Outlook on the Global Distributed Cloud Market Size, Share & Growth 2022 - 2028 | Estimated to Achieve a Revenue of $11.2 Bn With Growing at a CAGR 12% - Industry Trends, Demand, Value, Analysis & Forecast Report by ZMR
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- As per Zion Market Research study, The global distributed cloud market size was worth around USD 5.4 billion in 2021 and is predicted to grow to around USD 11.2 billion by 2028 with a compound annual growth rate (CAGR) of roughly 12% between 2022 and 2028.
Distributed Cloud Market: Overview
A distributed cloud market refers to an information technology (IT) architecture consisting of multiple clouds that are interconnected to meet performance needs, and compliance requirements and also support edge computing while being managed centrally by a public cloud provider, which is an extremely popular form of IT model where computing services are managed by a third party vendor. To summarize, a distributed cloud network runs in multiple locations including the colocation center or on third-party hardware, the infrastructure of the public cloud provider, and the data center of another cloud provider. Though there are different geographical locations involved, the entire cloud service is managed from a single assigned control panel that is capable of handling inconsistencies and differences in a complex, hybrid, multi-cloud environment.
The distributed cloud market is high in demand because this modern architecture allows companies or end-users to meet specific requirements in the given response time while also delivering expected performance output. It also assists in meeting government regulations or mandates that require cloud infrastructure to be located in places other than the cloud provider's general availability zones. By incorporating distributed cloud services while using any application, data, or user, the companies can eliminate network congestion, reduce latency, and guarantee improved quality of services (QoS) for mobile application users. Gartner, leading technology and research consulting firm has stated that organizations can see better results by reducing latency and avoiding the outage risk or control panel malfunction.
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Zion Market Research published the latest report titled "Global Distributed Cloud Market By Application (Fog/Edge Computing, Volunteer Cloud, and Public Resource Computing), By Enterprise Size (Large Scale Enterprises and SMEs), By Industry (IT & Telecom, BFSI, Government, Retail, Education, and E-Commerce), By Service Type (Networking, Data Security, and Data Storage), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Distributed Cloud Market: Growth Drivers
The global distributed cloud market growth may be attributed to the increasing reach and adoption of IoT globally. It is a system of interrelated and interconnected computing devices, digital and mechanical machines, objects, and people that have unique identifiers while also having the capability to share data or information over a network without any interaction between human-to-human or human-to-computer. IoT has been rated as the main reason behind the fourth industrial revolution. The higher rate of acceptance of this cutting-edge technology is expected to aid the growth of the global market.
The global market expansion trend is expected to continue during the forecast period due to higher investments in cloud computing by private as well as government agencies. Cloud computing generated a revenue of more than USD 400 billion in 2021 and the number is expected to grow even more in the coming years due to the exponential rise in modernization and urbanization across regions. Since the entire world now practically runs on the internet, the global market may also benefit from the rising market penetration of internet service providers. As per World Bank Statistics, around 60% of the world's population uses the internet as of 2022. With higher market penetration the number will soon reach its true potential, simultaneously generating higher revenues in the global market as well.
Distributed Cloud Market: Restraints
The global market size may get restricted owing to the high initial investment required to set up distributed cloud infrastructure. The maintenance of such complex technology is expensive, time-consuming, and requires a skilled labor force. Since the dependability on cloud services is getting higher day by day, there is always a risk associated with the malfunctioning of such technologies, which may practically result in halting the organizations' functions till the time the issue is resolved. Such issues create hesitation amongst small market players since they may not find the technology cost-effective, thus impeding global market expansion.
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Distributed Cloud Market: Opportunities
With the increased use of cloud technology, data theft has been on a rising trend which has propelled organizations to enhance their data security portfolio. Distributed cloud systems enable improved data security by adding multiple authorizations, and permissions steps before anyone can access the data resulting in many business leaders adopting this technology in their IT infrastructure. The need to secure data is also propelled by increasing government initiatives like General Data Protection Regulation (GDPR) in Europe, mandating the organization to upgrade their data security systems.
Distributed Cloud Market: Challenges
IT is an extensively growing sector that has received the world's attention in recent times. The related technologies are constantly advancing with time. However, there is a dearth of sufficient skilled professionals capable of maneuvering such advanced technology, especially in developing nations. Most of the skilled labor force are expatriates or residents of other regions which results in increasing the overall cost of employing the technology. These issues may challenge global market growth during the forecast period.
Global Distributed Cloud Market: Segmentation
Based on application, the global market is segmented into fog/edge computing, volunteer cloud, and public resource computing. The global market trend is more inclined toward fog/edge computing since it is capable of reducing the volume of data that flows through the crowd resulting in the utilization of lesser bandwidth. The fog counting segment is expected to grow at a CAGR of more than 50% in the next 4 years.
Based on enterprise size, the global market is segmented into large-scale enterprises and SMEs. The global market may be led by large-scale enterprises during the forecast period since they possess the monetary capability to install and maintain such technologies. Companies that have more than USD 100 million in fixed assets are considered large-scale firms.
Based on industry, the segments in the global market are IT & telecom, BFSI, government, retails, education, and e-commerce. BFSI was the largest shareholder amongst all industry types. Distributed cloud networks are most useful in a banking setup because of the high data security concerns and the need to save banks from financial frauds.
Based on service type, the global market is segmented into networking, data security, and data storage. Data storage is expected to dominate the global market during the forecast period. As per GlobalDots, more than 1 exabyte of information is stored with the aid of cloud services.
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List of Key Players in Distributed Cloud Market:
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The global distributed cloud market may be dominated by North America during the forecast period. In 2021, it held more than 39% of the global market share owing to immense digitization along with the presence of multiple key players, and demand for higher data security and data storage. The rising adoption of IoT may also propel regional market growth. The higher number of investments in upgrading the already advanced infrastructure of regions like the USA and Canada may also play a significant role in generating more revenues.
Europe may also register high CAGR during the projection period which is led by government initiatives like GDPR where data security is a critical aspect for any organization that aims to run its business in Europe. The Asia Pacific is also expected to grow owing to the rise in modernization and exceptional infrastructural development in regions like Singapore, China, Japan, India, and others.
Global Distributed Cloud Market is segmented as follows:
Distributed Cloud Market: By Application Outlook (2022-2028)
Distributed Cloud Market: By Enterprise Size Outlook (2022-2028)
Distributed Cloud Market: By Industry Size Outlook (2022-2028)
Distributed Cloud Market: By Service Type Outlook (2022-2028)
Distributed Cloud Market: By Region Outlook (2022-2028)
Middle East & Africa
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