Cloud Based Grid Computing Market - Forecast (2024 - 2030)

Cloud Based Grid Computing Market Overview

The Cloud Based Grid Computing Market is forecast to reach $2.4 billion by 2027, growing at a CAGR of 19.4% from 2022 to 2027. Grid computing is the technique of merging diverse computer resources from many fields to achieve a common purpose. Grid computing is used for calculating computer-related issues that may be connected in parallel in today's technology-driven world. With the increased usage of modern technologies such as machine learning, artificial intelligence, integrated graphics, and others, the grid computing sector is rapidly expanding. Grid computing aids in the resolution of problems that were previously difficult or unsolvable. Grid computing allows for greater operational flexibility that enhances the development of business. Grid computing connects IT resources with end-users, customers, suppliers, and other relevant parties. Grid computing on the cloud will be in great demand in the major corporate sector since it allows for the simple management of huge statistical research projects, real-time data collecting, derivative risk analysis, candidate drug screening, and other tasks. Furthermore, the Cloud Based Grid Computing Market offers a simple and centralized method of regulating and scaling without regard to geography, which is propelling the cloud based grid computing market. The growing demand for cloud storage solutions, such as private cloud storage and public cloud service, for effective data analysis and data management in the cloud, is also propelling the market forward. Multi tenancy security challenges in the cloud, on the other hand, are impeding industry expansion. Hence, these factors will drive Cloud Based Grid Computing market size in the forecast period 2022-2027.

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Cloud Based Grid Computingnbsp;Marketnbsp;Report Coverage

The report: “Cloud Based Grid Computing Market – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Cloud Based Grid Computing market.

By Component: Security, User Interface, Workload Management, Data Management, Scheduler, Resource Management By Deployment Type: Private Cloud, Public Cloud, Hybrid Cloud By Organization size: Small and medium enterprise, large enterprise By End-user-industry: BFSI, Enterprise, Healthcare, Education, others By Geography: North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), South America(Brazil, Argentina and others) and RoW (Middle east and Africa)

Key Takeaways

• North America dominated held the major market share in 2021. This is mainly attributed to early adoption of new technologies, presence of key market players and others.
• The capacity of Grid Computing to allow firms to safely share their computing power, databases, and other techniques between corporates and to other nations without losing local autonomy is a significant reason pushing its growth.
• Rising trend towards adoption across small and medium enterprises benefits the market growth.

Cloud Based Grid Computing Marketnbsp;Segment Analysis-nbsp;By Deployment Type

By Deployment type, Cloud Based Grid Computing market is segmented into Private Cloud, Public Cloud, Hybrid Cloud. Public cloud segment is estimated to hold the highest market share 35% among all the components during the forecast period 2022-2027. Next-generation industrial solutions will be cloud-based, and thus will need a platform to demonstrate their digital business skills. The rise of the internet of things (IoT), edge computing, 5G, real-time analytics enabled by artificial intelligence (AI), and machine learning (ML) is expected to increase the value of this computer technology among businesses. As a result of digital transformation, firms' business models and operational methods are altering. The importance of communication with external partners, other industries, and customers is growing, and the public cloud is the right foundation for building an open inter-company network that enhances the business expansion. The essentials of storage, processing, and networking power, as well as artificial intelligence and natural language processing (NLP) and common office programmes, are all covered by public cloud services. Thus, above mentioned factors are analyzed to drive the market in the forecast period 2022-2027.

Cloud Based Grid Computing Marketnbsp;Segment Analysis-nbsp;Bynbsp;Organization size

This market is segmented into small and medium enterprise, large enterprise, on the basis of Organization size. Small and medium enterprise is anticipated to witness significant amount of growth with CAGR of 20.18% during the forecast period 2022-2027. Cloud computing removes the need for physical data centers and storage, as well as requiring relatively little IT employees to manage. Furthermore, Cloud Based Grid Computing also eases financial stress as businesses can choose a fair payment plan. Businesses are not required to pay for software that is not used. SMBs benefit from cloud computing's flexibility and cost-effectiveness by ensuring the availability of data and services. It may be able to transcend the limitations of traditional servers to deliver quicker, scalable, more efficient services, allowing for increased revenues through enhanced internal processes such as better organization, faster decision-making, and faster client communication. However, several SMEs are still hesitant to employ cloud computing services (CCS) since these services are maintained by third parties, posing extra risk-level concerns and making privacy more difficult to preserve. In June 2020, Google announced a partnership with Telefónica. Under this partnership, Google is planning to launch a cloud region in Spain that will leverage Telefonica's Madrid region infrastructure. This partnership also aimed at economic recovery of the country post-COVID-19 by boosting the digitalization of companies and supporting Spain's public administration.

Cloud Based Grid Computing Marketnbsp;Segment Analysis-nbsp;Bynbsp;Geography

North America dominated the market by a market share of approximately 30% in 2021. The market growth is due to high adoption of Grid Computing among enterprises in various industries for multiple administration, resource sharing, data storage and pother. Additionally, technological development, improved industrial infrastructure, presence of large number of data centres and a higher rate of adoption of new technologies in the region positively impacts the market growth. Moreover Cloud Based Grid Computing market in APAC is expected to grow at highest rate during the forecast period owing to the rising adoption of cloud based services, IOT devices, big data analytics research and development activities across different end user verticals. Consequently, shifting the workloads to cloud by small, medium and large organization in order to improve the efficiency and productivity of business is boosting the market growth of Cloud Based Grid Computing. Hence, such factors together are analysed to drive the market in the forecast period 2022-2027.

Cloud Based Grid Computing Marketnbsp;Drivers

Data security is becoming increasingly important which tends to drive the market growth for Cloud Based Grid Computing

Grid computing has several security issues such as data protection, job starvation, host accessibility, and others. Using cloud in grid computing solves several problems as cloud computing has key features such as centralized control over data, scalability, easy maintenance, automatic system, and others, which provide better data security and solve most of the problems raised in grid computing, driving the cloud based grid computing in large establishments.?In May 2019, Canva, a visual design platform located in Australia, discovered a data breach on its server. Gnosticplayers, the alleged attacker, disclosed 137 million members' personal information, including usernames, email addresses, and home addresses, as well as hashed with crypt passwords. Following high-profile data theft and breaches, it's critical for businesses to assess future dangers, mandating a reconsideration of security plans which in turn benefits the market growth.

Rising trend towards digitization is anticipated to positively impact the market growth

Paperwork is becoming obsolete, and the world is swiftly moving toward digitalization, which is currently ongoing. Digitalization investment is set to rise from less than $1 Trillion to nearly $3 Trillion by 2025 according to Deloitte. Large databases come from the widespread use of digital technologies in numerous businesses. Offline and online activities are both captured and shared as data, resulting in massive databases including structured and unstructured data from a variety of sources. The availability of cloud infrastructure has made data access simple, with governments, educational institutions, and businesses increasingly storing and accessing enormous cloud databases, supporting market growth. In December 2019, Cubbit Cell an Italian startup involved in the building of the distributed, secure, eco-friendly cloud solutions has concluded the crowd-funding campaign and started to manufacture the product Cubbit Cell, a distributed network, where the files are encrypted, copied and distributed across various nodes, thereby helping users in taking control of the free and distributed network of the data. In 2019, Google Cloud and banking software company Temenos collaborated to provide financial services help assistance to organizations for running banking software and applications on Google Cloud. Such developments further is anticipated to benefit the market growth.