The global cloud computing market size is expected to grow from USD 272.0 billion in 2018 to USD 623.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.0%
NEW YORK, March 5, 2019 /PRNewswire/ --
Increasing need to deliver enhanced customer experience to drive the cloud computing market
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The global cloud computing market size is expected to grow from USD 272.0 billion in 2018 to USD 623.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period. Increased automation and agility, need for delivering enhanced customer experience, and increased cost savings and return on investment are the major growth factors for the cloud computing market. However, data prone to cyber-attacks and lack of skilled labor may restrain the growth of the cloud computing market.
Infrastructure as a Service (IaaS) to help enterprises in enhancing infrastructure scalability and performance
The key features of IaaS include automated administrative tasks, dynamic scaling, platform virtualization, and network connectivity.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 enhanced collaboration to help enterprises focus on their core businesses.
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 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.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The breakup of the profiles of the primary participants as follows:
• By Company Type: Tier I: 35%, Tier II: 45%, and Tier III: 20%
• By Designation: C-Level: 35%, D-Level: 25%, and Others: 40%
• By Region: North America: 45%, Europe: 20%, APAC: 30%, and RoW: 5%
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. Verizon (US)
13. CenturyLink (US)
14. Fujitsu (Japan)
15. NTT Communications (Japan)
Research Coverage
The report segments the global cloud computing market by service model which has been further segmented into IaaS, Platform as a Service (PaaS), and Software as a Service (SaaS).The workload segment covers storage, backup, and Disaster Recovery (DR); application development and testing; database management; business analytics; integration and orchestration; Customer Relationship Management (CRM); Enterprise Resource Management (ERM); collaboration and content management; and others (networking, security, Human Capital Management (HCM), and others).
The deployment model segment is inclusive of public cloud, private cloud, and hybrid cloud.The organization size segment covers Small and Medium-sized Enterprises (SMEs) and large enterprises.
The market by vertical covers Banking, Financial Services, and Insurance (BFSI); IT and telecommunications; government and public sector; healthcare and life sciences; retail and consumer goods; media and entertainment; manufacturing; energy and utilities; and others (education, and travel and hospitality). The report also provides market details in 5 major regions: North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the cloud computing market with information on the closest approximations of the revenue numbers for the overall cloud computing market and the subsegments.The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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