Cloud Computing Market to Grow at a CAGR of 18.79% until 2026
Increasing focus towards low-cost
cloud services, along with the industrial shift to remote work is expected to drive the Global Cloud
Computing Market through 2026
According to TechSci Research report, “Global Cloud Computing Market By Service (SaaS, IaaS
and PaaS), By Deployment
(Public, Private and Hybrid), By Application Type (Government, Small and Medium
Sized Enterprises and Large Enterprises), By End-User (IT & Telecom, BFSI,
Retail & Consumer Goods, Healthcare and Others), By Region, Competition,
Forecast & Opportunities, 2016-2026”,
the Global Cloud Computing Market is projected to cross USD849.33 billion by
2026 at a CAGR of 18.79%, on account of the increasing digital transformation
in industries, rising penetration of internet and mobile devices in emerging
countries across the world. Moreover, the
rising adoption
of Internet of Things (IoT), edge computing, 5G, use of real-time analytics
enabled by Artificial Intelligence (AI) and Machine Learning (ML) will positively
influence the Global Cloud Computing Market
in the upcoming years. The extensive use of cloud computing in various
sectors including private organizations, government, retail, healthcare,
education, among others is anticipated to act as a catalyst in the growth of
the Global Cloud Computing Market.
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Global Cloud Computing Market "
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Global Cloud Computing Market can be divided into service, deployment,
application type, end-user and region. On the basis of service, the Global Cloud
Computing Market can be divided into SaaS, IaaS
and PaaS. The SaaS segment
held the largest market share of 52.89% in 2020 due to its scalability and
lower costs along with the higher security for the data. In terms of application type, the Global Cloud
Computing Market can be branched into
Government, Small and Medium Sized Enterprises and Large Enterprises. The
government segment was the leading market share holder with 43.56% shares in
2020 due to increased productivity and document control for the large IT departments
in government offices with improving security for the storage of the data.
In terms of deployment, the Global Cloud
Computing Market can be segmented into
Public, Private and Hybrid where the major market share is of the public
segment with 61.34% share in 2020. But the Hybrid Cloud is the fastest growing
segment and is forecast to grow with a swiftest pace at a CAGR of 24.32% until
2026. The growth of the hybrid cloud is due to its better support for a remote
workforce and improved security and risk management along with the
accessibility of multiple vendors and platforms by a single user.
The Cloud Computing market on the basis of end-user
can be diverged into IT & Telecom, BFSI, Retail & Consumer Goods,
Healthcare, Manufacturing, Entertainment etc. The IT & Telecom sector had a market share of 33.98%
in 2020, which in
turn expected to enhance the market growth over the forecast period. This growth is due to the lower operational
and administrative costs which in turn will generate the
significant revenue in the market in the forecast period.
In the Global
Cloud Computing Market, the largest
contributor to the market is the North America region with a market share of
35.22% in 2020 owing to early implementation of cloud computing solutions.
United States (US) was the largest contributing country in the region with
67.48% market share in 2020 owing to its predominance in IT sector, followed by Canada and Mexico. The Asia-Pacific
region is growing the fastest growing with a CAGR of 20.25% in the forecast
period due to its increasing digitalization and technological advancements and launch
of new in-house services in the region.
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Microsoft Corporation, Amazon.com, Inc.,
Oracle Corporation, International Business Machines Corporation (IBM), Dell
Technologies Inc., Alphabet Inc. (Google), Alibaba Group Holding Limited,
VMware, Inc., Cisco Systems, Inc., Hewlett Packard Enterprise Company, etc. are
among the leading players operating in Global Cloud Computing Market. The companies operating in the market are
focusing on higher security data storage, in-house services and expansion of
sources to increase their shares in the market. Forward-thinking organizations
are matching workloads to the best surroundings based on a range of criteria
that matter to them most, whether cost, performance, compliance, skill sets,
industry-specific needs, etc. Other competitive strategies include mergers
& acquisitions and development of new innovative cloud computing services.
“Ongoing advancements in cloud with multi-cloud
approaches that will lead to a breakdown of barriers between providers are
boosting the Global Cloud Computing Market in the forecast years. The extensive
need for the security and storage of the data for gaming delivered from the
cloud, just like music and movies is a boosting factor for the market globally. Moreover, supportive government
policies for cloud computing services all over the globe with emerging
technologies has also been positively influencing the market with a continuous
urge for launching new service plans in the upcoming years.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Cloud Computing
Market By Service (SaaS, IaaS and PaaS),
By Deployment (Public, Private and Hybrid), By Application Type
(Government, Small and Medium Sized Enterprises and Large Enterprises), By
End-User (IT & Telecom, BFSI, Retail & Consumer Goods, Healthcare and
Others), By Region, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth
potential of Global Cloud Computing Market by providing the statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
in the Global Cloud Computing Market.
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