Growth Opportunities in the Cloud Computing Market look promising over the next six years. This is mainly due to the increasing penetration of the internet and smart devices worldwide, continuous digital transformation, the high adoption of cloud computing, 5G, Internet of Things (IoT), and the growing consumption of big data.
Cloud Computing Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The increasing penetration of the internet and smart devices worldwide, continuous digital transformation, and the growing consumption of big data are the key drivers responsible for the growth of the cloud computing market size. As per cloud computing market research report, the high adoption of cloud computing, 5G, Internet of Things (IoT), use of real-time analytics by Machine Learning (ML), and Artificial Intelligence (AI) will further accelerate the adoption of cloud technology among large enterprises. Cloud computing technology provides several functions, including networking power and storage processing using Artificial Intelligence and Natural Language Processing (NLP).
As per the World Economic Forum, the fourth industrial revolution is rising the adoption of advanced technologies, including cloud computing, Artificial Intelligence, and IoT. Organizations across various sectors are incorporating cloud computing with this innovative technology. According to the cloud computing market analysis, the strong adoption of Platform as a Service, Infrastructure as a Service, and Software as a Service, especially among the Small and Medium Enterprises (SMEs), will further boost the growth of the cloud computing market share in terms of revenue. The government of both emerging and developed countries is focusing on launching initiatives and programs to boost the adoption of advanced technologies in several sectors like manufacturing, consumer goods, retail, BFSI, and others. The UAE government has introduced digital initiatives and programs, including the Fifth Generation – 5G, Digital Invoicing, Smart Dubai, and several other technology-related programs. This factor will create various new growth opportunities for the market. The drastic shift in the consumers’ preference towards digital transformation and the rising emphasis on providing excellent customer experience are the factors fuelling the adoption of cloud computing services, which is reducing the organization’s costs.
The emergence of the COVID-19 pandemic has accelerated the demand for Software-as-a-Service (SaaS)-based collaboration solutions as it promoted the organizations to offer work from home model to safeguard their worker’s well-being and maintain operational efficiency. With the increasing emphasis on maintaining social distance and staying at home, people now prefer to stay at home, which has raised the amount of ideal time they have. This factor has encouraged them towards various streaming platforms that include Apple TV, Amazon, Disney+, Hulu, YouTube, and Netflix, which will further enhance the demand for laaS to cater to the drastically changing consumers’ demand. On the other hand, the increasing number of cyber-attacks and critical digital loss will hamper the growth of the cloud computing market.
Cloud Computing Market’s leading Manufacturers:
- IBM
- Microsoft Corporation
- SAP SE
- Oracle
- com, Inc.
- Adobe Inc.
- Amazon Web Services, Inc.
- Google LLC
- Alibaba Cloud
- VMware, Inc.
- Fujitsu
- Rackspace Inc.
Cloud Computing Market Segmentation:
Segmentation by Service Model:
- Infrastructure as a Service
- Platform as a Service
- Software as a Service
Segmentation by Deployment Model:
- Public Cloud
- Private Cloud
- Hybrid Cloud
Segmentation by Organisation Size:
- Small and Medium-Sized Enterprises
- Large Enterprises
Segmentation by Workload:
- Storage, Backup, and Disaster Recovery
- Application Development and Testing
- Database Management
- Business Analytics
- Integration and Orchestration
- Enterprise Resource Management
- Collaboration and Content Management
Segmentation by Industry Vertical:
- Banking, Financial Services and Insurance
- IT and Telecommunications
- Government and Public Sector
- Retail and Consumer Goods
- Manufacturing
- Energy and Utilities
- Media and Entertainment
- Healthcare and Life Sciences
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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