New York, Oct. 18, 2022 (GLOBE NEWSWIRE) --
Kenneth Research has published a detailed market report on ‘Global Cloud Network Infrastructure Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers and challenges
- Profiling of key market players
Global Cloud Network Infrastructure Market Size:
The global cloud network infrastructure market is estimated to grow at a CAGR of ~28% over the forecast period, i.e., 2022– 2031. Moreover, in the year 2021, the market registered a revenue of approximately USD 9 billion. The growth of the market can majorly be attributed to the increase in spending on the information and communication technology (ICT) and a reduction in operational cost of business organizations. Moreover, the future of the digital economy is based on cloud network infrastructure as it helps the organizations to be more efficient and cost-effective in a competitive environment. As per the World Bank, the digital economy is growing two and a half times faster than the world’s economy over the past 15 years, which accounted for 15.5% of the world’s GDP. Therefore, the growing digital economy is expected to drive the growth of the global cloud network infrastructure market.
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Global Cloud Network Infrastructure Market: Key Takeaways
- The North America region to gain the largest portion of the revenue
- The IT & telecommunication segment to dominate the revenue graph
- Software segment remains prominent in the type segment
Rapid Digitalization across Various Organizations around the World to Boost Market Growth
The increasing demand to rise productivity rate across various enterprises, and increased insistence on ensuring regulatory compliance and preventing errors are expected to be responsible factors to drive the growth of the global cloud network infrastructure. For enterprises, cloud services offer improved visibility and control required for managing changes associated with the complexity of enterprise data environment. It was noted that enterprises across the globe, faced an average of 20 security breaches in 2020 and this number is estimated to grow over the forecast period. Hence, this is expected to fuel the growth of the global market significantly over the forecast period. Moreover, cloud-based services has been increasing throughout the years globally. For instance, cloud-based services are expected to grow by roughly 30% in 2023 and it is estimated to grow more over the forecast period. Therefore, it is also estimated to boost the market growth notably over the forecast period.
In addition to this, digitalization across various enterprises has been increasing throughout the years and is expected to increase even more over the projected years. Along with that, expenditure behind digitalization is also growing rapidly. For instance, over 60% of the world’s Gross Domestic Product (GDP) is predicted to be digitized by 2022, and digitally transformed organizations are projected to contribute to more than half of the global gross domestic product (GDP) by 2023, accounting for nearly USD 54 trillion. Hence, this is estimated to be a major factor to propel the growth of the global cloud network infrastructure market. Additionally, high adoption of technologically advanced products, and growing R&D activities to develop products that improve user comfort by companies in the global market are also fueling the expansion of the market.
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Global Cloud Network Infrastructure Market: Regional Overview
The global cloud network infrastructure market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Technological Advancements in Cloud-Based Services to Propel the Market in the North America Region
The North America region in the cloud network infrastructure market is anticipated to hold the highest market share over the forecast period. This can majorly be ascribed to the increase in the number of organizations opting for cloud network infrastructure in order to reduce their cost of data centers. Moreover, cloud-friendly policies and laws by the government are adding to the market growth in the region. Furthermore, the U.S in the North America region is one of the countries with the best cloud-based strategies for the organizations. As per the U.S. Department of the Interior, a cloud smart strategy was introduced in the year 2018 that provides guidelines related to security, labor skills and procurement for faster cloud adoption. Moreover, technical advancements in cloud-managed systems and enterprise Internet of Things (IoT) applications, and being a highly economically region are estimated to be prime factors to fuel the growth of the market in the North America region.
Increasing Internet Penetration among the Regional Population to Favor Market Growth in the Asia Pacific Region
The Asia Pacific region in the cloud network infrastructure market is estimated to witness noteworthy growth over the forecast period on the back of increasing growth in the usage of the internet, the presence of large vendors in the region, and growing demand for cloud-based services from countries such as China and India. As per the World Bank, in China, 70% of the total population used the internet in the year 2020, and the usage rate is better as compared to other countries. Therefore, an increase in the usage of the internet will allow more organizations to opt for the on-cloud or cloud-based services. Additionally, the advancement in technology and improvement in IoT & cloud services infrastructure are also projected to add to the cloud network infrastructure market growth majorly.
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Global Cloud Network Infrastructure Market, Segmentation by End-Users
- Healthcare
- Government
- Business & Consulting Services
- IT & Telecommunication
- Banking
- Manufacturing
- Others
The IT & telecommunication segment in the global cloud network infrastructure market is anticipated to hold the highest growth over the forecast period. The growth of the segment can be attributed to the increase in the demand for cloud-based services and earlier adoption of these services by the IT and telecommunication organizations. Moreover, nowadays, organizations require high mobility and high scalability that can be achieved through the cloud network infrastructure. In addition to this, the rapid expansion of the IT & telecommunication industry is anticipated to be another significant factor to influence segmental growth. India is the world’s second-largest telecommunications market and it was noted that the gross revenue of the telecom sector stood at nearly USD 10 billion in the first quarter of the financial year 2022.
Global Cloud Network Infrastructure Market, Segmentation by Type
- Software
- Hardware
- Services
The software segment is anticipated to hold a significant share over the forecast period in the market. This can be ascribed to the rapid digitalization of various enterprises, and growing adoption of digitalized services in healthcare sectors. It was noted that in 2020, worldwide spending on digital transformation crossed over USD 1 trillion. Hence, this is anticipated to contribute to the growth of the cloud segment in the global cloud network infrastructure market.
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A few of the well-known market leaders in the global cloud network infrastructure market that are profiled by Kenneth Research are IBM Corporation, Dell Technologies, Inc., NetApp, Inc., Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., Intel Corporation, Amazon Web Services, Inc., Salesforce, Inc., Alphabet Inc., and others.
Recent Developments in the Global Cloud Network Infrastructure Market
- In April 2022, to deliver Oracle Cloud VMware Solutions, a partnership was announced between Oracle Cloud Infrastructure (OCI) and VMware. Oracle Corporation introduced three new E4 Dense Compute forms for Oracle Cloud VMware Solution.
- In March 2022, new cloud hardware, software, and an operating system were launched by Cisco Systems, Inc. to hasten the adoption of hybrid clouds in businesses.
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