Market Overview
Market Research Future (MRFR) anticipates robust prospects for the Cloud Computing Market
2020, which is set to advance at a rate of 19.4% between 2018 and 2024. MRFR also projects the
market to touch a remarkable valuation of USD 340.5 billion by 2024-end. We will provide covid-19
impact analysis with the report. The COVID-19 mobile gaming market research offers an in-depth
analysis following the coronavirus disease outbreak.
COVID-19 Analysis
In the space of just a few months, the SARS-CoV-2 has upended businesses on a large scale.
However, cloud computing is one industry that has emerged much stronger than before. With
Netflix and similar OTT platforms recording twice as many subscribers than ever before, there is no
doubt that Internet and related technologies have become more valuable now. With physical
interaction becoming an obsolete form of communication due to social distancing, enterprises
worldwide have now shifted to digital solutions to ensure continued productivity. The US and
Europe now need employees to operate remotely and universities as well as schools are deploying
video conferencing platforms for distance learning via recorded or live lectures. COVID-19 Cloud
Computing Services are presumed to be in high demand in the coming few months, anticipates
MRFR.
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The impact analysis on covid-19 by MRFR also offers insights into the entertainment sector, which
has gained significantly due to the lockdown situation. Closing down of movie theatres has led to
higher preference for platforms such as Amazon Prime Video and Netflix. Other media forms
including video games are also gaining prevalence in the cloud computing industry, post novel
coronavirus outbreak. Considering the long-term impact of covid-19, the E-commerce sector
remains resilient, with millions of people opting for online methods to procure daily essentials,
medical supplies as well as groceries. Therefore, cloud computing that was once considered a
frivolous investment by companies, is now an indisputable necessity, especially during unexpected
events such as the COVID-19 pandemic.
Primary Boosters and Key Deterrents
Post COVID-19 cloud computing architecture is rapidly becoming more pronounced with more and
more companies leveraging the technology and investing heavily in cloud enabled compute,
collaboration and storage services, similar options to enhance workforce productivity and reduce
client disruption. For instance, in May 2020, Google entered the cloud computing industry in India,
launching Google Cloud. The company hopes to leverage its data-driven characteristics and deploy the
latest technologies such as machine learning and artificial intelligence as key differentiators in the
market.
Taking into account the short term impact of the pandemic, cloud video conferencing tools such as
BlueJeans VC and Microsoft teams are now being increasingly used by companies to share
presentations, connect virtually and hold multi-party conversations in real-time.
The fast emerging trend of bring your own device across industries is working wonders for the
cloud computing market. Over the years, there have been multiple advances in the technology front,
including the adoption of tablet computers, personal devices and smartphones. The increasing
prevalence of BYOD management platforms has been backed by cloud computing services, as a
result of which the worldwide market can note top-notch growth in the coming years.
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Market Segmentation
The cloud computing market has been considered for service model, deployment model, and
organization size.
The COVID-19 cloud computing services discussed in the review are Infrastructure as a service
(IaaS), platform as a service (PaaS) and software as a service (SaaS). In 2018, the SaaS segment led
the global market with a share of of 58% and can expand at a strong growth rate in the coming
years. The IaaS segment can take the second lead and record the fastest expansion rate during the
appraisal period.
The deployment modes taken into account include public, hybrid and private cloud. In 2018, public
cloud emerged as the leading segment and is presumed to achieve a growth rate of 20% over the
forecast timeframe. The second-largest portion of the global marked belonged to the hybrid cloud
segment in 2018, which is set to procure the highest CAGR in the next several years.
The organization sizes covered in the study are small & medium-sized enterprises as well as large
enterprises. In 2018, large enterprises segment dominated the market and has the potential to
advance at a rate of 19% in the upcoming period. The SMEs segment can however, make headway
at the highest growth rate over the given timeframe.
The verticals that use the cloud computing technology are retail and consumer goods, government
and public sector, media and entertainment, energy and utilities, healthcare and life sciences, IT and
telecommunications, banking, financial services and insurance (BFSI), manufacturing, and others.
While the BFSI segment held the biggest share in the market in 2018, the manufacturing segment
came second. However, the fastest gaining segment can be retail and consumer goods during the
evaluation period.
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