Cloud Computing Market size in 2020 is estimated at $283 billion, growing at a CAGR of 12.8% during the forecast period 2021-2026. Cloud computing is one of the most commonly used applications in healthcare, BFSI and IT sectors. The rising demand for cloud-based information systems and technological advancement are the major factors driving the growth of the market. Moreover, use of cloud computing provides better collaborative workforce, offering cloud storage and provides lowering of costs further enhancing the overall market demand for Cloud Computing during the forecast period. Although cloud computing is employed in many applications through Infrastructure as a Service, Platform as a Service and Software as a Service models, the high initial cost and the maintenance cost act as the hindering factor for the cloud computing market.
Competitive Landscape:
The top 5 players in the Cloud Computing industry are –
1. Microsoft
2. AWS
3. Salesforce
4. Oracle
5. SAP
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Segmental Analysis:
1. Cloud Computing Market is segmented into Clinical Information Systems, Non-Clinical Information Systems. The clinical information systems segment is forecast to be the fastest-growing segment and is estimated to grow at a CAGR of 10.1% during the forecast period 2021-2026. This is mainly owing to increasing demand for maintaining data generated from doctors and physicians.
2. This is mainly owing to improve security, saving time and saving money. Moreover, it provides a quick and easy setup and requires no maintenance is also contributing to the growth of this segment. The employment of IoT in various industries including automotive, manufacturing, retail, transportation, energy and so on has been analyzed to drive the market
3. North America dominated the Cloud Computing market share accounting for 40.4% of the market in 2020. This is mainly owing to continuous technological advancements in the Cloud Computing solution and supportive regulatory scenario.
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Report Coverage |
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Report Attributes |
Details |
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By Component |
IaaS, PaaS, SaaS
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By Deployment: |
Public Cloud, Private Cloud
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By End Use |
BFSI, IT and ITES, Healthcare, Government, Energy and Utilities, Manufacturing, Media and Entertainment, Retail and Consumer Goods and Others
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By Geography |
North America (U.S, Canada, Mexico), South America (Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).
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Market Drivers and Challenges:
1. Rising demand for cloud-based information systems and high-power analytics in the cloud are some factors driving the growth of Cloud Computing market.
2. Growing technological evolution in the medical industry and adoption of advanced technology such as machine learning which is easier in cloud system further contributing the growth of Cloud Computing market.
3. Data security and integrity issues are challenging the growth of the market. Moreover, unavailability of proper healthcare infrastructure and lack of interoperability and industry standards are further restraining its market growth during the forecast period 2021-2026.
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