Cloud Computing Services Market 2021: In-Depth Market Analysis with Current Trends and Future Estimations

Cloud Computing is the practice of sharing a network of remote servers which are hosted on the Internet to store, process, and manage data rather than on a local server or a personal computer. It specifically refers to a common storage space through which all the devices in the network can access data simultaneously. The use of Cloud computing technology not only gives cost benefits but also makes applications accessible to all devices in the network at any time and from any location.

The major driver for the growth of the global cloud computing services market is its cost-effective services. It has been estimated that an organization can save more than 35% of the annual cost by adopting cloud computing technology.

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However, data security is the key restraint for the growth of the cloud computing services market as organizations believe that their data is more secure in the in-house data centers rather than on a virtual cloud network. Especially, the small and medium scale organizations are more skeptical about cloud technology, which leads to the low adoption rate of the technology. The biggest challenge for the growth in the adoption rate of the cloud computing technology is to increase the awareness about its security aspects.

Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.

The report gives an overall view of the global cloud computing services market. The global market is analyzed using Porter’s five force model and SWOT analysis. This analysis helps in visualization of strategies used by various players in the global cloud computing services market. Drivers enabling the growth of the cloud computing services industry, limiting factors and opportunities for the same are strategically dealt with in this report. The various stakeholders involved in the value chain are thoroughly examined.

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The cloud computing technologies are of different types, namely Private cloud, Public cloud, Hybrid Cloud and community cloud. Private clouds cannot be accessed by anyone other than the authorized person and are the ones used by organizations for their personal information records. Public cloud can be accessible to all the devices using a virtual cloud. Hybrid cloud is the combination of Private and Public cloud.

The market is evaluated based on its regional penetration, explaining the performance of the market in each regional market covering provinces such as North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Latest news and industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures and collaborations, product launches, market expansions etc. are included in the report.

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