Cloud Computing Market Projected to Hit USD 1738.44 Billion at a 18.53% CAGR by 2030

Market Overview:

The global cloud computing market reached USD 1738.44 billion with a CAGR of 18.53% by 2030 during the forecast period. Cloud computing was an IT service that delivered the model where third-party service providers provide computing resources and software tools through the internet. In this type of service model, the user has to only pay for the usage of the computing device with the bandwidth and the storage they want to consume.

Cloud computing provides various advantages over on-premises hardware structures such as disaster recovery, low cost, faster deployment, mobility support, scalability, and less stress on the staff of IT to manage the systems. In the modern era, cloud computing was very important from games to software which was used by offices and institutions. E-commerce gains a lot of popularity in lockdown for selling food and other important supplies.

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Online retailers saw an upsurge in transactions because they used the tools of cloud hosting which are flexible and did not disrupt the business. During the COVID-19 pandemic, there was a rise in cloud computing as it increases businesses' ability to review the relevant data to ensure an improved response. Cloud computing also provides efficiency and major improvements for the types of work which was not suitable for telecommuting. The enterprises have more concerned about the initial deployment and costs of the maintenance of on-premises hosting data.

Telecomputing improved the efficiency of operations like back-office work, online marketing, web design, editing, engineering, and other types of remote work. During the forecast period, the SaaS segment has the largest market share of 58% and the public cloud segment also has the largest market share with a CAGR of 20% in 2018. During the forecast period, the large enterprises have the largest market segment with a CAGR of 19% in 2019 and BFSI also has the largest market share with a CAGR of 18.6% in 2018.

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Market Segmentation:

The global cloud computing market was segmented based on the service model, deployment mode, organization size, and vertical.

Based on the service model, the global cloud computing market was divided into Platform as A Service (PaaS), Software as A Service (SaaS), and Infrastructure as A Service (IaaS).

Based on deployment, the global cloud computing market was divided into Hybrid Cloud, Private and Public.

Based on organization size, the global cloud computing market was divided into Large Enterprises, Medium Enterprises, and Small Enterprises.

Based on vertical, the global cloud computing market was divided into energy & utilities, manufacturing, media & entertainment, banking, retail & consumer goods, healthcare & life Sciences, Financial Services & Insurance (BFSI), Government & Public Sector, and IT & Telecommunications.

Regional Classification:

The global cloud computing market was spread in the following regions - Asia-Pacific, North America, and Europe.

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Industry News

The key players involved in the global cloud computing market are Alibaba Group Holding Ltd.; Oracle Corporation; Dell EMC Corp.; Amazon.com Inc.; Rackspace Inc.; Cisco Systems, Inc.; Adobe Systems Inc.; Microsoft Corporation; SAS Institute, Inc.; Salesforce.com, Inc.; SAP SE; VMware, Inc.; Alphabet Inc; IBM Corporation and TIBCO Software Inc.

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