Global Cloud Computing Market Research Report 2021-2026 | Industry Dynamics, Impact of COVID-19, Technological Analysis, Regulations, Trends, Supply Chain, Ecosystem, Patents, Pricing, Case Studies

News provided by

Nov 15, 2021, 12:45 ET

DUBLIN, Nov. 15, 2021 /PRNewswire/ -- The "Cloud Computing Market by Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), Deployment Model (Public and Private), Organization Size, Vertical, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global cloud computing market is expected to grow from USD 445.3 billion in 2021 to USD 947.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period.

Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global giants are providing customers with cost-effective and productive digital solutions as every industry is economically hard-hit from the pandemic. The sudden shutdowns of offices, schools and enterprises have increased the demand for cloud solutions and services.

The cloud market in verticals such as IT, telecom, BFSI, and media and entertainment has impacted positively due to the work from the home initiative. Employees are using cloud collaboration platforms for communicating and consuming OTT streaming services heavily as they need to stay at home amidst lockdowns.

Infrastructure as a Service (IaaS) to help enterprises in enhancing infrastructure scalability and performance

IaaS enables enterprises to leverage their IT infrastructure without paying for the construction of the physical infrastructure. Moreover, it provides flexibility, mobility, easy, and scalable access to applications, and enhances collaboration to help enterprises focus on their core businesses.

The increasing internet access through smartphones and other devices has spurred the digitalization trend among enterprises that generate large volumes of business data daily. These factors have increased the enterprises' concerns over losing the focus on core business operations and meeting the demand for clients. IaaS helps in reducing the cost of deploying IT infrastructure, hardware, and in hiring skilled resources. These benefits, in turn, are expected to drive the adoption of IaaS.

Retail and consumer goods vertical to grow at the highest rate during the forecast period

The retail and consumer goods vertical is one of the fastest-growing verticals with respect to the adoption of emerging and innovative technologies, such as cloud computing, big data analytics, DevOps, digital stores, and social networks.

Various factors driving this adoption are the rising purchasing power of customers and the need to satisfy customer expectations leading to the existing customer retention and new customer acquisition. Online retailing and cloud technologies have significantly disrupted the retail and consumer goods vertical leading to the adoption of cloud computing mainly for storage, backup, and security services.

North America to hold the largest market size and the Asia Pacific (APAC) to grow at the highest rate during the forecast period

North America is the most mature market in terms of cloud computing services adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise.

APAC is expected to offer significant growth opportunities for cloud computing vendors during the forecast period. Rapid advancements in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have led many organizations to adopt cloud computing services.

Market Dynamics

Drivers

Inclination of Enterprises Toward Automation and Agility
Enhanced Customer Experience with Personalization and Collaboration
Increased Return on Investments with Lower Infrastructure and Storage Costs
Surging Demand for Remote Workspaces with COVID-19 Outbreak
Rise in Demand for Cloud-Based Business Continuity Tools and Services
Business Expansions by Large Vendors Across Geographies to Acquire an Untapped Customer Base
Proliferation of Digital Content and Upsurge in Internet Usage
Need for Disaster Recovery and Contingency Plan

Restraints

Cyberattacks Damaging Business Operations and Critical Data Loss
Limited Technical Expertise Among Enterprises in Technologically Developing Geographies
Inadequate Network Bandwidth Providers and Lack of Access to High-Speed Internet in Many Countries

Opportunities

Increase in Adoption of Hybrid Cloud Services
Boosting the Adoption of Edge Technologies
Rise in Number of Small and Medium-Sized Enterprises to Create New Revenue Opportunities for Cloud Vendors
Telecom Service Providers Leveraging Existing Infrastructure to Offer Cloud-Based Services
Increasing Business Tie-Ups with Device Manufacturers
Bridging the Connectivity and Accessibility Gap
Need for Secure Cloud Environments to Increase Significantly

Challenges

Need to Manage Regulatory and Compliance Policy Needs
Compatibility Complexities with Legacy Systems
Fear of Vendor Lock-In

Technological Analysis

Artificial Intelligence and Machine Learning
Big Data and Analytics
Cloud Computing
Internet of Things

COVID-19-Driven Market Dynamics
Regulations
Trends
Supply Chain
Ecosystem
Patent Analysis
Porter's Five Forces Analysis
Pricing Analysis
Case Study Analysis

Simplifying Patient Onboarding with Microsoft Form Recognizer
Enhancing Machine Learning Model Using Amazon Sagemaker
Enhancing Analytics for Workplace Pension Clients
Reformation of the B2B Commerce Platform to Improve Performance and Security
Automation of Bill Validation Using Oracle Cloud
Helping At-Risk Students in Receiving Their Degree
Transitioning Planning Process to the Cloud
Improving Provision of Online Services

The report profiles the following key vendors:

1. AWS (US)
2. Microsoft (US)
3. Google (US)
4. Alibaba (China)
5. SAP (Germany)
6. IBM (US)
7. Oracle (US)
8. VMware (US)
9. Rackspace (US)
10. Salesforce (US)
11. Adobe (US)
12. CenturyLink (US)
13. Fujitsu (Japan)
14. Workday (US)
15. Infor (US)
16. Sage Group (UK)
17. Intuit (US)
18. Epicor (US)
19. IFS (Sweden)
20. ServiceNow (US)
21. OpenText (US)
22. Cisco (US)
23. Box (US)
24. Zoho (US)
25. Citrix (US)
26. Upland Software (US)
27. DigitalOcean (US)
28. Bluelock (US)
29. OVH (France)
30. Joyent (US)
31. Skytap (US)
32. Virtuestream (US)
33. Tencent (China)
34. DXC (US)
35. NEC (Japan)
36. Navisite (US)

For more information about this report visit https://www.researchandmarkets.com/r/etug0p

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets