Artificial Intelligence
Demand for Global Cloud Computing Market Size & Share to Surpass USD 1025.7 Bn by 2028, Exhibit a CAGR of 15.80% | Cloud Computing Industry Trends, Dynamics, Growth, Value, Analysis & Forecast Report by Facts & Factors
NEW YORK, NY, June 22, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Cloud Computing Market – Global & Regional Industry Perspective, Comprehensive Analysis, Size & Share, Growth, Trends, Statistical Research, and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Cloud Computing Market size & share in terms of revenue was worth of USD 429.5 billion in 2021 and it is expected to cross around USD 1025.7 billion mark, by 2028, growing at a compound annual growth rate (CAGR) of about 15.80% during the forecast period 2022 to 2028.”
What is Cloud Computing? How big is the Cloud Computing Industry?
Market Overview:
The use of distant computers that are hosted on the internet enables cloud computing, which in turn enables businesses to store, manage, and process vital data. A few of the factors that are driving the growth of emerging technologies include the ever-increasing volume of data that is being generated by websites and mobile apps, the growing emphasis on delivering customer-centric applications to drive customer satisfaction, and the growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX).
The global market for cloud computing is being propelled forward by newly emerging technologies such as big data, artificial intelligence (AI), and machine learning (ML). The expansion of cloud computing services is being propelled by a number of important issues, the most important of which are the protection of sensitive data, the acceleration of disaster recovery (DR), and the fulfilling of regulatory mandates.
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- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 429.5 Billion |
| Projected Market Size in 2028 | USD 1025.7 Billion |
| CAGR Growth Rate | 15.80% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Microsoft (US), AWS (US), Salesforce (US), Oracle (US), SAP (Germany), Google (US), Workday (US), Adobe (US), IBM (US), and Others |
| Key Segment | By Service Model, IaaS, PaaS, SaaS, Deployment Model, Organization Size, Verticals, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Global Cloud Computing Market Dynamics
As organizations continued to migrate workloads from traditional channels to digital formats, the cloud-computing market accelerated demand. Many businesses in a variety of industries have adopted the work-from-home model in order to maintain employee well-being and operational efficiency, increasing the demand for Software-as-a-Service (SaaS)-based solutions. The rise in Video-On-Demand (VoD) consumption has increased the demand for Infrastructure as a Service (IaaS) to meet consumer demands. Cloud computing enables more efficient and faster adaptation and operation of business operations in changing market environments. It simplifies the process of consuming technology. It has opened up previously unimagined possibilities for creating highly engaging customer experiences.
Cloud computing has influenced people’s and businesses’ behavior, allowing multiple lines of business to work around technology policies in order to get things done. Cloud trends are guiding organizations’ investment strategies, digital business decision-making processes, and vendor and technology selection. Rapid digitization is compelling businesses to modernize their application and infrastructure landscapes in order to improve cost efficiency and business agility. Organizations can effectively support their key business activities, move business workloads to a cloud platform, and avoid network latency by implementing cloud solutions and services.
Browse the full “Cloud Computing Market By Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a service (SaaS)), By IaaS (Primary Storage, Disaster Recovery and Backup, Archiving, Compute), By PaaS (Application Development and Platforms, Application Testing and Quality, Analytics and Reporting, Integration and Orchestration, Data Management), By SaaS (Customer Relationship Management (CRM), Enterprise Resource Management (ERM), Human Capital Management (HCM), Content Management, Collaboration and Productive Suites, Supply Chain Management (SCM), Others), By Deployment Model (Public Cloud, Private Cloud), By Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), By Verticals (Banking, Financial Services, and Insurance (BFSI), Telecommunications, IT and ITeS, Government and Public Sector, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Media and Entertainment, Healthcare and Life Sciences, Others), and By Region – Global Industry Overview, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecast 2022–2028” Report at https://www.fnfresearch.com/cloud-computing-market
Cloud Computing Market: COVID-19 Impact Analysis
The COVID-19 outbreak has emerged as a major global economic threat. Business continuity issues brought on by lockdown, work from home, social isolation, and other market requirements can be overcome with the aid of cloud computing. But because of the epidemic, employers, managers, and workers are choosing remote work more and more. The most recent trend of remote work has appeared and is anticipated to last for a while. The pandemic is predicted to cause one of the biggest changes in the workplace. As Industry 4.0, or the fourth industrial revolution, accelerates, it is transforming how companies use smart technologies like mobile supercomputing, IoT, big data, and artificial intelligence.
The full research study examines the market for cloud computing from both a qualitative and quantitative perspective. Investigations have been conducted on both the supply and demand sides of the market. Before comparing it to all of the major countries, the demand side analysis looks at market income in various regions. The biggest competitors in the market are examined in the supply-side research, along with their regional and worldwide presence and business models. There is a thorough investigation of every significant nation in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Cloud Computing Market: Segmentation Analysis
The global Cloud Computing market is segregated based on the service model, IaaS, PaaS, SaaS, deployment model, organization size, and verticals.
By Organization Size Segment Analysis
Based on the organization size, the segment of large enterprises held the largest market share. Lower operating costs, improved collaboration, increased flexibility, and a shorter time to market are all driving factors in demand. Cloud computing enables businesses to delegate routine tasks to technology that can complete them more quickly. As a result, increased usage in major organizations to streamline operations is expected to aid the segment’s growth. During the forecast period, the growing number of large enterprises in both developed and developing countries would drive up demand for cloud computing services.
By Verticals Segment Analysis
Based on the verticals, the BFSI segment had the highest revenue share. The BFSI sector has seen an increase in online banking activity, prompting lenders to embrace digital transformation, with cloud computing playing a key role in this strategy. Cloud computing has assisted firms in the BFSI sector to reduce costs, encourage innovation, strengthen client relationships, and increasing flexibility. The adoption of cloud services for the storage and management of consumer data can be attributed to the expansion. Payment gateways, online fund transfers, digital wallets, and unified customer experiences, among other services, are expected to play a significant role in the BFSI industry, assisting with the overall shift to cloud deployment.
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Competitive Landscape
The report contains qualitative and quantitative research on the global cloud computing market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards.
Some of the main competitors dominating the global cloud computing market include –
- Microsoft (US)
- AWS (US)
- Salesforce (US)
- Oracle (US)
- SAP (Germany)
- Google (US)
- Workday (US)
- Adobe (US)
- IBM (US)
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Cloud Computing market is estimated to grow at a CAGR of around 15.80% over the forecast period (2022-2028).
- In terms of revenue, The Cloud Computing market was valued at around US$ 429.5 billion in 2021 and is projected to reach US$ 1025.7 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on service model segment, the Software as a Service (SaaS) generated the highest revenue share.
- Based on deployment model segment, the market for cloud computing was controlled by the private deployment segment, which generated the majority of sales.
- On the basis of region, the Asia-Pacific region is anticipated to offer a substantial number of growth prospects throughout the duration of the forecast timeframe.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Cloud Computing industry?
- What are the main driving factors propelling the Cloud Computing Market forward?
- What are the leading companies in the Cloud Computing Industry?
- What segments does the Cloud Computing Market cover?
- How can I receive a free copy of the Cloud Computing Market sample report and company profiles?
Regional Dominance:
Over the forecast period, Asia Pacific is expected to be the fastest-growing region. The rapid rise of China and India, as well as the emergence of regional players such as Alibaba Group, has fuelled the regional market growth. Make in India initiatives have resulted in large investments in the industrial and IT industries, boosting demand for India’s cloud computing market.
In addition, hyper-scale cloud providers are building data centers in markets such as Indonesia and Thailand to meet the governments’ data sovereignty requirements.
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The global cloud computing market is segmented as follows:
By Service Model
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
By IaaS
- Primary Storage
- Disaster Recovery and Backup
- Archiving
- Compute
By PaaS
- Application Development and Platforms
- Application Testing and Quality
- Analytics and Reporting
- Integration and Orchestration
- Data Management
By SaaS
- Customer Relationship Management (CRM)
- Enterprise Resource Management (ERM)
- Human Capital Management (HCM)
- Content Management
- Collaboration and Productive Suites
- Supply Chain Management (SCM)
- Others (Business Intelligence (BI) and Analytics, PPM and operations and manufacturing applications)
By the Deployment Model
- Public Cloud
- Private Cloud
By Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Verticals
- Banking, Financial Services, and Insurance (BFSI)
- Telecommunications
- IT and ITeS
- Government and Public Sector
- Retail and Consumer Goods
- Manufacturing
- Energy and Utilities
- Media and Entertainment
- Healthcare and Life Sciences
- Others (education, travel and hospitality, and transportation and logistics)
By Region
- North America
- U.S.
- Canada
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
To know an additional revised 2022 list of market players, request a sample report: https://www.fnfresearch.com/sample/cloud-computing-market
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About Facts & Factors:
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Established market leader in stroke AI imaging receives its first FDA clearance in the lung imaging space.With this expanded foundation of AI-driven healthcare solutions, the Oxford-based company remains committed to driving innovation and delivering impactful advancements in imaging biomarkers.OXFORD, England, and CHICAGO, May 17, 2024 /PRNewswire/ — Brainomix, a pioneer in artificial intelligence (AI) imaging solutions to enable precision medicine, is proud to announce the FDA clearance of its latest product, Brainomix 360 e-Lung. Brainomix’s entry into the lung imaging space follows a series of successful clearances and widespread clinical adoption of its Brainomix 360 Stroke platform in both the US and Europe.
The clearance of e-Lung marks a significant milestone in Brainomix’s journey to expand its footprint in medical imaging beyond stroke-related applications and represents a notable step forward in the quest for advanced lung imaging solutions. The company, with its rich academic heritage and record of scientific excellence, will expand its research collaborations in the pulmonology space to yield new insights to inform future iterations of e-Lung and chart a path towards continual improvements for the lung imaging technology.
Dr Deji Adegunsoye, Assistant Professor of Medicine and Scientific Director of the Interstitial Lung Disease Program at University of Chicago Medicine, said: “This is an exciting step for Brainomix, who have a demonstrated track record of developing novel AI-based solutions in stroke and are now applying that expertise to develop innovative tools in the lung space. The preliminary data for e-Lung is impressive and would indicate that we have a promising tool that could help to expedite healthcare delivery and improve clinically meaningful outcomes for patients with lung disease.”
Brainomix recently announced the publication of a new study1 in the prestigious peer-reviewed journal American Journal of Respiratory and Critical Care Medicine (AJRCCM), resulting from a research collaboration with AstraZeneca. The results showed that Brainomix’s proprietary lung imaging biomarkers, which include the weighted reticulovascular score (WRVS), stratified patients at risk of Idiopathic Pulmonary Fibrosis (IPF) progression, outperforming standard measures.
Dr Michalis Papadakis, CEO and Co-Founder of Brainomix, said: “We are harnessing our expertise in AI-powered imaging to develop novel biomarkers in other disease indications where AI can support imaging-based diagnostic and treatment decisions.
“This e-Lung FDA clearance reflects our focus on developing innovative solutions that empower healthcare professionals with cutting-edge tools for sophisticated disease evaluation, enhancing access to treatments that can ultimately work to improve patient outcomes.”
Brainomix will be presenting its latest e-Lung data at the American Thoracic Society (ATS) annual conference in San Diego May 17th – 22nd, including results from research collaborations with Heidelberg University and with Seattle-based Avalyn Pharma.
Am. J. Respir. Crit. Care Med.: 2024 Feb 16 – e-Lung CT Biomarker Stratifies Patients at Risk of IPF Progression in a 52-Week Clinical Trialhttps://www.atsjournals.org/doi/abs/10.1164/rccm.202312-2274LEAbout Brainomix
Brainomix specializes in the creation of AI-powered software solutions to enable precision medicine for better treatment decisions in stroke and lung fibrosis. With origins as a spin-out from the University of Oxford, Brainomix is an expanding commercial-stage company with offices in the UK, Ireland and the USA, and operations in more than 30 countries. A private company, backed by leading healthtech investors, Brainomix has innovated award-winning imaging biomarkers and software solutions that have been clinically adopted in hundreds of hospitals worldwide. Its first product, the Brainomix 360 stroke platform, provides clinicians with the most comprehensive stroke imaging solution, driving increased treatment rates and improving functional independence for patients.
To learn more about Brainomix and its technology visit www.brainomix.com, and follow us on Twitter, LinkedIn and Facebook.
Contacts
Jeff Wyrtzen, Chief Marketing & Business Development [email protected] +44 (0)7927 164210T +44 (0)1865 582730
Media enquiries
Charles ConsultantsSue [email protected] M +44 (0)7968 726585
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View original content:https://www.prnewswire.co.uk/news-releases/brainomix-achieves-breakthrough-with-fda-clearance-of-e-lung-ai-software-302144836.html
Artificial Intelligence
CUBE acquires global regulatory intelligence businesses from Thomson Reuters
LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.
The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.”
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.
View original content:https://www.prnewswire.co.uk/news-releases/cube-acquires-global-regulatory-intelligence-businesses-from-thomson-reuters-302147604.html
Artificial Intelligence
Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan
The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”
With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky.
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter: @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
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FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone Email: [email protected]
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