The global cloud computing market size is expected to reach USD 765.6 billion by 2027, expanding at a CAGR of 14.9%, according to a new study conducted by Grand View Research, Inc. Cloud services are being increasingly adopted by businesses, due to their cost-effectiveness, service-related flexibility and real-time service catering nature. It is also making its mark in medium and small enterprises and is experiencing more demand due to increasing number of these small-scale enterprises all over the world. Moreover, technologies such as artificial intelligence, machine learning will complement cloud services to boost the organizational growth across industries.
COVID-19 has affected the work culture in a big way. There is a general shift towards work from home culture due to lockdown situations all around and it has proved to be a novel boosting factor for the cloud computing market. Also, nowadays, companies are looking at cloud technology as something that can boost their efficiency while lowering their cost of running the business. Although these two factors have provided a big push to adoption of cloud computing, security issues are something that are considered an obstacle. With rising adoption of cloud services and work from culture, security issues have also increased and companies are striving towards reducing its occurrence and minimizing the losses. New technologies and firewalls are coming up to make online services safer and more secure, which will ensure healthy online environment for the businesses.
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At present, cloud services have been utilized across various industries and most of the organizations are relying on IT resources to conduct their day to day work. In fact, governments are also making a move towards cloud services and helping generate growth for the market. Some of the important sectors the cloud computing market caters to are:
- IT & Telecom
- Retail & Consumer Goods
- Energy & Utilities
- Media & Entertainment
- Government & Public Sector
Infusion of Big Data is something that is extremely important to foster market growth as it will lead to replacement of traditional data warehouses by cloud computing technology, due to their incapability to manage and analyze the volume, veracity and variety of Big Data. This will help in creating a good demand in the market, leading to higher growth rate.
Cloud computing market report highlights:
- Infrastructure as a Service (IaaS) segment is predicted to expand at the highest CAGR over the forecast period owing to increased adoption of multi-cloud, scalability, and fast data accessibility. Companies like Amazon.com Inc.; Microsoft Corporation; Alibaba Group Holding Ltd.; Google LLP.; and IBM Corporation are some of the key IaaS vendors in the market
- Application development and testing is likely to be the fastest growing segment over the forecast period owing to the efficient and scalable development of applications on cloud platform. Moreover, compared to traditional development methods, app development time is likely to reduce by 31%, and quality assurance costs by 34%
- Hybrid deployment is anticipated to be the fastest growing segment owing to growth of cloud and industrialized services and decrease in traditional Data Center Outsourcing (DCO). Moreover, flexibility to move workloads between private and public deployment as per the computing needs, hybrid segment will provide enterprises greater flexibility and more data deployment options in the long run
- Small and medium enterprise segment is anticipated to be the fastest growing segment owing to reduced costs for IT hardware and software, improved processing capacity and elasticity of storage, and improved access to data and service. The growth of adoption of cloud technology among SMEs in developing regions is likely to boost the market growth over the forecast period
- The manufacturing end-use segment is expected to expand at the highest CAGR over the forecast period. Owing to various functionalities, cloud computing aids manufacturers to utilize multiple types of production system ranging from High Performance Computing (HPC) and 3D printing to IoT and industrial robots
- Asia Pacific is expected to emerge as the fastest-growing region owing to the increasing focus of SMEs and large enterprise to enhance their digital initiatives. Growth in IT services industry in the markets such as India, China, and other South Asian countries will also propel the market growth
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Major Market Players:
- Adobe Inc.
- Alibaba Group Holding Limited
- Amazon.com Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- Workday, Inc.
Some Recent Developments:
- In June 2020, Alibaba’s cloud computing unit Alibaba Cloud announced that it will invest RMB 2 billion ($283 million) this fiscal year to accelerate global partner innovations in the post-pandemic era. They are going to focus on boosting the digital capabilities of their partners and help them scale new heights in digitisation. Their main focus will be on retail, financial services, healthcare, and life sciences, and education sectors.
- In June 2020, Amazon’s cloud unit announced the introduction of Honeycode, a service that non-coders can use to write applications. The move could help Amazon Web Services broaden its audience beyond programmers. Honeycode includes a visual interface that people can use to build applications for a variety of purposes, including scheduling managing tasks and tracking customers.
- In June 2020, Amazon Web Services, Inc., an Amazon.com company and Slack Technologies, Inc. announced a new multi-year agreement to deliver solutions for enhanced enterprise workforce collaboration. Slack and AWS will strategically partner to help distributed development teams communicate and become more efficient and agile in managing their AWS resources from inside Slack. Slack continues to rely on AWS as its preferred cloud provider and will use a range of AWS services, including storage, compute, database, security, analytics, and machine learning, to develop new collaboration features. Additionally, AWS has agreed to use Slack to simplify the way teams at AWS communicate and work together.
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