Global cloud computing market is expected to grow at a CAGR of 28.5% during the forecast period of 2023 to 2030. The concept of Cloud computing has emerged with increasing demand for Big Data Management. Big data is a collection of large volume of structured and unstructured data generated out of the Internet. The management of big data has become crucial with the arrival of the Internet era. Big Data drives the demand for data management, information processing, and analytics.

There are several reasons why a company or an industry is desperately migrating into cloud. However, the major reason is cost reduction. Cloud services are allowing businesses to reduce their capital expenditure by eliminating the cost of IT Infrastructure. The buying criteria for choosing among different cloud services varies with the size and type of business clients are dealing in.

The public cloud market is growing extensively as it is much better than the traditional infrastructure and provides cheaper and quick self-service access to the IT resources. Yet security reason inhibits most of the firms to migrate to a multi- tenant cloud infrastructure. Especially large enterprises are thinking constantly over issues such as compliance, security, isolation, and control. Thus, for firms and industries which are working on customer’s private data or any other confidential information private cloud is the option. However, these firms have to keep all their data in a private cloud which incurs a higher cost.Thus, the need of the time is to develop a hybrid cloud solution so that the company has to keep only confidential data in private cloud while keeping the less sensitive data in public cloud. The issue with the private cloud is that they resemble the traditional IT infrastructure.

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Software as a service is a cloud service in which all the applications are managed at the vendor’s side and is accessible to the client only through a web-based user interface.         The enterprise working on SaaS, need not install hardware or download any software as the whole application is managed at the server-side. At this level companies are only managing the application part, however, platform, storage, operating systems, network bandwidth are all managed outside the organization at the server-side.

North America is the world’s largest market for cloud computing with a great diversity of providers and higher adoption rates. However, it is a mature market in cloud computing as compared to the other geographies, thus signifies a slow growth rate. Asia Pacific being a home to many developing economies is seen as a great opportunity for cloud computing in near future. Despite of various challenges such as highly fragmented markets, significantly varying regulations among countries and underdevelopment of key underlying technologies such as broadband in some countries that inhibit the growth of multitenant infrastructure, APAC nations are highly competitive in adopting the new technological trends.

The Cloud Market has witnessed a large number of technological innovations, product launches, mergers and acquisitions, by the key players to boost up their market share. The major players in the market are Salesforce, Amazon, Microsoft, Oracle, Google, IBM, and Rackspace. However, companies such as Engine Yard, Red Hat, HP, Service Now, LinkedIn, and Concur Technologies who have specialized in a particular service model are enforcing tough competition to the market leaders.

KEY MARKET MOVEMENTS

• Global cloud computing market is expected to grow at a CAGR of 28.5% during the forecast period of 2023 to 2030.
• The e-commerce trend, has enhanced the data flow over the internet, especially in post covid 19 scenario and thus cloud computing offers various enterprise solutions that support in managing this data.
• Cost remains as the key factor influencing the purchase decision of the end-users of cloud computing solutions.
• The public cloud market is growing extensively as it is much better than the traditional infrastructure and provides cheaper and quick self-service access to IT resources.
• North America is the world’s largest market for cloud computing with a great diversity of providers and higher adoption rates.
• Cloud Computing market in North America is mature.
• Asia Pacific being a home to many developing economies is seen as a great opportunity for cloud computing in near future.
• Cloud computing market is extremely fragmented with domestic players taking the lead in Asia –Pacific region.
• The major players in the market are Salesforce, Amazon, Microsoft, Oracle, Google, IBM, and Rackspace. However, companies such as Engine Yard, Red Hat, HP, Service Now, LinkedIn, and Concur Technologies who have specialized in a particular service model are enforcing tough competition to the market leaders.

Cloud ComputingMarketis segmented into:

*Detailed segments are available on the report page