Global Cloud Computing Market (2021-2028) Size, Share and Trend Analysis Report
DUBLIN, August 10, 2021– (BUSINESS WIRE) – The “Cloud Computing Market Size, Share and Trend Analysis Report by Service (SaaS, IaaS), by Company Size (Large Enterprises, SMBs) , By End Use (BFSI, Manufacturing), By Deployment, and Segment Forecasts, 2021-2028 “report has been added to ResearchAndMarkets.com offer.
The global cloud computing market size is expected to reach USD 1,251.09 billion by 2028, registering a CAGR of 19.1% over the forecast period. This growth can be attributed to several factors, including digital transformation in various industries, increased internet penetration and consumption of big data in various verticals. The growing adoption of 5G, Internet of Things (IoT) and Artificial Intelligence (AI) is expected to further support the growth of the cloud computing market.
The outbreak of the COVID-19 pandemic is likely to dramatically affect businesses, stifling innovation, suppressing profitability and draining cash flow and financial reserves. The IT and software development industries have also faced challenges due to this unforeseen epidemic. However, the impact on the software industry, including cloud computing, has been relatively small. With the increasing adoption of the work-from-home model, due to the second wave of the pandemic, customer spending in the Infrastructure-as-a-Service (IaaS) and Desktop-as-a-Service (DaaS) segments have increased considerably.
Additionally, with the growing number of remote workers due to this pandemic, more business is being conducted through messaging and collaboration tools which is expected to drive the market growth. Organizations embrace cloud computing services because they provide insight into partnership tactics, go-to-market approaches, investments, alliance and acquisition strategies, and operational best practices. In addition, these services make it possible to measure, correlate and analyze business activities and ensure that company operations are in line with customer demands.
Leading vendors are focused on introducing new cloud solutions, services and workloads and upgrading the capabilities of their current offerings to strengthen their market presence. In addition, vendors also engage in mergers and acquisitions to strengthen their market position and improve their cloud capabilities. For example, in July 2019, Google LLC acquired Elastifile, an enterprise cloud storage provider, to expand its cloud file storage capabilities for enterprise applications. This acquisition extended the former company’s current file storage offerings, third-party partner offerings and Cloud Filestore.
Highlights of the Cloud Computing Market Report
The IaaS segment is expected to register the highest CAGR during the forecast period due to the increased adoption of multi-cloud due to advantages, such as scalability and rapid accessibility of data.
Small and medium-sized enterprises (SMEs) are expected to become the fastest growing segment from 2021 to 2028 due to the high demand for cloud computing in SMEs due to the reduction in the costs of computer hardware and software, the ” improved processing capacity and storage elasticity, and greater mobility of access to data and services.
The hybrid deployment segment is expected to register the second fastest CAGR from 2021 to 2028 due to the growth of cloud and industrialized services and the decrease in traditional data center outsourcing (DCO).
Additionally, with the flexibility to shift workloads between private and public deployment based on IT needs, a hybrid deployment should provide businesses with more options for long-term data deployment.
The manufacturing end use segment is expected to register the highest growth rate during the forecast period. Through various features, cloud computing helps manufacturers use multiple types of production systems, ranging from high performance computing (HPC) and 3D printing to IoT and industrial robots.
Asia-Pacific is expected to become the fastest growing regional market during the forecast period owing to the increasing attention of SMEs and large enterprises to improve their digital initiatives.
The growth of the IT services industry in markets such as India, China and other parts of Southeast Asia is also expected to propel the growth of the regional market during the forecast period.
Increase in resources, user mobility and continuous migration of applications to the cloud
Growing adoption of technologies such as artificial intelligence, machine learning, 5G and IoT
For more information on this report, visit https://www.researchandmarkets.com/r/9y1ub5
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210810005902/en/
Laura Wood, Senior Press Director
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