What is Cloud Computing?
Cloud computing is what every organization today is hoping to foray into or has forayed into a head down. Simply put, it is the sharing of the network of remote servers, hosted on the internet that can be used to store, process, share and manage data instead of a local server. And this data can be accessed at any time across locations and by multiple people at once. The cloud computing market can be divided into the public cloud, community cloud, private cloud, and hybrid cloud. Depending on the type of service it provides it can be segmented as a platform as a service (PaaS), infrastructure as service (IaaS) and software as a service (SaaS).
Cloud Computing Market Overview, Size and Growth Rate:
The global cloud computing market is touted to grow from USD 105 billion in 2016 to USD 408.3 billion by 2024, growing at a CAGR of 18.5%. The increasing acceptance of consumers and organizations alike for a cloud-based framework, an involvement of more and more SME’s into the world of cloud computing, growing focus on streamlining work by doing away with hardware-based applications, and moving to the more agile and flexible processes has increased the prevalence of cloud computing by a varied margin. The market for cloud computing is vast, with organizations around the world imploring its many benefits. Few of its many functional capabilities include economic benefits, data protection, data location independence, secure interfaces, etc. There is no necessity of installing and upgrading the current organization’s technology to be able to use cloud services as we see with the case google cloud (Drive). However, data security is of concern to many organizations because it is a common belief that in-house data centers are safer than a virtual cloud. In spite of it all, cloud computing is still sought after by big and small businesses. Few of the mammoth firms implementing this technology are Google, Apple, IBM, Amazon etc.
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Not only does cloud computing provide business flexibility and efficient management of all systems across multiple locations across all timelines, it also helps track the access and monitor usage. The use of cloud computing is not only cost effective but its also extremely efficient. Its known to reduce operating costs by over 35% over a period of time. With the end user segment growing from private organizations to public and education, banking, financial and including the government bodies, the global cloud computing market is growing extensively and shows no sign of a slowdown.
Cloud Computing Market – Geographical Analysis:
As per our report, North America expected to hold the lion share of the Global Cloud Computing Market in the years to come followed by Europe.
APAC and Latin America witnessed as fastest growing regions for growth and Brazil Cloud Computing Market registered more than 1 Billion markets in the year 2016.
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Below Companies noted as some of the major companies dominating the Global Cloud Computing Market:
- Amazon Web Services
- Microsoft Corporation
- IBM Corporation
- Cisco Systems Inc.
- General Electric
- Google Inc.
- Fujitsu Ltd.
- Red Hat
- NTT Data Corporation
- Dell Inc.
- Caspio Inc.
- ENKI LLC
- Flexiant Ltd.
- CA Technologies Inc.
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