Market Highlights
Cloud computing comprises the processing of data, applications, and servers on the cloud over the internet instead of on hard drives. Users subscribe to various models and pay for service rendered. Advantages of cloud such as scalability, flexibility, mobility support, and faster data recovery can drive its adoption among enterprises. The global cloud computing market report by Market Research Future (MRFR) focuses on cloud and its applications for various verticals for the forecast period (2018-2024). The COVID-19 pandemic and its effects on the industry are summarized for easy understanding of users.
The global cloud computing market size is estimated to reach USD 350 billion by 2024, as per MRFR. It can exhibit a 19.4% CAGR over the forecast period owing to high returns on investments in low infrastructure costs and use of cloud for driving revenue. The huge challenge on downtime and labor expenses can drive companies towards the cloud. Shift towards digital transformation by enterprises and demanding customer experience can influence market growth.
The COVID-19 pandemic has accelerated the use of cloud and spurred the global cloud computing market growth. Online shopping for essentials and non-essentials, financial transactions, and access to resources can drive the market demand significantly. Rise of remote work and use of collaboration applications for supporting telemedicine and teleconsulting can propel its adoption in the healthcare sector. Enterprises worldwide are embracing cloud solutions to ensure continuous productivity among various departments.
But issues concerning data privacy and security can hamper market growth.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/5376
Segmentation:
By service model, the market is segmented into software as a service, infrastructure as a service, and platform as a service. The software as a service segment is expected to dominate the market owing to various software applications being hosted on the cloud for faster access by multiple people.
By deployment model, it is segmented into public model, private model, and hybrid model.
By organization size, the market is divided into large enterprises and small & medium enterprises. Large enterprises can register 19% CAGR over the forecast period owing to the use of cloud for improved time to market, flexibility, and low operating costs. Enterprises are using cloud for updating software applications on the cloud.
By vertical, the cloud computing market is segmented into healthcare and life sciences, IT & telecommunications, banking, financial services, and insurance (BFSI), energy & utilities, media & entertainment, retail & consumer goods, government and public sector, manufacturing, and others. The BFSI vertical is touted to exhibit 18.6% CAGR over the forecast period owing to use of cloud for management and storage of customer data. Focus on customer experience and launch of payment gateways and mobile wallets can drive the segment growth in the cloud computing market.
Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions analyzed for measuring the growth of the global cloud computing market.
North America is set to lead the market over the forecast period owing to high connectivity speeds and flexible job opportunities coupled with presence of prominent vendors such as Amazon, Google, and Facebook. The use of cloud by the healthcare sector for delivering services during the pandemic can bode well for the market.
Competitive Scope
TIBCO Software Inc., Adobe Systems Inc., IBM Corporation, SAP SE, Amazon.com Inc., Alibaba Group Holding Ltd., Cisco Systems, Inc., Oracle Corporation, Salesforce.com, Inc., Rackspace Inc., SAS Institute Inc, Dell EMC Corp., VMware, Inc., Microsoft Corporation, and Alphabet Inc are prominent players of the global cloud computing market.
Industry News
Amazon Web Services (AWS) has agreed to a deal with the PGA Tour for helping users to watch the tournament unfold on their mobile and stationary screens. Streaming services on the PGA website can be hosted on AWS and will contain archival data of all past, current, and future tournaments.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/cloud-computing-market...
Global 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) - Forecast till 2027
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Contact:
Market Research Future
+1 646 845 9312
Email: [email protected]