A ‘cloud’ is generally used to describe a stack of data centres available to many users over the Internet. Cloud Computing describes a wide range of technology services that are available on-demand, especially with regard to data storage and processing power, and which do not require to be actively or directly managed by the user. This report analyses the current status of the global cloud computing market, outlines the key market players and the bases for market segmentation and studies the future trends of this industry from 2018 till 2023, using 2017 as the base year. Historical data trends in market research predict that the global cloud computing market will reach US$ 182300 million by 2023, from US$ 36700 million in 2017.
Some of the major players in the cloud computing market across the world include the following:
- Amazon Web Services
- Microsoft Azure
- Google Cloud Platform
Request a Free Sample Report, Click Here @ https://www.wiseguyreports.com/sample-request/3744440-global-cloud-computing-market-growth-status-and-outlook-2019-2024
The global cloud computing market can be segmented based on service model, deployment model, workload, organization size and regional market share.
Based on the service model, the cloud computing market can be split into the following categories:
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
According to deployment model, the cloud computing market is segmented into:
- Public Cloud
- Private Cloud
- Hybrid Cloud
Market experts predict that the hybrid cloud segment will account for the largest market share in terms of growth, during the forecast period. This could be due to growing resource mobility, user mobility and the fear of more security threats, which are encouraging organizations to adopt the hybrid cloud model.
By workload, the cloud computing market can be split into:
- Storage, Backup and Disaster Recovery (DR)
- Application Development and Testing
- Database Management
- Business Analytics
- Integration and Orchestration
- Customer Relationship Management (CRM)
- Enterprise Resource Management (ERM)
- Collaboration and Content Management
- Others (Networking, Supply Chain Management (SCM), Security, and Others)
According to organization size, the cloud computing market can be split into:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
It has been observed that cloud computing services are being increasingly adopted by SMEs, owing to the ease and flexibility they offer, and the demand is estimated to grow further during the forecast period.
North America, Latin America, Europe, Asia-Pacific, Middle East and Africa are the major markets for cloud computing services across the world. Of these, the Asia Pacific is predicted to witness a substantial growth over the forecast period, especially in the public cloud segment. This could be due to the increased availability of skilled labor, growth of SMEs and large enterprises and the pressure by organizations to build greater customer satisfaction and improve business efficiency.
The cloud computing market is a highly profitable market for cloud computing service providers, as several companies from different sectors are increasingly adopting cloud computing services. Besides, factors such as growing automation and speed, a desire to deliver an improved customer experience, and a focus on cost-effectiveness and efficiency are expected to drive the market growth.
Company Name: Wiseguyreports.com
Contact Person: Norah Trent
Email: Send Email
Phone: +1 646 845 9349, +44 208 133 9349