Global Cloud Computing Market 2022 to 2028: Reduced Infrastructure and Storage Costs & Increased Return on Investments Drive Growth

DUBLIN, Feb. 22, 2023 /PRNewswire/ -- The "Global Cloud Computing Market Size, Share & Industry Trends Analysis Report By Service Type, By Deployment, By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End-use, By Regional Outlook and Forecast, 2022 - 2028" report has been added to  ResearchAndMarkets.com's offering.

The Global Cloud Computing Market size is expected to reach $1143.2 Billion by 2028, rising at a market growth of 15.0% CAGR during the forecast period.

Cloud computing helps in running business operations quickly and effectively in response to changing market conditions. It has opened up previously unimaginable opportunities to develop a very engaging consumer experience. By the help of the cloud computing, people and businesses have changed their behavior, and multiple business lines are now able to get things done by skirting IT regulations.

Fundamentally, corporate spending, digital business decisions, and vendor & technology selection are all being impacted by cloud developments. Emerging technologies like artificial intelligence (AI) and ML (machine learning) make it possible for businesses to use AI capabilities, which promotes cloud expansion. Rapid digitalization is forcing organizations to change their application and infrastructure landscapes in order to improve cost effectiveness along with business agility.

By integrating cloud solutions and services, businesses may support their newcore business operations, move corporate workloads to a cloud platform, and lower network latency. Data security and privacy are organizations' top priorities, which necessitates digital protection for information storage, use, and transmission. Some of the crucial security services provided by the vendors include data encryption, authorization management, cloud integration, access control, communication security, monitoring & auditing, and business continuity services.

Because cloud computing services offer insights into partnership methods, go-to-market plans, alliances, investments, alliance and acquisition strategies, and best operational practices, businesses are embracing them. Cloud computing services also make it easier to track, compare, and evaluate business activities and make sure that business operations are in accordance with client requests.

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.

COVID-19 Impact Analysis

One of the biggest changes in the workplace is anticipated to result from the pandemic. In order to speed up Industry 4.0, the fourth industrial revolution, it is changing how companies use smart technologies like mobile supercomputing, big data, IoT, and artificial intelligence.

In Q3 2020, the cloud computing market saw an increase in demand as businesses continued to move workloads from analog to digital formats. To maintain the well-being of employee along with operational efficiency, many businesses from a number of industries have switched to the work-from-home model, which has raised the demand for Software-as-a-Service (SaaS)-based solutions.

Market Growth Factors

Reduced Infrastructure And Storage Costs & Increased Return On Investments

The upfront setup as well as ongoing maintenance costs of on-premises data hosting are a matter to concern for businesses. Additional worries for businesses include downtime issues, staff costs, and electricity costs.

The adoption of cost-effective strategies to rebuild business models has intensified due to the existing competitive environment and economic conditions of the world. Some of the other variables that is expected to support the acceptance of cloud computing services and, eventually, reduce the business costs include the shifting business priorities toward digital transformation and the speeding consumer experience.

More People Are Using Hybrid Cloud Services

Businesses with current infrastructure are embracing cloud computing services and are prepared to use a hybrid strategy so they may profit from both on-premises and cloud services. Due to the certain advantages, such as no upfront infrastructure setup fees as well as the availability of computing services on demand, SMEs are widely adopting cloud computing services.

These elements are supporting the surge in demand for cloud services in various organizations. Improved workload management, more security & compliance, and effective integration within DevOps teams are all advantages of the hybrid cloud.

Market Restraining Factors

Critical Data Loss And Corporate Operations Being Damaged By Cyberattacks

Cloud computing services assist businesses in increasing operational effectiveness and cutting costs. Additionally, these services have a number of benefits, such as scalability, flexibility, and agility. The data stored in the cloud is still vulnerable to hackers even though the cloud provides a number of advantages and security precautions.

The amount of data being produced is growing, and businesses are starting to take more steps toward digital transformation. Enterprise data is exposed to risk from cyberattacks like Specter, Meltdown, cloud malware injection assaults, account or service hijacking, and man-in-the-cloud attacks.

Scope of the Study

Market Segments Covered in the Report:

By Service Type

• Software as a Service (SaaS)
• Platform as a Service (PaaS)
• Infrastructure as a Service (IaaS)

By Deployment

• Public
• Private
• Hybrid

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises

By End-use

• BFSI
• IT & Telecom
• Retail & Consumer Goods
• Manufacturing
• Media & Entertainment
• Energy & Utilities
• Healthcare
• Government & Public Sector
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

• Google LLC
• IBM Corporation
• Oracle Corporation
• Amazon.com, Inc.
• Microsoft Corporation
• SAP SE
• com, Inc.
• Adobe, Inc.
• Alibaba Group Holding Limited
• Workday, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/wrk7ye-cloud?w=5

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