The impact of COVID-19 on the “COVID-19 Impact on Cloud Computing Market by Service Type (Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS)), Vertical and Region – Global Forecast to 2021″, size is expected to grow from USD 233 billion in 2019 to USD 295 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. Over the years, organizations have enhanced the level of innovation; and with the outbreak of COVID-19, a majority of operations have been compromised. This has forced organizations to function in a non-optimized manner, as a result of which they are looking for innovative areas that can improve their revenue by a small percentage.
IT and ITeS to witness growth during the forecast period within the global cloud market
Coronavirus has pushed a majority of the IT enterprises to adopt the work from home model. IT and ITES enterprises have enabled mobile workforce, adopting enterprise mobility tools & services. Thus, there is an increased demand for cloud communication and collaboration services across the globe.
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Digital productivity and collaboration tool providers such as Microsoft and Zoom are witnessing massive upticks in usage across China, Italy, and the US because of coronavirus. Therefore, there will be continuous growth in the demand for cloud infrastructure services and spending on specialized software, communications equipment, and telecom services. This spending will be focused on remotely working employees and educators, as firms are encouraging employees to work from home, and schools are moving to online courses.
Cloud is helping to tackle disaster recovery situations using distributed cloud IT systems. Owing to the lack of on-site IT personnel amidst the lockdown, enterprises are leveraging cloud capabilities to check, maintain, and monitor their server and storage installations in data centers. Businesses are using the cloud effectively to create resilient and disaster-averse systems anywhere across the globe to cater to a remote workforce and protect data and business application integrity as well. IT enterprises are highly adopting managed data center services to enhance security, avoid network downtime, and achieve operational efficiency. Leading players such as DataBank, along with the help of managed service teams, has started preparing a COVID-19 response plan to assess the continuity of operations. Thus, the increasingly mobile workforce due to lockdowns, and growing need for disaster recovery and security to avoid high network downtime costs have fueled the demand for cloud managed services across the vertical globally.
The energy & utilities vertical is expected to see less growth during the forecast period in the global cloud market
The energy & utilities vertical is in the phase of digital transformation. According to a study, this vertical is expecting all its players to go digital entirely within the next two or three years. The rising need for IT service management and advanced infrastructure is driving this transformation in the energy and utilities vertical.
However, due to the COVID-19 pandemic, countries are locking down to contain the spread of the virus. This has led to a significantly declining usage of energy resources such as oil and gas. Thus, the usage of cloud services for IT service management has also diminished substantially. Additionally, due to disrupted supply chains, production is halted, and therefore, the need for technologies such as smart metering is reducing day-by-day. This has reduced the overall usage of cloud services across the vertical.
The major vendors in the cloud market include AWS (US), Microsoft (US), Google (US), Alibaba (China), SAP (Germany), IBM (US), Oracle (US), VMware (US), Rackspace (US), Salesforce (US), Adobe (US), Verizon (US), CenturyLink (US), Fujitsu (Japan), NTT Communications (Japan), Cisco (US), Dell (US), Equinix (US), HPE (US), Inspur (China), Cyrusone (US), Digital Relty (US), Lenovo (Hong Kong), Tencent (China), SAP (US), Cloudbees (US), Servicenow (US), Mendix (US), Engine Yard (US), ADP (US), Workday (US), Ringcentral (US), Mitel (Canada), 8×8 (US), Slack (US), Zoom (US), Docusign (US), Citrix (US), Okta (US), Nextiva (US), Intermedia (US), CrowdStrike (US), Carbonite (US), Cyberark (US), Infosys (India), Accenture (Ireland), Capgemini (France), TCS (India), AT&T (US), T-Mobile (US), Vodafone (United Kingdom). These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the impact of COVID-19 on the Cloud market and broaden their customer base.
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AMAZON WEB SERVICES (AWS) (US) is a major player in the global cloud market. The company provides cloud computing services to enterprises and SMEs across the globe. AWS offers AWS Diagnostic Development Initiative (DDI) to accelerate COVID-19 research, diagnostics, and testing. Additionally, the company has made COVID-19 data sets freely available to its customers for performing research. AWS has focused on reliable, scalable, and compute power, which can be delivered, along with industry-leading services such as analytics and machine learning, to its customers.
Cisco (US) is a major vendor in the global cloud market. The company provides Cisco Cloud and Cisco Webex products to cater to the demand for cloud services. Recently, the company has enhanced its free Webex accounts with additional features such as enabling users to host meetings with up to 100 participants for unlimited time and offering dial-in toll numbers to complement the existing Voice Over Internet Protocol (VoIP) capabilities of Webex. Cisco is proactively expanding worldwide, meeting capacity, scaling up further in the US and Europe. The company is working with non-governmental organizations to enable schools to function smoothly during the pandemic.
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