Wilmington, Delaware, July 20, 2023 (GLOBE NEWSWIRE) -- The report titled “Global Cloud Computing Market” assesses the global and regional market based on a service model, deployment model, end-user, and region. A comprehensive report provides a detailed historical and future market size with a growth analysis by year.
Market Overview and Dynamics: Penetration of cloud computing to increase during the predicted period.
The global cloud computing market is expected to grow at a CAGR of over 15% during the forecast period of 2022-2028, analysis by RationalStat. As per the International Telecommunication Union (ITU), the proportion of individuals using the Internet globally has increased significantly from 43% in 2016 to 70% in 2023. The proliferation of digital content and the upsurge in internet usage has fueled market growth in recent years.
The global cloud computing market is set to observe considerable growth in the next six years, primarily driven by increasing demand for cloud-based business continuity tools and services, rising inclination of enterprises towards automation and agility, and increased return on investment with lower infrastructure and storage costs. Moreover, the Integration of big data, AI, and ML with the cloud further propel the demand for the global cloud computing market.
On the basis of revenue, North America is dominating the market due to the early adoption of technologies such as AI, robotics, IoT, and the Cloud. The Asia Pacific is expected to witness a significant growth rate due to the large number of enterprises and the keen focus provided by them to grow in the region. Investment by public and private sectors to accelerate cloud adoption across countries in Europe.
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Segmental Analysis
- Based on deployment mode, the hybrid cloud segment is expected to dominate the global market. Hybrid cloud is gaining demand among organizations on account of the ongoing migration of applications over the cloud.
- On the basis of the service model, Infrastructure as a Service (IaaS) segment is growing significantly. One significant application of modern cloud computing technologies is the IaaS public cloud. Since the launch of Amazon EC2, a growing number of platforms have emerged to offer computing and storage resources. The platforms' goal is to deliver virtual computers to users on demand for specified CPU frequency, core count, storage capacity, and memory size.
- Based on region, North America is dominating the global market due to high internet penetration, well-established ICT infrastructure, the high adoption rate of cloud computing services, and the presence of a large number of enterprises.
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Competition Analysis
The global cloud computing market is fragmented in nature with the presence of various prominent players in the market. The global market comprises a vibrant start-up ecosystem and is expected to have more than 100 startups developing and innovating solutions and services for consumers. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Acquisitions and product launches are among the key strategies adopted by major industry players. For instance,
- In February 2022, IBM Corp. acquired Neudesic, an application development, and cloud computing service company. Neudesic has been integrated into the Consulting segment of IBM. The acquisition would further enable strengthening of the IBM’s cloud computing solutions offerings.
- In September 2021, Health Cloud 2.0 platform was launched by Salesforce. Health Cloud 2.0 facilitates the delivery of enhanced safety to the employees and customers of the company using various modules, including Dreampass, and Contact Tracing. The new product launch would reinforce the revenue stream of Salesforce by broadening product and service offerings.
Some of the prominent players involved in the global cloud computing market include Adobe Inc., Alphabet Inc. (Google Inc.), Amazon.com Inc., Cisco Systems Inc., Hewlett Packard Enterprise, IBM Corp., Microsoft Corp., Oracle Corp., Salesforce, Inc., SAP SE, and VMware, Inc., among others.
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RationalStat has segmented the global cloud computing market on the basis of service model, deployment model, end-user, and region.
- By Service Model
- Infrastructure-as-a-Service (IaaS)
- Platform-as-a-Service (PaaS)
- Software-as-a-Service (SaaS)
- By Deployment Model
- Public
- Private
- Hybrid
- By End Use
- Banking, Financial Services, and Insurance (BFSI)
- Continue!
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Key Questions Answered in the Cloud Computing Report:
- What will be the market value of the global Cloud Computing market by 2028?
- What is the market size of the global Cloud Computing market?
- What are the market drivers of the global Cloud Computing market?
- What are the key trends in the global Cloud Computing market?
- Which is the leading region in the global Cloud Computing market?
- What are the major companies operating in the global Cloud Computing market?
- What are the market shares by key segments in the global Cloud Computing market?
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About RationalStat LLC
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, procurement intelligence, data analytics, and analytical dashboards.
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