The global cloud computing market is expected to gain momentum from the rising inclination of enterprises to Omni-cloud solutions from multi-cloud solutions.
The cloud computing market size stood at USD 193.60 billion in 2019 and it is projected to reach USD 684.55 billion by 2027, exhibiting a CAGR of 17.6% during the forecast period.
COVID-19 Pandemic: High Demand for VoD Solutions to Propel Growth
The demand for live-streaming platforms, such as Amazon Prime, Netflix, and Hulu is surging rapidly backed by the lockdown measures implemented by governments worldwide to prevent the transmission of coronavirus. This video-on-demand (VoD) solutions are further resulting in the high demand for IaaS cloud-based services. Also, because of the work from home practices across the globe, there is a high demand for SaaS-based collaboration solutions. We are delivering authentic reports to help you select the right strategy for regaining business confidence and generate more sales of cloud computing solutions.
Urgent Need to Analyze Data-driven Business Strategies will Favor Growth
The integration of innovative technologies, such as machine learning (ML) and artificial intelligence (AI) with cloud computing solutions is increasing globally. It is aiding in analyzing, visualizing, and monitoring data-driven business strategies. At the same time, such integration processes would allow companies to make complex data accessible and usable over the visual representation, as well as to accelerate their visualization capabilities. However, the rising number of privacy and security concerns regarding unforeseen emergencies, application vulnerabilities, cyber-attacks, and data breaches may hamper the overall cloud computing market growth throughout the forthcoming years.
Government Initiatives to Support Data Safety and Integrity will Drive BFSI Segment
Based on industry, the banking, financial services, and insurance (BFSI) segment procured 16.1% in terms of cloud computing market share in 2019. This growth is attributable to the rising initiatives by the government to support data safety and integrity. The IT and telecommunications segment is likely to remain dominant in the coming years owing to the increasing usage of these services to manage and store vast amounts of data in the industry.
North America to Remain at Forefront Owing to Presence of Amazon, IBM, and Apple
Regionally, in 2019, North America generated USD 58.10 billion in terms of revenue. The region is anticipated to lead the market fueled by the presence of several prominent cloud computing service providers, namely, Apple Inc., IBM Corporation, and Amazon Web Services in the region. The Asia Pacific, on the other hand, is set to exhibit astonishing growth in the near future backed by rapid digitalization and rising internet penetration. Europe would show a substantial CAGR because of the high expenditure on cloud-based technologies in the region.
Key Players Aim to Gain Competitive Edge through New Product Launches
The market houses numerous reputed companies that are either opening new data centers or are launching new cloud computing solutions to gain a competitive edge. Most of them are nowadays striving persistently to develop state-of-the-art solutions for making COVID-19 tests easy for healthcare workers.
Amazon Web Services (AWS) (Washington, United States), Oracle Corporation (California, United States), IBM Corporation (New York, United States), Alibaba Group Holding Limited (Hangzhou, China), Microsoft Corporation (New Mexico, United States), VMware, Inc. (California, United States), Alphabet Inc. (Google LLC) (California, United States), Rackspace Technology, Inc. (Texas, United States), SAP SE (Walldorf, Germany), Apple Inc. (California, United States)com, Inc. (California, United States), HCL Technologies Limited (Noida, India), Hewlett-Packard Company (HPE) (California, United States), Sprint Corporation (Kansas, United States), Verizon Wireless (New York, United States), Red Hat, Inc. (North Carolina, United States), Ooma Inc. (California, United States)