Cloud computing is the delivery of on-demand computing services over the Internet. Multi-dimensional values of cloud services, such as agility, scalability, cost benefits, and business growth, have compelled organizations to pursue cloud adoption strategies. The growing digital transformation among industries, rising penetration of internet & mobile devices, and increasing consumption of big data are the primary drivers fostering market growth. Next-generation industrial solutions will be equipped with cloud and will require a cloud platform to showcase their digital business capabilities. The rising adoption of IoT, edge computing, & 5G and the use of real-time analytics enabled by AI and machine learning (ML) are likely to boost the utility of this computing technology among organizations. However, information security and privacy concerns associated with cloud computing is expected to restrain the growth of this market in the coming years.
With the recent outbreak of COVID-19, cloud technology adoption is expected to increase in sectors where the work-from-home (WFH) initiative is helping to sustain enterprise business functions. There is a significant increase in the demand for entertainment and streaming platforms, such as Netflix, Hulu, Amazon, Disney+, Twitch, YouTube, and Apple TV, as most of the population is staying indoors. This surge in Video-on-Demand (VoD) has increased the demand for IaaS to tackle consumer demands.
Enterprises across the globe are expanding offerings to addresses the emerging needs of end-users. For instance, in June 2020, Google announced a partnership with Telefónica to launch a cloud region in Spain. In addition, in May 2020, Microsoft announced its Microsoft Cloud for the healthcare sector to tackle COVID-19 challenges.
The proliferation of cloud-native services and increasing acceptance of cloud-based environments, coupled with the need to save costs, are driving companies away from traditional data centers (DCs) to cloud environments at an ever-increasing rate.
In recent years, the adoption of public (shared) cloud services has proliferated as enterprises, especially in professional services, telecommunications, and retail, continue to shift from traditional application software to software as a service (SaaS) and from traditional infrastructure to infrastructure as a service (IaaS) to empower customer experience and operational-led digital transformation (DX) initiatives.
According to the International Data Corporation (IDC) Worldwide Semiannual Public Cloud Services Spending Guide, worldwide spending on public cloud services and infrastructure will become more than double over the 2019-2023 forecasted period. With a five-year compound annual growth rate (CAGR) of 22.3%, public cloud spending is expected to grow from $229 billion in 2019 to nearly $500 billion in 2023. Thus, cloud computing technology is expected to witness high demand in the forecasted period.
With several benefits, including the incorporation of digital technologies, faster internet protocols, and better cybersecurity opportunities, cloud computing has become the center of investment for big technology companies. Companies, such as Amazon Web Services, Microsoft Azure, and Google Cloud, are currently dominating the global cloud computing market. Besides, several startups are also striving in this highly competitive market to make their mark. The global cloud computing market holds tremendous potential and is expected to continue its upward growth over the coming years, despite challenging restraints, such as COVID-19.
Meticulous Research’s Repository for Cloud Computing Technology Include:
Edge Computing Market by Component, Application (Smart Cities, Industrial IoT, Remote Monitoring, AR-VR), End-Use Industry (Manufacturing, Retail, Healthcare, Media and Entertainment, Telecommunications, Transportation and Logistics) - Global Forecast to 2027
Endpoint Security Market by Component, Enforcement Point (Workstation, Mobile Devices, Server, Point of Sale Terminal), Deployment, Industry Size, End User (Aerospace and Defense, Government, BFSI, Healthcare, Manufacturing) - Global Forecast to 2027
Healthcare Cloud Computing Market by Application (Clinical Information Systems, Nonclinical Information Systems), Service Model (SAAS, IASS, PAAS), Deployment Model (Private cloud, Public cloud, Hybrid Cloud), Pricing Model (Pay-as-you-go, Spot Pricing), Component (Services, Software), End User(Healthcare Providers, Healthcare Payers) - Global Forecast to 2025
Digital Transformation Market by Technology (IoT, Cloud, Big Data, AI), Process Transformation (Customer, Operation, Product, Workforce), End-use Industry (Retail, Healthcare, Manufacturing, Insurance), Industry Size - Global Forecast to 2025
Smart Cities Market by Application (Smart Utilities, Smart Transportation, Water Management, Waste Management, Smart Healthcare, Smart Lighting, Smart Education), Component (Hardware, Software, and Services), and Geography - Global Forecast to 2027
Learning Management System (LMS) Market by Product Offering (Solutions, Services), User Group (Education, Corporate), Delivery Mode (Distance Learning, Instructor-led Learning), Deployment Type (Cloud, On-Premise), and Geography- Global Forecast to 2025