Cloud Computing Market Research Report - Global Forecast till 2026 Analysis, Regional Outlook, Business Landscape and Future Prospects 2027 | Impact of COVID-19
Market Research Future (MRFR) anticipates robust prospects for the cloud computing market 2020, which is set to advance at a rate of 19.4% between 2018 and 2024. MRFR also projects the market to touch a remarkable valuation of USD 340.5 billion by 2024-end. We will provide covid-19 impact analysis with the report. The COVID-19 mobile gaming market research offers an in-depth analysis following the coronavirus disease outbreak.
In the space of just a few months, the SARS-CoV-2 has upended businesses on a large scale. However, cloud computing is one industry that has emerged much stronger than before. With Netflix and similar OTT platforms recording twice as many subscribers than ever before, there is no doubt that Internet and related technologies have become more valuable now. With physical interaction becoming an obsolete form of communication due to social distancing, enterprises worldwide have now shifted to digital solutions to ensure continued productivity. The US and Europe now need employees to operate remotely and universities as well as schools are deploying video conferencing platforms for distance learning via recorded or live lectures. COVID-19 Cloud Computing Services are presumed to be in high demand in the coming few months, anticipates MRFR.
The impact analysis on covid-19 by MRFR also offers insights into the entertainment sector, which has gained significantly due to the lockdown situation. Closing down of movie theatres has led to higher preference for platforms such as Amazon Prime Video and Netflix. Other media forms including video games are also gaining prevalence in the cloud computing industry, post novel coronavirus outbreak. Considering the long-term impact of covid-19, the E-commerce sector remains resilient, with millions of people opting for online methods to procure daily essentials, medical supplies as well as groceries. Therefore, cloud computing that was once considered a frivolous investment by companies, is now an indisputable necessity, especially during unexpected events such as the COVID-19 pandemic.
Primary Boosters and Key Deterrents
Post COVID-19 cloud computing architecture is rapidly becoming more pronounced with more and more companies leveraging the technology and investing heavily in cloud enabled compute, collaboration and storage services, similar options to enhance workforce productivity and reduce client disruption. For instance, in May 2020, Google entered the cloud computing industry in India, launching Google Cloud. The company hopes to leverage its data-driven characteristics and deploy the latest technologies such as machine learning and artificial intelligence as key differentiators in the market.
Taking into account the short term impact of the pandemic, cloud video conferencing tools such as BlueJeans VC and Microsoft teams are now being increasingly used by companies to share presentations, connect virtually and hold multi-party conversations in real-time.
The fast emerging trend of bring your own device across industries is working wonders for the cloud computing market. Over the years, there have been multiple advances in the technology front, including the adoption of tablet computers, personal devices and smartphones. The increasing prevalence of BYOD management platforms has been backed by cloud computing services, as a result of which the worldwide market can note top-notch growth in the coming years.
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The cloud computing market has been considered for service model, deployment model, and organization size.
The COVID-19 cloud computing services discussed in the review are Infrastructure as a service (IaaS), platform as a service (PaaS) and software as a service (SaaS). In 2018, the SaaS segment led the global market with a share of of 58% and can expand at a strong growth rate in the coming years. The IaaS segment can take the second lead and record the fastest expansion rate during the appraisal period.
The deployment modes taken into account include public, hybrid and private cloud. In 2018, public cloud emerged as the leading segment and is presumed to achieve a growth rate of 20% over the forecast timeframe. The second-largest portion of the global marked belonged to the hybrid cloud segment in 2018, which is set to procure the highest CAGR in the next several years.
The organization sizes covered in the study are small & medium-sized enterprises as well as large enterprises. In 2018, large enterprises segment dominated the market and has the potential to advance at a rate of 19% in the upcoming period. The SMEs segment can however, make headway at the highest growth rate over the given timeframe.
The verticals that use the cloud computing technology are retail and consumer goods, government and public sector, media and entertainment, energy and utilities, healthcare and life sciences, IT and telecommunications, banking, financial services and insurance (BFSI), manufacturing, and others. While the BFSI segment held the biggest share in the market in 2018, the manufacturing segment came second. However, the fastest gaining segment can be retail and consumer goods during the evaluation period.
Asia Pacific (APAC), the Middle East & Africa or MEA, South America, North America, and Europe are the regions where the cloud computing market size has been evaluated by MRFR.
As of 2018, North America emerged as the most successful market and can note sustainable growth between 2019 and 2024. The rapid migration of companies towards cloud computing services in Canada, Mexico and the US is one of the prime reasons for the robust market growth in the region. While the region is struggling to achieve a covid-19 breakthrough, companies are leveraging the benefits of cloud computing to remain afloat in the face of the crisis. For instance, IBM is providing enterprises the ability to develop virtual server configurations; offering access to cloud services for team collaboration and file sharing; in addition to supplying their event management solution to diagnose, resolve and prioritize incidents.
The APAC can post a tremendous growth rate of 22.1%, which is the highest out of all the regions. India, Japan, and China are the leading revenue generating markets in the region. The uptake of the cloud technology in the region is anticipated to surge in industries where the work from home initiative has become the basic form of operating, some of which are telecommunication, IT & ITeS, government and BFSI. Post COVID 19 cloud computing market share is expected to expand further in the region, backed by the solid efforts given by the renowned players like Alibaba Group Holding Limited, Chief Telecom Inc., FUJITSU and China Telecom Americas, to provide advanced cloud computing services at competitive prices.
Notable companies active in the cloud computing industry are Adobe Systems Inc, Dell EMC Corp., SAS Institute Inc, Oracle Corporation, Alibaba Group Holding Ltd., Alphabet Inc, Salesforce.com Inc., SAP SE, Microsoft Corporation, IBM Corporation, TIBCO Software Inc, Amazon.com Inc., Cisco Systems Inc., VMware Inc., Rackspace Inc., to list a few.
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Cloud Computing Market Research Report: By Service Model (SaaS, PaaS IaaS), By Deployment (Public, Private and Hybrid), By Organization Size (Large Enterprises, Small & Medium Enterprises), By Vertical (BFSI, IT & Telecommunication, Retail and Consumer Goods, Manufacturing, Healthcare & Life Sciences, Government & Public Sector, Media & Entertainment, Energy & Utility and others) By Region - Forecast till 2024
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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