The global cloud computing market size is expected to grow from USD 545.8 billion in 2022 to USD 1,240.9 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period. Cloud Computing is delivering on-demand IT resources virtually over the Internet with pay-as-you-go model. The cloud offers a variety of IT services, including networking, servers, databases, software, and virtual storage, among others. Cloud computing is described as a virtual platform that enables limitless online data storage and access.
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Growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are major factor driving increased adoption of cloud computing and related emerging technologies. Cloud Computing is divided into two categories based on deployment, including public cloud and private cloud. The major cloud computing services are infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). Major factors, such as data security, faster Disaster Recovery (DR), and meeting compliance requirements, are driving the growth of cloud computing services.
As per vertical, the retail and consumer goods segment to expected to grow at the highest CAGR during the forecast period
The cloud computing market is segmented into banking, financial services & insurance (BFSI), telecommunications, IT & ITeS, media & entertainment, government & public sector, manufacturing, healthcare & life sciences, energy & utility, and other verticals. As per vertical, retail and consumer goods is expected to grow at the highest CAGR of 21.2% during the forecast period. The retail and consumer goods vertical have emerged as one of the most dynamic and fast-paced industries in terms of the adoption of advanced technologies. One of the major reasons for the highest growth rate in the retail vertical could be the increasing adoption of big data and analytics technologies by retail and consumer enterprises, resulting in the growing need for adopting cloud services to offer enhanced application quality.
Disaster Recovery and Backup, IaaS service model to grow at the highest CAGR during the forecast period
The infrastructure as a service (IaaS) by-service model is segmented into primary storage, disaster recovery and backup, archiving, and computing. During the forecast period, disaster recovery and backup is projected to grow at the highest CAGR of 23.39% as it can be automated, requiring minimum input, helping organizations reduce their asset downtime. It offers various benefits, such as high scalability, flexibility, and accessibility, and ensures 24/7 support and maintenance, including hardware and software upgrades.
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Unique Features in the Cloud Computing Market
Numerous devices, such as laptops, smartphones, and tablets, can access cloud services over the internet. Users can benefit from this feature’s accessibility and flexibility.
To service numerous clients, cloud companies combine their computing resources, including servers and storage. This lowers the total cost of cloud services by enabling cost-sharing and effective resource utilisation.
Cloud services are easily scalable, allowing for quick adjustments to workload variations. Organisations are able to respond to demand surges and maximise resource utilisation because of this elasticity.
Services for cloud computing are metered and priced according to usage. With this pay-as-you-go model, consumers only pay for the resources they really use, and costs are transparent.
Cloud computing accommodates a variety of use cases and client needs with its various service models, which include Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).
To assist enterprises in safeguarding their data and adhering to legal requirements, cloud providers provide a comprehensive suite of security and compliance tools, such as audit trails, encryption, access controls, and certifications.
Major Highlights of the Cloud Computing Market
In order to fulfil a variety of business and compliance objectives, organisations are adopting hybrid and multi-cloud strategies, which combine on-premises infrastructure with public and private cloud services.
Growing in popularity are serverless computing systems like AWS Lambda and Azure Functions, which free developers from the burden of managing server infrastructure so they can concentrate on writing code.
Cloud deployments now cannot function without containers and Kubernetes orchestration, which make microservices designs, easy scaling, and portability possible.
The relevance of edge computing solutions to lower latency and enable real-time applications—such as augmented reality, driverless cars, and the Internet of Things—is rising.
AI and ML services are provided by cloud providers, enabling more people to have access to computer vision, natural language processing, and advanced analytics.
IoT solutions may grow effectively with the help of cloud platforms, which provide capabilities for data analytics, real-time processing, and IoT device management.
Cloud service providers help enterprises analyse and extract insights from massive datasets by providing data lakes, data warehouses, and analytics services.
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Top Key Companies in the Cloud Computing Market
Some of the major cloud computing market vendors are AWS (US), Microsoft (US), IBM (US), Google (US), Alibaba Cloud (China), SAP (Germany), Salesforce (US), Oracle (US), Adobe (US), Workday (US), Fujitsu (Japan), VMware (US), Rackspace (US), DXC (US), Tencent Cloud (China), NEC (Japan), DigitalOcean (US), Joyent (US), Virtustream (US), Skytap (US), OVH (France), Bluelock (US), Navisite (US), CenturyLink (US), Infor (US), Sage (UK), Intuit (US), OpenText (Canada), Cisco (US), Box (US), Zoho (US), Citrix (US), Epicor (US), Upland Software (US), ServiceNow (US), and IFS (Sweden),
AWS was founded in 2006 and is headquartered in Washington, US. The company is a business unit of Amazon.com. It offers a diverse range of cloud computing services, making it easier for customers to receive tailored services as per their business requirements. The company’s product and service offerings include storage and content delivery, computing, networking, database, deployment, management, application services, and analytics. Compared to other cloud computing providers, AWS offers a greater variety of services, including data lakes, analytics, machine learning, artificial intelligence, IoT, security, and many more. The company’s cloud computing is the on-demand, pay-as-you-go distribution of IT services over the internet, where customers can use a cloud provider like Amazon Web Services to acquire technology services such as computing power, storage, and databases as needed rather than purchasing, owning, and maintaining physical data centers and servers. AWS offers a highly scalable and low-cost IaaS and has data center locations in the US, Brazil, Singapore, Japan, and Australia. The company operates in North America, Europe, Middle East & Africa, Asia Pacific, and Latin America through its strong partner network. It caters to various industries, including automotive, consumer goods, energy, financial services, gaming, education, government, healthcare & life sciences, manufacturing, media & entertainment, retail, telecom, travel & hospitality, and power & utilities.
SAP was founded in 1972 and is headquartered in Walldorf, Germany. SAP is one of the market leaders in cloud computing, which helps companies of all sizes and in all industries run better. The SAP Business Technology Platform (SAP BTP) has developed into a crucial component of our larger platform offering instead of being a stand-alone product. Its strong integration and extension capabilities are now available as services that run on SAP BTP. Furthermore, applications can now be developed, managed, extended, and delivered in the cloud due to cloud services powered by SAP BTP, which were previously only available through the SAP Cloud Platform. The SAP BTP Neo environment connects users to ERP systems utilizing data from ’SAP’s own data centers. The SAP BTP cloud foundry environment concentrates on any randomly selected data center that satisfies a list of predefined specifications to enable more extensibility options for hyperscale vendors such as Amazon Web Services (AWS) or Microsoft Azure. ’SAP’s use of serve-less computing would enhance the user experience even further and offer both present and potential customers a cost-effective option. There is a considerable demand for effective service provider organizations with an in-depth understanding of contemporary technologies and resources due to the rapid expansion of SAP and cloud computing. SAP also caters to a wide range of industries such as energy & utilities, BFSI, automotive, aerospace & defense, telecom, media & entertainment, government, healthcare & life sciences, and consumer goods & retail. SAP, being a global company, provides its products and services to North America, Asia-Pacific, Europe, and the Middle East & Africa.
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