Cloud Computing Market Scenario
The Global Cloud Computing Market is expected to reach USD 340.5 Billion by 2024, registering a CAGR of 19.4% during the forecast period 2019–2024. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.
The increasing adoption of bring your own device (BYOD) trend across industry verticals is driving the growth of the cloud computing market. In recent years, organizations have undergone several advances in technology, including the adoption of smartphones, tablet computers, and personal devices. The adoption of BYOD management platforms has been facilitated with the help of cloud services. BYOD is an approach which allows employees to perform official tasks on their personal devices such as smartphones, laptops, and tablets using an enterprise’s corporate network. Thus, the adoption of cloud services to support flexible access to enterprise resources by the employees acts as a major driving factor for the growth of the cloud computing market.
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Although the market is growing exponentially, few factors consolidate this growth, namely data security issues. However, growing number of companies worldwide is increasingly becoming aware about the cloud computing system’s security aspects, which work in the favor of the global market growth. Information technology (IT) giants such as IBM and Google are actively developing new solutions to address existing security issues.
A market trend to worth acknowledging is the major adoption of Internet of Things (IoE). IoE will take the center stage in the global market, with continuous innovations in real-time data analytics and cloud computing set to push the IoE to the fore in the coming years.
Global Cloud Computing Market Segmentation
The global cloud computing market is segmented on the basis of cloud service type, deployment model, application and region.
By cloud service type, the market is segmented on the basis of software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS) and others. Software as a service (SaaS) provides various advantages such as saving time, lower cost, high scalability and integration, easy upgrades, and easy to use.
By deployment model, the market is segmented on the basis of private cloud, public cloud, hybrid cloud and community cloud. The benefits offered by private cloud deployment model are better controls for data, superior performance over other models, enhanced security, easy customization and compliance. They are used widely in banking and financial institutions and government organizations where only authorized users are able to access the system. On the other hand, public cloud deployment models are ideal for start-ups and small businesses as there are minimal set up costs involved.
The cloud computing market observes a wide range of applications such as government, BFSI, healthcare and many more. The healthcare industry, having realized the potential of cloud computing, is using the software in a bid to provide quality services to patients and also share large data files easily that not only saves cost but also boosts efficiency.
The global market is spread across North America, Asia Pacific, Europe and the Rest of the World (RoW).
Among all the regions, North America claimed over 50% of the global market share. North America revels in the presence of companies which include Amazon web service, Google, Microsoft, IBM and others who are majorly responsible for the regional market growth. These companies, in order to strengthen their market position, constantly indulge in strategic activities like mergers and acquisition along with researches and development, which intensifies the already competitive market in the region.
The Asia Pacific market is set to grow rapidly with the key underlying theme being the increase in demand for managed cloud services. This growing demand takes place due to Big Data and complex workloads that leads to excruciating need for cloud platforms in order to make them more simplified. Moreover, organizations are turning to third-party service providers to address their cloud security concerns, a fact that also shapes the market size in the region positively. Also, massive demand from healthcare industry for cloud computing software has outlined the positive outlook of the market size regionally.
On the other hand, economic benefits and free flow of data due to cloud computing within the enterprises based in Europe, have led to wider adoption of the technology in the region. In addition, policy initiatives in the region aiming at promoting the use of cloud computing software, support the market growth.
The Middle East and Africa markets are expanding slow but consistently due to the software’s economic benefits and flexibility of use. Such characteristics constitute opportunities for cloud computing market expansion in the region, as the cost saving advantages of the software attracts many regional market players who invest in research and development activities.
The key players thriving in the global cloud computing market are Dell Inc. (U.S.), Flexiant Ltd. (U.K.), Google Inc. (U.S.), Hewlett-Packard Development Company L.P. (U.S.), Akamai Technologies Inc. (U.S.), Amazon Web Services LLC (U.S.), CA Technologies (U.S.), IBM Corporation (U.S.), Joyent Inc. (U.S.), and Microsoft Corporation (U.S.) and others.
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