Cloud Computing Market: Current Analysis and Forecast (2021-2027)

Cloud Computing Market: Current Analysis and Forecast (2021-2027)

The Cloud Computing Market is predicted to grow at a CAGR of ~17% during the forecast period, reaching around USD 1,000 billion by 2027. Key factors influencing the growth of the cloud computing market are the increasing adoption of AI and big data technologies, the need for massive data storage requirements, and organizational agility & flexibility. With the increasing demand for data security, cost of computation devices, and massive and steadily increasing data storage requirements, the demand for cloud computing is increasing. The world generated 64.2 zettabytes of data in 2020, and this number is expected to rise by producing 181 zettabytes of data in 2025. All this data needs to be stored somewhere, however, it is extremely costly and insecure to store data in physical data storing devices. Cloud computing provides cloud storage that is cheaper and easier to manage than storage devices. Security walls in cloud storage are extremely difficult to be penetrated by hackers hence the chances of data loss are extremely low. Thus, creating tremendous opportunities for players offering cloud computing services.

Insights Presented in the Report
"Amongst type, private cloud category held prominent market share in 2020”

Based on type, the market is segmented into public cloud, private cloud, and hybrid cloud. In 2020, private cloud accounted for a significant share of the global cloud computing market. The private cloud (also known as the internal or corporate cloud) is a cloud computing environment in which all hardware and software resources are dedicated exclusively to, and accessible only by, a single user organization. The private cloud provides a high level of data security and privacy through firewalls and internal hosting.
"Amongst services, SaaS category held prominent market share in 2020”

On the basis of service, the market is categorized into SaaS, PaaS, and IaaS. Among these, SaaS held a prominent revenue share of the overall cloud computing market in 2020 and is expected to witness strong growth during the forecast period. Cost-effectiveness, flexibility, data security, and scalability are some of the most prominent factors driving the category’s growth. Furthermore, SaaS is a way of delivering applications over the internet as a service, organizations can access the application through the internet, SaaS releases organizations from complex software and hardware management.
"North America held the prominent share in 2020”

North America dominated the global cloud computing market in 2020. This can be attributed to the strong emphasis on digital transformation and the trend of being adopters of next-generation technologies. Many businesses in North America are making a transition or have completely transitioned toward the hybrid work model. Moreover, numerous vendors such as Microsoft Corporation, Oracle Corporation, Amazon.com Inc., and International Business Machines Corporation and the high propensity to adopt new technologies are expected to drive the growth of the cloud computing market in this region.

Some of the major players operating in the market include Amazon.com Inc., Microsoft Corporation, Google LLC, International Business Machines Corporation, Oracle Corporation, VMware Inc., Salesforce Inc., Alibaba Group Holding Limited, Hewlett Packard Enterprise, and SAP SE among others.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry