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“Riding the Digital Wave”: Can the Global Cloud Computing Markets Astounding Growth reach a whopping $1.2 Trillion by 2028? Ken Research
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Gurugram, India, April 27, 2023 (GLOBE NEWSWIRE) — Driven by the integration of Big Data, Artificial Intelligence, and Machine Learning with cloud Spur the Market growth, the Global Cloud Computing Market is forecasted to Cross US$ 1200 Bn by 2028 says Ken Research Study.
Cloud Computing is the online delivery of IT resources on-demand to consumers instead of purchasing, owning, and maintaining physical, and the payment of the resources is done consumption basis. Cloud services can either be public or private, yet these are typically delivered by third parties through various endpoints like websites, application software, and mobile apps. It provides three types of services SaaS, PaaS, and IaaS, where SaaS is leading the market as it is delivered with a fully digitalized business experience and the lifecycle of a fully automated service, that is designed for any carrier-grade network. According to Ken Research estimates, the Global Cloud Computing Market – which is estimated to be around US$ 450 Bn by 2022 and is expected to grow further into a more than US$ 1200 Bn opportunity by 2028 with a CAGR of ~15%.
“Ken Research shares 5 key insights on this high opportunity market from its latest research study”
1. Cloud Computing Market is Driven by Active Embrace of this Technology by User Business Organizations and Introduction of New Cloud Solutions by Vendors
Several businesses are embracing cloud computing services to develop and progress their existing business model by engaging in various growth strategies including partnerships, investments, alliances, and acquisitions. Cloud computing services also make it easier to track, compare, and evaluate business activities and make sure that corporate operations are by client requests. Many businesses are investing in big data, IoT, artificial intelligence, and 5G technologies to obtain important business insights for decision-making. There are many new opportunities for companies to progress as a result of the increasing demand for analytics and big data technologies in the cloud computing market.
Key vendors in the cloud computing market focus on introducing new cloud solutions, services, and workloads and upgrading of capabilities of their current offerings to strengthen their foothold in the market. To improve their market position and cloud capabilities, vendors often take part in mergers and acquisitions. In October 2020, SAP SE announced that it had reached a deal to buy Omni channel customer interaction platform vendor Emarsys. Through the purchase, SAP SE was able to integrate the Emarsys customer interaction platform with its Experience Management and S/4HANA technologies. SAP Customer Experience solutions would be able to activate the chosen channel of the customer with a pertinent and constantly tailored message thanks to Emarsys technology, linking commerce signals with the back office and allowing customers to select their interactions.
2. The Adoption of Cloud Computing in India, China, Brazil, and Africa Account for the Growth of the Market
The adoption of cloud-based solutions in developing economies such as India, China, Brazil, and Africa is expected to drive market growth in the near future. As developing economies, these countries require cost-effective infrastructural solutions due to a lack of adequate technologies and finance. By utilizing cloud solutions, developing nations have managed to reduce their IT expenditures during the COVID-19 pandemic situation. Organizations are fully able to utilize on-demand, scalable cloud models to achieve cost-effectiveness and business continuity to accelerate their aims for digital business transformation. In April 2022, China Internet Watch, a leading digital publication on China’s internet statistics, trends predicted that the cloud infrastructure services spend in 2021 in China was US$ 27 Bn, and it is expected to reach US$ 85 Bn by 2026.
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3. Critical Data Loss and Corporate Operations Being Damaged By Cyberattacks
Cloud computing services assist businesses in increasing operational effectiveness and cutting expenses. Additionally, these services have several benefits, such as flexibility, scalability, and agility. The data stored in the cloud is highly exposed to breaches and leaks despite high-security precautions. The amount of data being produced is growing, and businesses are starting to take more steps toward digital transformation. Enterprise data is exposed to risk from cyberattacks like Spectre, Meltdown, cloud malware injection assaults, account or service hijacking, and man-in-the-cloud attacks. Threats like these pose a severe challenge for market growth. In August 2021, Deloitte Risk & Financial Advisory acquired the cybersecurity firm, to increase cyber resilience and regulatory compliance.
In 2022, Vendor Teradata the popular Relational Database Management System mainly suitable for building large-scale data warehousing applications, conducted a cloud analytics survey that reveals that 46% of those reviewed signified more security with no cloud computing challenge.
4. The Hybrid Cloud Segment is the most Preferable Cloud Deployment Model During the Forecast Period
The hybrid model has been the widely used organized approach across major industries. Hybrid cloud models are increasingly being prioritized by many companies to maximize advantages while enhancing company operations, resource consumption, cost-effectiveness, user experience, and application modernization.
Hybrid cloud solutions help organizations avoid making efficiency-related security concessions by distributing an application, data processing, and computing to external clouds while retaining key workloads on-premises. In May 2022, IBM joined hands with Amazon Web Services, a subsidiary of Amazon that provides on-demand cloud computing platforms. The company focused on offering a broad array of its software catalog as Software-as-a-Service (SaaS). Through this collaboration, IBM aims to provide the ability to choose the hybrid cloud model that works best for their own needs and workloads.
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5. North America’s Early Adoption of Next-generation Cloud Technologies is Responsible for its Dominant Share in the Market
North America dominated the global cloud computing market due to the rising adoption of cloud solutions from various end-user industries to facilitate the cloud computing market growth in this region over the forecast period. Companies in the USA place a strong emphasis on digital transformation and are frequently regarded as early adopters of next-generation technologies such as the IoT, additive manufacturing, big data analytics, connected industries, AI, AR, ML, and VR, as well as the latest telecommunication technologies such as 5G, and Wi-Fi 6. The ongoing use of cutting-edge technology by businesses in the USA bodes well for growth. The presence of numerous vendors such as Microsoft Corporation, Oracle Corporation, Amazon.com Inc., and IBM Corporation and the higher propensity to adopt new technologies are expected to help this region maintain its position in the market.
In February 2022, AWS and Rackspace Technology have jointly launched over 1,000 cloud projects enabling clients to fundamentally change how their businesses work. This agreement continues the commitment of both companies together to provide a full stack of cloud services to assist customers with becoming cloud-first businesses to accelerate their digital transformation, innovate faster and create value.
Market Taxonomy
By Service
- IaaS
- PaaS
- SaaS
By Deployment
- Public
- Private
- Hybrid
By Enterprises
- SMEs
- Large enterprises
By End-User
- Banking, Financial, Services, and Insurance
- IT and Telecom
- Retail & Consumer Goods
- Manufacturing
- Energy & Utilities
- Healthcare
- Media & Entertainment
- Government & Public Sector
- Others
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By Geography
North America
- US
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Spain
Asia-Pacific
- China
- Japan
- Australia
- South Korea
- India
LAMEA
- Latin America
- Middle East
- Africa
Key Companies
- Microsoft Corporation
- Amazon Web Services
- Salesforce. Com, Inc.
- Oracle Corporation
- Systems, Application & Products in Data Processing
- Google LLC
- Workday Inc.
- Adobe System Incorporation
- International Business Machines
- Alibaba Group Holding Limited
- Virtual Machine Software
- Hewlett Packard Enterprise
For more insights on the market intelligence, refer to below link:-
Global Cloud Computing Market
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