According to a new report published by UnivDatos, the Cloud Computing Market is expected to grow at a CAGR of around 17% from 2021-2027, reaching around USD 1,000 billion by 2027. The analysis has been segmented Type (Private Cloud, Hybrid Cloud, Public Cloud); Service (SaaS, PaaS, IaaS); Industry (Banking and Financial Services, Information and Communication Technology, Government, Consumer Goods, and Retail, Healthcare, and Others); Region/Country.

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The cloud computing market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the cloud computing market. The cloud computing market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the cloud computing market at the global and regional levels.

Market Overview

Global Cloud Computing is expected to witness robust growth mainly due to the increasing demand for security of crucial data, cost of computation devices, and rapidly increasing data storage requirements. The security features and the cost-effectiveness features of cloud computing are major game-changer for the cloud computing market.

Furthermore, the increasing adoption of AI and big data technologies, the need for massive data storage requirements, and organizational agility & flexibility are some of the key factors influencing the growth of the cloud computing market. In addition, the increasing demand for data security, cost of computation devices, and massive and steadily increasing data storage requirements, the demand for cloud computing is increasing. The world generated 64.2 zettabytes of data in 2020, and this number is expected to rise by producing 181 zettabytes of data in 2025. All this data needs to be stored somewhere, however, it is extremely costly and insecure to store data in physical data storing devices. Cloud computing provides cloud storage that is cheaper and easier to manage than storage devices. Security walls in cloud storage are extremely difficult to be penetrated by hackers hence the chances of data loss are extremely low. Thus, creating tremendous opportunities for players offering cloud computing services.

COVID-19 Impact

Many of the enterprises across verticals have adopted the work from home model to safeguard employee well-being and maintain operational efficiency, surging the demand for Software-as-a-Service (SaaS)-based collaboration solutions. The recent COVID-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the information and communication technology industry and has transformed the traditional way of working from the office. The COVID-19 pandemic has significantly affected the cloud application market as there has been an increase in the number of enterprises that adopted the cloud technology due to its cost-effectiveness, scalability, and security.

The global cloud computing market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

Based on type, the market is segmented into public cloud, private cloud, and hybrid cloud. In 2020, private cloud accounted for the majority share in the global cloud computing market due to its superior performance, compliance, and security reasons. Usually, private clouds are deployed inside the firewall of the intranet of the organization which ensures efficiency and good network performance. Furthermore, it gives better controls for data, and user management. In addition, the private cloud belongs to a single client. Therefore, the infrastructure and systems can be configured to provide high levels of security.

On the basis of service, the market is categorized into SaaS, PaaS, and IaaS. Among these, SaaS held a prominent share in the global cloud computing market and is expected to hold a prominent share during the forecast period. Reduced time for software installation and configuration, lower cost, and easy upgrade are the prominent factors driving the growth of this segment. It is a cloud-based software delivery model in which the cloud provider develops and maintains cloud application software, provides software updates, and makes software available to its customers over the internet on a pay-as-you-go basis. Working with SaaS keeps the environment updated and improves scalability & integration.

Based on industry, the cloud computing market has been classified into banking and financial services, information and communication technology, government, consumer goods and retail, healthcare, and others. Among these, banking and financial services held a prominent share in the cloud computing market in 2020 and would continue to grow at a steady rate during the forecast period. This is mainly due to the recent innovation, risk mitigation, and cost benefits of cloud computing in the banking sector. Furthermore, with cloud computing, financial institutions turn huge up-front capital expenditure into a shorter, continuing operational cost. Therefore, they don’t have to go for heavy investments in new hardware and software. Moreover, financial firms get a higher level of data protection, fault tolerance, and data recovery. Cloud computing also provides backup at a lower price than traditional hardware solutions

Cloud Computing Market Geographical Segmentation Includes:

·       North America (United States, Canada, and Rest of North America)

·       Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

·       Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)

·       Rest of the World

In 2020, North America held a significant share in the global cloud computing market due to the fast development, adoption of emerging technologies, and presence of key market players such as Amazon.com Inc., Google LLC, and Microsoft Corporation, and others are expected to drive the growth across the region. Many businesses in North America have transitioned or are transitioning to a hybrid work model, this would result in an increase in cloud investments due to the demand for storage, conferencing and collaborating applications, and data security. Moreover, cloud computing is the foundational pillar for innovation, collaboration, and digital transformation and is witnessing an accelerated adoption by enterprises.

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The major players targeting the market include

·       Amazon.com Inc.

·       Microsoft Corporation

·       Google LLC

·       International Business Machines Corporation

·       Oracle Corporation

·       VMware Inc.

·       Salesforce Inc.

·       Alibaba Group Holding Limited

·       Hewlett Packard Enterprise

·       SAP SE

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Cloud Computing market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

What are the latest trends, new patterns, and technological advancements in the cloud computing market?

Which factors are influencing the cloud computing market over the forecast period?

What are the global challenges, threats, and risks in the cloud computing market?

Which factors are propelling and restraining the cloud computing market?

What are the demanding global regions of the cloud computing market?

What will be the global market size in the upcoming years?

What are the crucial market acquisition strategies and policies applied by global companies?

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