The global cloud computing market size is projected to reach USD 791.48 billion by 2028, exhibiting a CAGR of 17.9% during the forecast period. Rising preference for omni-cloud systems will prove highly beneficial for the growth of this market, states Fortune Business Insights™ in its report, titled “Cloud Computing Market Size, Share & COVID-19 Impact Analysis, By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), By Industry (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government, Consumer Goods, and Retail, Healthcare, Manufacturing, Others), and Regional Forecast, 2021-2028”. According to this market research report, the value of the market stood at USD 219.00 billion in 2020.
Omni-cloud computing is a cloud solution that allows multiple cloud services to smoothly integrate and streamline their data on a single platform. The omni-cloud system is being increasingly preferred over the multi-cloud system owing to its multiple advantages and leading the cloud computing market trends. For example, an omni-cloud tool makes it possible to access real-time information from any location. In a departmental store, for instance, whenever there is an inventory shortfall, the cloud will send notification to the authorities, who will then take the necessary action. Similarly, storage of data on a unified platform also enables efficient analysis, enhances productivity, and elevates the quality of services. These, along with a few other benefits, are widening the applicability of omni-cloud computing across a variety of industries.
COVID-19 Impact:
Acceptance of Cloud-based Solutions to Favor Market During COVID-19 Pandemic
The acceptance of work from culture across public and private sectors has resulted in high demand for SaaS-based collaboration solutions. This has created opportunities for cloud companies to expand their customer base by introducing innovative solutions. For instance, in May 2020, Microsoft Corporation introduced "Hospital Emergency Response", a cloud-based solution for the healthcare sector. The solution is enabled by Azure platform. The Centres for Disease Control and Prevention (CDC) and other healthcare institutions are permitted to control the solution to develop COVID-19 calculation tools and reduce the work-stress on front-line workforces.
The Report Includes?
- Detailed research into the factors driving the market growth;
- In-depth study of the roadblocks facing the market;
- Comprehensive analysis of the segments of the market; and
- Thorough assessment of the competitive developments and regional landscape of the market.
Market Restraint:
Potential Risk of Cyber Attacks to Negatively Influence Adoption of Cloud Systems
Today, majority of organizations and many government departments and agencies have shifted their databases onto the cloud to improve efficiency and productivity of resources as well as bring down costs. Unfortunately, this move has exposed sensitive information to hackers, who have frequently launched cyber-attacks to retrieve and misuse data. For instance, the US-based Center for Strategic & International Studies (CSIS) revealed that in April 2020 hackers from Iran attempted to breach personal files of World Health Organization (WHO) staffers while the world was reeling under the coronavirus pandemic. In February 2020, two Chinese hackers were persecuted by the US Department of Justice for performing cryptocurrency laundering activities for North Korean nationals. Such attacks are prompted by the availability of delicate data on cloud platforms and the constant threat of privacy infringement may hinder the cloud computing market growth in the upcoming years.
Regional Insights:
Strong Presence of Tech Bigwigs to Augment the Market in North America
North America is home to some of the biggest technology companies such as Google, Microsoft, and IBM and this factor has enabled the region to boast a market size of USD 78.28 Billion in 2020. Moreover, the regulatory and research environment in the region is extremely favorable for development and adoption of advanced cloud technologies based on Artificial Intelligence (AI) and Machine Learning (ML). As a result, North America is slated to dominate the cloud computing market share during the forecast period. Increasing penetration of the internet and rising usage of smartphones will aid Asia-Pacific register a high CAGR, while rapid deployment of 5G will favor market growth in Latin America and Middle East & Africa.
The Cloud Computing Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the cloud computing market include Amazon Web Services, Inc., Carbonite, Inc., Asigra Inc., Cumulocity GmBH, CISCO, DXC Technology Company, Druva Software, General Electric, Fujitsu, IBM, Honeywell International Inc.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Cloud Computing Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/cloud-computing-market/download-sampleMarket DynamicsRising demand for cloud computing and increased cloud services adoption are the key driving factors for the cloud computing market to grow.
Cloud services help firms minimizing the overall capital expenditure.
