DUBLIN, July 31, 2023 /PRNewswire/ — The “Global Cloud Computing Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global cloud computing market is forecast to grow at a CAGR of 16.32% to reach US$1,235.408 billion by 2028.
Rising trend of Artificial Intelligence (AI) and surge in OTT platforms and applications
The cloud computing industry is expanding because of the increased popularity of cutting-edge innovative technologies like artificial intelligence and machine learning and their quick adoption in cloud computing. Some of the most significant aspects that are considerably fuelling the growth of the cloud computing market include the increasing importance of customer satisfaction, the growing demand for controlling operating costs, and the rising need for controlling capital expenditure. The primary factors that have contributed significantly to the growth of the cloud computing market over the past few years include the increasing demand for various OTT platforms like Prime Video, Netflix, Hotstar, and so on, as well as the increased adoption of online communication tools like MS Teams, Zoom, Zoho and Skype.
Companies have been forced by rapid digitization to upgrade and modernize their infrastructural landscape to increase cost-effectiveness and adaptability. Additionally, it is anticipated that during the forecast period, growing expenditures in the construction of reliable telecom and IT infrastructure will further fuel the expansion of the cloud computing market.
Increasing threat of cyberattacks
The threat of cyberattacks has grown significantly as digital technologies are being adopted at an increasing rate. Cybersecurity and data privacy are significant problems for market participants and consumers of cloud computing services. Businesses and customers have experienced large-scale financial and non-financial damages because of cyberattacks. As a result, the service providers must cover the cost of maintaining higher security. Additionally, many small and medium-sized businesses are discouraged from using cloud-based services due to the significant initial capital costs.
Manufacturing is anticipated to be the category with the greatest opportunity
Due to the advantages of cloud services, such as real-time visibility and seamless data management, this sector is predicted to be a major user. Cloud service models benefit the manufacturing industry by merging cutting-edge technologies like big data, machine learning, artificial intelligence, the Internet of Things, and big data analytics. The manufacturing industry’s increasing use of cloud services for data storage, managing the supply chain, and organizing the company’s assets are anticipated to fuel this segment’s growth throughout the forecast period.
The BFSI segment gains from cloud computing in terms of cost management, flexibility, accelerated innovation, and enhanced customer interaction. Furthermore, the expansion of the BFSI segment in the market is responsible for the increased usage of cloud services for storing and managing consumer-related data. Digital wallets, payment gateways, online money transfers, and unified user experiences are anticipated to be crucial in the BFSI sector soon, which will have a big impact on the expansion of the cloud computing market.
North American region expected to hold the highest market share in cloud computing.
North America is an early adopter of cutting-edge technology such as AI, VR/AR, ML, big data analytics, and IoT. The uptake of cloud computing services results from the growing focus on adopting cutting-edge digital technology by North American enterprises to improve operations and cut costs. Huge IT powerhouses like IBM, Oracle, Google, Apple, etc have considerably enhanced the expansion of the cloud computing business in North America. The region’s manufacturing, healthcare, and other significant sectors have all quickly adopted cloud computing technologies, creating a tremendous demand for these services. The easy availability of ICT services and favorable government efforts has significantly helped the expansion of cloud computing market.
Market Segmentation:
By Type
By Service
- Platform-as-a-Service
- Software-as-a-Service
- Infrastructure-as-a-service
By Organization Size
- Large Enterprises
- Small and medium Enterprises
By Industry
- Communication and Technology
- BSFI
- Manufacturing
- Healthcare
- Government
Companies Profiled:
- Adobe Inc.
- Amazon Web Services, Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
For more information about this report visit https://www.researchandmarkets.com/r/1o309i
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SOURCE Research and Markets
