Cloud Computing Market Size Worth $1465.81 Billion by 2028 at 23.9% CAGR Led by Public Cloud Deployment Model, Deep Dive Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized in New Research Published by The Insight Partners
NEW YORK, July 4, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Cloud Computing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Service Model [Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)], Deployment Model (Public Cloud and Private Cloud), Organization Size [Small & Medium-sized Enterprises (SMEs) and Large Enterprises], and Verticals (BFSI, IT and Telecom, Government and Public Sector, Retail and Consumer Goods, Manufacturing, Healthcare and Life Sciences, and Others)", the global cloud computing market size is estimated to value at $405.29 Billion in 2022 and reach $1465.81 Billion by 2028; it is expected to grow at a CAGR of 23.9% from 2022 to 2028.
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Cloud Computing Market Report Scope & Strategic Insights:
Cloud Computing Market: Competitive Landscape and Key Developments
Amazon Web Services; Microsoft Corporation; IBM Corporation; Google LLC; Alibaba Group Holding Limited; SAP SE; Salesforce.com, inc.; Oracle Corporation; Adobe; and Workday, Inc. are among the key players profiled during the cloud computing market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global cloud computing market and its ecosystem.
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In 2022, Neudesic, a renowned US cloud services consultant specializing primarily in the Microsoft Azure platform and delivering multi-cloud expertise, was acquired by IBM. IBM's portfolio of hybrid multi-cloud services will be significantly expanded as a result of this acquisition, and the company's hybrid cloud and AI strategy will be further advanced.
In 2021, IBM agreed to acquire Bluetab Solutions Group, SL, to expand its data and hybrid cloud consulting services. Bluetab will join IBM's data services consulting division as a key component of the company's hybrid cloud and AI strategy.
Cloud Computing Market: Key Insights
The cloud computing market growth driven by the COVID-19 outbreak fuels demand for cloud-based solutions, cost optimization drives cloud uptake, acceptance of cloud solutions as mainstream IT deployment option. The APAC is the fastest-growing regional market in the global Cloud Computing market in 2022. The US, UK, India, South Africa, and Brazil are the countries are registering a high growth rate during the forecast period.
Most organizations worldwide accept cloud services as a viable IT deployment model. The most popular rationale for cloud adoption continues to be the flexibility and data security of the cloud as a delivery platform. Many businesses have migrated to one or more cloud services, influencing others to use the cloud to gain a competitive advantage. For instance, in July 2019, Amazon Web Services (AWS), which is Amazon's cloud computing business, launched its cloud solutions in Bahrain, making it the first country in the Middle East. Through the debut of its services in this region, the corporation hopes to tap into the technical potential of Middle Eastern businesses.
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Cloud is now recognized as a credible deployment model within the context of an organization's IT strategy, with satisfaction levels remaining high and the global 2/3rd of end users utilizing a cloud service today expecting to expand their footprint over the next year. According to the US, the combined market share of Amazon, Microsoft, and Google in the global public cloud services market was more than 50%.
Cloud service providers are well-positioned to expand their global footprint while maintaining innovation and commercial leadership. Several investments in cloud technologies are as follows:
In September 2021, the cloud deployment service Qovery raised US$4 million in funding. The company intends to support the Google Cloud Platform as well.
In September 2021, RunX raised US$4.1 million to make cloud infrastructure deployment easier for developers.
In July 2019, Google LLC acquired Elastifile, an enterprise cloud storage provider, to expand its cloud-based file storage capabilities for enterprise-grade applications. The former company's current file storage offerings, third-party partner offerings, and Cloud Filestore were all broadened due to this acquisition. Thus, the rise in investment in global cloud-based technologies is expected to fuel the cloud computing market growth over the forecast period.
Asia Pacific (APAC) is witnessing cloud computing market growth due to the economic stability and growing per capita income. Many governments in these regions invest massive capital in developing a robust information & technology infrastructure industry. Cybersecurity, hyper-scale computing, artificial intelligence, and blockchain are primary areas where the region's central governments concentrate their efforts. For instance, the Unique Identification Development Authority of India (UIDAI) and the National eGovernance Programs (NeGP) encourage corporate participation in developing a large-scale IT infrastructure. In August 2021, India's Union Ministry of Electronics and Information Technology had targeted investing US$ 400 billion in IT exports by March 2022. In addition, in September 2021, the Indian government announced plans to build a cyber lab for the 'Online Capacity Building Programme on Crime Investigation, Cyber Law, and Digital Forensics to strengthen cyber security capabilities.
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The increased use of the Internet has also opened the door for hackers. They may expose sensitive information by launching cyber-attacks and misusing data, leading to a massive business operation loss. For instance, while the world was reeling from the coronavirus pandemic, in April 2020, Iranian hackers attempted to breach the personal files of World Health Organization (WHO) staffers. In February 2020, two Chinese hackers with laundering cryptocurrency for North Korean nationals had charged by the US Department of Justice. Therefore, the potential risk of cyber-attacks positively influences Cloud Systems' adoption.
In Asia Pacific, India is the worst affected country by the COVID-19 outbreak; APAC experienced a notable decline in several economic activities because the government authorities imposed strict lockdowns, travel restrictions, and businesses shut down. However, in 2021, logistic services have resumed due to growing online shopping, ATM services, manufacturing & construction activities, and the opening of several retail shops & shopping malls, thus driving the demand for cloud computing in the region. Cloud-based products outperformed traditional products during the COVID-19 crisis, which led to several small and medium-sized businesses (SMEs) adopting cloud across APAC. Furthermore, the pandemic increased customer demand for digital technologies in APAC to ensure resilient enterprise business operations, resulting in better cloud-based offerings. Cloud-based solutions are in high demand in various key verticals, such as banking & finance, healthcare, and manufacturing, due to cloud computing features, including remote data storage and privilege provisioning for hosted applications. Governments of Asian countries are encouraging SMEs and large businesses toward advanced digital uptake, thus creating many lucrative opportunities for the key vendors operating in cloud computing market.
Cloud Computing Market: Sector Overview
The cloud computing market is analyzed on the basis of service model, deployment model, organization size, industry vertical, and geography. Based on service model, the cloud computing market is segmented into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). The cloud computing market analysis by deployment model, the cloud computing market is bifurcated into public cloud and private cloud. Based on organization size, the cloud computing market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. Based on industry vertical, the cloud computing market is segmented into BFSI, IT & telecommunications, government & public sector, retail & consumer goods, manufacturing, healthcare & life sciences, and others.
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The IT and telecom segment led the cloud computing market share in 2021. Non-financial services have grown at an exponential rate in recent years. The rise of incumbent banks poses challenges for traditional banks, which provide excellent hyper-personalized services and a superior customer experience. Instead of targeting traditional banks' more significant customer segments, these banks focus on niche customer segments, such as millennials, mostly underbanked or unbanked. As a result, digital banking market players such as Appway AG, CREALOGIX AG, ebankIT, and Etronika are become more successful in attracting new customers. The OTT platforms have grown in popularity among marketers and consumers. Besides, the advancements in innovation services, such as superfast Internet Protocol (IP) and OTT providers' freedom-based business models, are supportive driving factors that have positively impacted the IT and telecommunications cloud computing market growth.
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