Cloud Computing Market Growth At A Rate Of 15.00% In The Forecast Period

The cloud computing market is expected to witness market growth at a rate of 15.00% in the forecast period of 2021 to 2028 and is expected to reach USD 1,118,037 million by 2028.

Internet-based technology called "cloud computing" enables shared data and processing resources to be made available to computers and other devices as needed. In order to make data accessing processes quicker and more dependable, it provides users and businesses with a variety of options to store and process data on either a privately-owned cloud or on a third-party server.

The cloud services with hybrid deployment are currently popular. The businesses are going ahead with plans to convert their current infrastructure to cloud computing and are open to implementing hybrid models. The hybrid model enables businesses to take advantage of both on-premises and cloud services. Due to advantages like minimal initial infrastructure costs and the availability of cloud computing services on demand, small and medium-sized businesses are utilizing the cloud services more and more. Increased security, greater compliance, and simple task management are all features of hybrid architectures. Moreover, it provides scalability and the freedom to transition from on-premises to the cloud or between clouds. In the near future, all of these reasons are anticipated to increase demand for the cloud computing market.

Market Overview:

The main drivers fueling the market expansion include elements like expanding digital transformation across sectors, rising internet and mobile device adoption globally, and increase in big data consumption. Future industrial solutions will be boosted by the cloud and require a cloud platform to demonstrate their digital business potential. Additionally, the increased use of the Internet of Things (IoT), edge computing, 5G, and real-time analytics made possible by AI and ML is projected to increase the usefulness of this computing technology among enterprises.

Enterprises are also concerned about the up-front and ongoing costs associated with hosting data on-premises. Moreover, employee costs and challenges with downtime are a couple of other worries for businesses. The adoption of cost-effective strategies to reorganize business models has intensified due to the current competitive environment and global economic conditions. Other factors influencing the adoption of cloud computing services, which in turn are lowering company expenses, include the growing shift of businesses towards the adoption of digital transformation and the acceleration of customer experience. The fact that cloud computing services require no initial infrastructure setup fees and provide compute capabilities on demand are further reasons why SMBs are increasingly utilizing them. These elements are influencing the expansion of cloud services in businesses.

The threat of cyberattacks has grown significantly as digital technologies are being adopted at an increasing rate. A significant problem for both market participants and consumers of cloud computing services is cybersecurity and data privacy. Large-scale financial and non-financial damages have been incurred by businesses and customers as a result of cyberattacks. As a result, the cost of maintaining higher security must be borne by the service providers. Furthermore, the majority of small and medium-sized businesses are deterred from utilizing cloud-based services by the large initial capital expenditures linked to the deployment of cloud computing infrastructure.

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Global Cloud Computing Market: Segmentations

Global Cloud Computing Market: Major Players
Oracle
VMware
AWS
NTT Communications
Adobe
IBM
Salesforce
Microsoft
Alibaba
Verizon
CenturyLink
Rackspace
SAP
Google
Fujitsu

Global Cloud Computing Market: By Types
Software
Infrastructure
Platform

Global Cloud Computing Market: By Applications
Banking, Financial Services, and Insurance (BFSI)
IT and Telecommunications
Government and Public Sector
Retail and Consumer Goods
Healthcare and Life Sciences
Energy and Utilities
Media and Entertainment
Manufacturing
Others

Global Cloud Computing Market: Regional Analysis
The countries covered in the regional analysis of the Global Cloud Computing market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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Market Trend:

A significant development in the cloud computing market is an increase in cloud orchestration and cloud management software. Due to its adaptability, hybrid cloud solutions have become more popular in recent years. Although there are distinct management tools for managing on-premises infrastructure and controlling the public cloud, managing a hybrid cloud can be difficult. Cloud orchestration software has increased as a result of the development in hybrid cloud installations.

The management of connections across various public and private cloud computing systems is referred to as cloud orchestration. Among other things, cloud orchestration is used to provide and deploy hardware, control networking, and build virtual machines. The cloud orchestration software can operate in a variety of contexts, across several geographies, and with various service providers. Because of this, cloud orchestration software is the best option for deployments of hybrid clouds.

Objectives of the Study:
• To provide with an exhaustive analysis on the Cloud Computing Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

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