The ‘Global Cloud Computing Market Growth, Analysis, Share, Size, Trends, Price, Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the global cloud computing market, assessing the market on the basis of its segments like service, deployment model, organisation size, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Cloud Computing Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 15%
The increasing development of advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML) in the global economy has surged the demand for cloud computing systems. Incorporating these latest technologies into the cloud computing sphere has helped minimise data storage issues and enhance decision-making processes. In order to increase the efficiency of operations and rule out the chances of human errors, organisations are shifting to AI-powered cloud computing solutions which is accelerating the growth of the global cloud computing market.
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Furthermore, the advent of cloud-computing systems has minimised the risk of data loss and enhanced the security of data by delivering quality security solutions and supporting the availability of advanced recovery options. The pay-as-you-go model of SaaS cloud computing security systems allows the users to pay on the basis of their usage, thereby cutting additional costs and bolstering the cloud computing market.
The introduction of health data unification platforms for providing protected health information in the healthcare sector and is likely to augment the growth of the market for cloud computing. Businesses are increasingly focussing on establishing hybrid cloud models for application modernisation and to enhance user experience.
Cloud Computing Industry Definition and Major Segments
Cloud computing is the delivery of services like servers, storage, databases, network and analytics, without direct active management by the user, in order to provide a mechanism for versatile resources and economies of scale. It is a technique of processing and storing data on a shared-storage area rather than on a personal computer or local server.
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On the basis of service, the market is classified into:
• Software as a Service (SaaS)
• Platform as a Service (PaaS)
• Infrastructure as a Service (IaaS)
Based on deployment mode, the market is segmented into:
On the basis of organisation size, the market is bifurcated into:
• Large Enterprises
• Small and Medium Enterprises
Based on end use, the market is differentiated into:
• IT and Telecom
• Retail and Consumer Goods
• Energy and Utilities
• Media and Entertainment
• Government and Public Sector
On the basis of region, the market is classified into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Cloud Computing Market Trends
Many big companies are switching to multi-cloud solutions like omni-cloud due to benefits like real time scalability and outstanding data integration, which allow data to be reorganised across numerous platforms. A key trend observed in the market is the increasing complexity of businesses, as cloud computing provides an efficient means of managing large databases smoothly.
OTT based cloud computing can enhance end-to-end streaming capabilities and improve scalability, augmenting the growth of the cloud computing market. The heightened usage of laptops, smartphones and PCs has increased the need for storing huge large volumes of data and ensuring that the data is safe, which has given rise to consumer-centric cloud computing services. Demand for privately-deployed clouds is on the rise owing to its higher-security benefits by using internal hosting and firewalls.
The increased usage of payment gateways and online money transfer is playing a crucial role in boosting the BFSI end uses of cloud computing, which is likely to surge the global cloud computing market in the anticipated period. Rising manufacturing activities further increase the need for cloud-storage systems for seamless supply chain management.
Key Market Players
The major players in the global cloud computing market report are:
- Microsoft Corporation
- Amazon Web Services
- Oracle Corporation
- Google LLC
- SAP SE
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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