
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are major regions covered in the cloud computing market.
North America is touted to lead the market owing to demand for stable internet connectivity and stable working conditions for employees. Commitment by cloud service providers such as Cisco, Amazon, Microsoft, IBM, Google, and others for offering storage services and infrastructure to enterprises and individuals.
APAC is likely to showcase a strong growth rate during the forecast period owing to shift to digitalization of data and data protection demands of countries of India and China. Adoption of cloud by healthcare organizations during the pandemic to scale their operations and cater to storage requirements due to large influx of patients can drive the regional market demand. The move by corporations to move their data to the cloud can spur market demand. This is exemplified by the announcement of telecommunication providers such as Smart, Dialog, Celcom, XL Axiata, Robi, and Ncell planning to move their services to Google cloud for modernizing their infrastructure.
Salesforce.com, Inc., Amazon.com Inc., Alibaba Group Holding Ltd., Cisco Systems, Inc., Rackspace Inc., Oracle Corporation, Microsoft Corporation, TIBCO Software Inc., SAS Institute Inc, VMware, Inc., Dell EMC Corp., SAP SE, IBM Corporation, Alphabet Inc., and Adobe Systems Inc. are key players of the cloud computing market. Players are differentiating their products and services on the basis of price, ease of use, and support. Rise of multi-cloud strategies is likely to lead to innovation among players.
The Pentagon, house of the U.S. Department of Defense, is considering a move to cloud computing to move to highly secure architecture and enable communications with soldiers on battlefields.
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