The global cloud computing market is was valued USD 270 billion in the year 2019. This market is expected to witness growth at a CAGR of 12.1% during the forecast period of 2020-2026.
However COVID19 has impacted many businesses across the globe. With the ongoing lockdown norms all the business are operating from home and they all are dependent on IT sectors for work from home. IT resources which are operated by cloud computing are helping this business running remotely and enhancing the data access and connectivity of people working remotely.
For more details, visit: Global Cloud Computing Market By Services (Software as a Service, Infrastructure as a Service, Others), By Deployment (Public, Private, Other), By End User (BHSI, IT, Others), By Region– Forecast & Opportunities to 2026
As all businesses are expanding and are depending for better connectivity, data resources and for running their business remotely. Cloud computing has become necessity for many businesses and cloud computing along with AI & IoT. This factor drives cloud computing market to foresee growth in near future.
On the basis of services the market is segmented into Infrastructure as a service, platform as a service and software as a service. Software as a service segment has dominated the market in 2019 with XX% market share, owing to easy deployment, flexible cost and easy maintenance.
On the basis of deployment the cloud computing market is segmented into public, private and hybrid. The public deployment segment has accounted for maximum share in the year 2019. The major drivers for this segment were security, flexibility of cloud technology and scalability. However hybrid sector is projected to grow at a highest CAGR during the period of 2020-2026. As all the verticals is now shifting their operations over hybrid cloud computing.
The cloud computing segment on the basis of end user has been segmented into telecom, manufacturing, BFSI, IT, media & entertainment, retail & consumer goods, government and public sector. The BFSI segment has accounted for maximum market share in the year 2019. All the bank and financial services were using cloud computing to store their consumer data base for maximum security of consumer’s information. BFSI sector is also offering services such as net banking, digital wallets and payment gateways which are driving factors for BFSI segment. However, manufacturing sector is projected to register growth at highest CAGR during forecast period.
North America has accounted for maximum market share of 49% in 2019. Due to presence of market players such as Oracle, Microsoft, IBM & Amazon, this region has adopted cloud computing solution earlier than other regions. The European market has followed the North America’s footprints. The European countries such as Sweden, Denmark, Germany and France etc, have become hub for technological development.
The key market players in cloud computing market are Microsoft Corporation, IBM, Oracle, Amazon, Alibaba group holding limited, Adobe Inc, Google LLC, Salesforce.com, SAP SE, Workday, AWS, Cisco, Alphabet Inc, VMware Inc, Rackspace, Dell corp. TIBCO.
The key market players in this sector are investing their time and money in innovation and research & development sector to provide new and cloud computing facilities. There are many mergers and acquisition taking place in this sector.
- What are the expected industry trends over the next three to five years?
- Which of the cloud computing services is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?