Dublin, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The "Cloud Computing Market by Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), Deployment Model (Public and Private), Organization Size, Vertical, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global cloud computing market is expected to grow from USD 445.3 billion in 2021 to USD 947.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period.
Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global giants are providing customers with cost-effective and productive digital solutions as every industry is economically hard-hit from the pandemic. The sudden shutdowns of offices, schools and enterprises have increased the demand for cloud solutions and services.
The cloud market in verticals such as IT, telecom, BFSI, and media and entertainment has impacted positively due to the work from the home initiative. Employees are using cloud collaboration platforms for communicating and consuming OTT streaming services heavily as they need to stay at home amidst lockdowns.
Infrastructure as a Service (IaaS) to help enterprises in enhancing infrastructure scalability and performance
IaaS enables enterprises to leverage their IT infrastructure without paying for the construction of the physical infrastructure. Moreover, it provides flexibility, mobility, easy, and scalable access to applications, and enhances collaboration to help enterprises focus on their core businesses.
The increasing internet access through smartphones and other devices has spurred the digitalization trend among enterprises that generate large volumes of business data daily. These factors have increased the enterprises' concerns over losing the focus on core business operations and meeting the demand for clients. IaaS helps in reducing the cost of deploying IT infrastructure, hardware, and in hiring skilled resources. These benefits, in turn, are expected to drive the adoption of IaaS.
Retail and consumer goods vertical to grow at the highest rate during the forecast period
The retail and consumer goods vertical is one of the fastest-growing verticals with respect to the adoption of emerging and innovative technologies, such as cloud computing, big data analytics, DevOps, digital stores, and social networks.
Various factors driving this adoption are the rising purchasing power of customers and the need to satisfy customer expectations leading to the existing customer retention and new customer acquisition. Online retailing and cloud technologies have significantly disrupted the retail and consumer goods vertical leading to the adoption of cloud computing mainly for storage, backup, and security services.
North America to hold the largest market size and the Asia Pacific (APAC) to grow at the highest rate during the forecast period
North America is the most mature market in terms of cloud computing services adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise.
APAC is expected to offer significant growth opportunities for cloud computing vendors during the forecast period. Rapid advancements in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have led many organizations to adopt cloud computing services.
Market Dynamics
- Drivers
- Inclination of Enterprises Toward Automation and Agility
- Enhanced Customer Experience with Personalization and Collaboration
- Increased Return on Investments with Lower Infrastructure and Storage Costs
- Surging Demand for Remote Workspaces with COVID-19 Outbreak
- Rise in Demand for Cloud-Based Business Continuity Tools and Services
- Business Expansions by Large Vendors Across Geographies to Acquire an Untapped Customer Base
- Proliferation of Digital Content and Upsurge in Internet Usage
- Need for Disaster Recovery and Contingency Plan
- Restraints
- Cyberattacks Damaging Business Operations and Critical Data Loss
- Limited Technical Expertise Among Enterprises in Technologically Developing Geographies
- Inadequate Network Bandwidth Providers and Lack of Access to High-Speed Internet in Many Countries
- Opportunities
- Increase in Adoption of Hybrid Cloud Services
- Boosting the Adoption of Edge Technologies
- Rise in Number of Small and Medium-Sized Enterprises to Create New Revenue Opportunities for Cloud Vendors
- Telecom Service Providers Leveraging Existing Infrastructure to Offer Cloud-Based Services
- Increasing Business Tie-Ups with Device Manufacturers
- Bridging the Connectivity and Accessibility Gap
- Need for Secure Cloud Environments to Increase Significantly
- Challenges
- Need to Manage Regulatory and Compliance Policy Needs
- Compatibility Complexities with Legacy Systems
- Fear of Vendor Lock-In
- Technological Analysis
- Artificial Intelligence and Machine Learning
- Big Data and Analytics
- Cloud Computing
- Internet of Things
- COVID-19-Driven Market Dynamics
- Regulations
- Trends
- Supply Chain
- Ecosystem
- Patent Analysis
- Porter's Five Forces Analysis
- Pricing Analysis
- Case Study Analysis
- Simplifying Patient Onboarding with Microsoft Form Recognizer
- Enhancing Machine Learning Model Using Amazon Sagemaker
- Enhancing Analytics for Workplace Pension Clients
- Reformation of the B2B Commerce Platform to Improve Performance and Security
- Automation of Bill Validation Using Oracle Cloud
- Helping At-Risk Students in Receiving Their Degree
- Transitioning Planning Process to the Cloud
- Improving Provision of Online Services
The report profiles the following key vendors:
1. AWS (US)
2. Microsoft (US)
3. Google (US)
4. Alibaba (China)
5. SAP (Germany)
6. IBM (US)
7. Oracle (US)
8. VMware (US)
9. Rackspace (US)
10. Salesforce (US)
11. Adobe (US)
12. CenturyLink (US)
13. Fujitsu (Japan)
14. Workday (US)
15. Infor (US)
16. Sage Group (UK)
17. Intuit (US)
18. Epicor (US)
19. IFS (Sweden)
20. ServiceNow (US)
21. OpenText (US)
22. Cisco (US)
23. Box (US)
24. Zoho (US)
25. Citrix (US)
26. Upland Software (US)
27. DigitalOcean (US)
28. Bluelock (US)
29. OVH (France)
30. Joyent (US)
31. Skytap (US)
32. Virtuestream (US)
33. Tencent (China)
34. DXC (US)
35. NEC (Japan)
36. Navisite (US)
For more information about this report visit https://www.researchandmarkets.com/r/xdsngk
