Increasing focus towards low-cost cloud services, along with the industrial shift to remote work is expected to drive the Global Cloud Computing Market through 2026
According to TechSci Research report, “Global Cloud Computing Market By Service (SaaS, IaaS and PaaS), By Deployment (Public, Private and Hybrid), By Application Type (Government, Small and Medium Sized Enterprises and Large Enterprises), By End-User (IT & Telecom, BFSI, Retail & Consumer Goods, Healthcare and Others), By Region, Competition, Forecast & Opportunities, 2016-2026”, the Global Cloud Computing Market is projected to cross USD849.33 billion by 2026 at a CAGR of 18.79%, on account of the increasing digital transformation in industries, rising penetration of internet and mobile devices in emerging countries across the world. Moreover, the rising adoption of Internet of Things (IoT), edge computing, 5G, use of real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) will positively influence the Global Cloud Computing Market in the upcoming years. The extensive use of cloud computing in various sectors including private organizations, government, retail, healthcare, education, among others is anticipated to act as a catalyst in the growth of the Global Cloud Computing Market.
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Global Cloud Computing Market can be divided into service, deployment, application type, end-user and region. On the basis of service, the Global Cloud Computing Market can be divided into SaaS, IaaS and PaaS. The SaaS segment held the largest market share of 52.89% in 2020 due to its scalability and lower costs along with the higher security for the data. In terms of application type, the Global Cloud Computing Market can be branched into Government, Small and Medium Sized Enterprises and Large Enterprises. The government segment was the leading market share holder with 43.56% shares in 2020 due to increased productivity and document control for the large IT departments in government offices with improving security for the storage of the data.
In terms of deployment, the Global Cloud Computing Market can be segmented into Public, Private and Hybrid where the major market share is of the public segment with 61.34% share in 2020. But the Hybrid Cloud is the fastest growing segment and is forecast to grow with a swiftest pace at a CAGR of 24.32% until 2026. The growth of the hybrid cloud is due to its better support for a remote workforce and improved security and risk management along with the accessibility of multiple vendors and platforms by a single user.
The Cloud Computing market on the basis of end-user can be diverged into IT & Telecom, BFSI, Retail & Consumer Goods, Healthcare, Manufacturing, Entertainment etc. The IT & Telecom sector had a market share of 33.98% in 2020, which in turn expected to enhance the market growth over the forecast period. This growth is due to the lower operational and administrative costs which in turn will generate the significant revenue in the market in the forecast period.
In the Global Cloud Computing Market, the largest contributor to the market is the North America region with a market share of 35.22% in 2020 owing to early implementation of cloud computing solutions. United States (US) was the largest contributing country in the region with 67.48% market share in 2020 owing to its predominance in IT sector, followed by Canada and Mexico. The Asia-Pacific region is growing the fastest growing with a CAGR of 20.25% in the forecast period due to its increasing digitalization and technological advancements and launch of new in-house services in the region.
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Microsoft Corporation, Amazon.com, Inc., Oracle Corporation, International Business Machines Corporation (IBM), Dell Technologies Inc., Alphabet Inc. (Google), Alibaba Group Holding Limited, VMware, Inc., Cisco Systems, Inc., Hewlett Packard Enterprise Company, etc. are among the leading players operating in Global Cloud Computing Market. The companies operating in the market are focusing on higher security data storage, in-house services and expansion of sources to increase their shares in the market. Forward-thinking organizations are matching workloads to the best surroundings based on a range of criteria that matter to them most, whether cost, performance, compliance, skill sets, industry-specific needs, etc. Other competitive strategies include mergers & acquisitions and development of new innovative cloud computing services.
“Ongoing advancements in cloud with multi-cloud approaches that will lead to a breakdown of barriers between providers are boosting the Global Cloud Computing Market in the forecast years. The extensive need for the security and storage of the data for gaming delivered from the cloud, just like music and movies is a boosting factor for the market globally. Moreover, supportive government policies for cloud computing services all over the globe with emerging technologies has also been positively influencing the market with a continuous urge for launching new service plans in the upcoming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Cloud Computing Market By Service (SaaS, IaaS and PaaS), By Deployment (Public, Private and Hybrid), By Application Type (Government, Small and Medium Sized Enterprises and Large Enterprises), By End-User (IT & Telecom, BFSI, Retail & Consumer Goods, Healthcare and Others), By Region, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of Global Cloud Computing Market by providing the statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the Global Cloud Computing Market.
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