Cloud Computing Market – Technical Evolution / Business Revolution/ Market Ecosystem

Cloud computing helps enterprises use remote servers hosted on the internet to store, manage, and process critical data. The increasing volume of data generation in websites and mobile apps, the rising focus on delivering customer-centric applications for driving customer satisfaction, and the growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are a few factors driving the growth of the emerging technologies. Emerging technologies, such as big data, AI, and Machine Learning (ML), are gaining traction, leading to the growth of the cloud computing market globally.

Major factors, such as data security, faster Disaster Recovery (DR), and meeting compliance requirements, are driving the growth of cloud computing services. The need to mitigate risks, achieve scalability and flexibility to move and store data, reduce storage and infrastructure complexities, and increase business efficiency leads to the growth of the cloud computing market.

COVID-19 impact on the Cloud Computing Market

Many of the enterprises across verticals have adopted the work from home model to safeguard employee well-being and maintain operational efficiency, surging the demand for Software-as-a-Service (SaaS)-based collaboration solutions. For instance, Microsoft Team platform users increased to 44 million globally due to the high demand for collaboration solutions. While the standalone 8x8 Video Meetings cloud solution experienced a more than 300% increase in registered users in the early 2020 across ~150 countries. Other popular SaaS-based collaboration tools gaining traction are Google Hangouts, Cisco Webex, Slack, Zoom, Ding Talk, WeChat Work, and Tencent Meeting, among others.

Cloud Computing Market Ecosystem

By deployment model, the hybrid cloud segment to be a larger contributor to the cloud computing market growth during the forecast period

Increased user and resource mobility, ongoing migration of applications over the cloud, and the emergence of more sophisticated threats are leading organizations toward the adoption of hybrid cloud. Industries, such as healthcare, BFSI, and government, which prioritize compliance, security, and customer experience, opt for the hybrid deployment model. Leading cloud vendors are focusing on improving their presence in hybrid cloud space; for instance, in July 2021, IBM acquired Bluetab Solutions Group (Spain) to expand its data and hybrid cloud consulting market and strengthen its geographic presence in Latin America and Europe.

Need for utilizing existing resources efficiently to drive the adoption of cloud computing services

Organizations with employees between 1 and 999 are categorized under the SME segment. Cloud computing services are being rapidly adopted by SMEs, due to the ease and flexibility they offer; the demand is expected to grow during the forecast period. The benefits, such as seamless scalability, flexibility, pay-as-you-go payment model, reduced operational costs, and customized offerings as per business requirements, are facilitating the adoption of cloud services among SMEs.

The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global cloud computing market. The cloud computing market includes major vendors, such as AWS (US), Microsoft (US), Google (US), Alibaba (China), SAP (Germany), IBM (US), Oracle (US), VMware (US), Rackspace (US), Salesforce (US), Adobe (US), CenturyLink (US), Fujitsu (Japan), Workday (US), Infor (US), Sage Group (UK), Intuit (US), Epicor (US), IFS (Sweden), ServiceNow (US), OpenText (US), Cisco (US), Box (US), Zoho (US), Citrix (US), Upland Software (US), DigitalOcean (US), Bluelock (US), OVH (France), Joyent (US), Skytap (US), Virtuestream (US), Tencent (China), DXC (US), NEC (Japan), and Navisite (US).

Frequently Asked Questions (FAQ):

• What is the projected market value of the global cloud computing market?

The global cloud computing market size 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.

• Which region has the highest market share in the cloud computing market?

North America and Europe region have the highest market share in the cloud computing market, where these two regions together contribute more than half of the global cloud computing market in the year 2021.

• Which service model is expected to witness high adoption in the coming years?

Software as a Service model is expected to witness the highest adoption in the coming five years, as enterprises are deploying this service model to cut down on the CAPEX cost and focus on their core competencies instead of worrying about the IT infrastructure.

• Who are the major vendors in the cloud computing market?

Despite the presence of a large number of vendors, the market is dominated mainly by vendors such as Microsoft (US), AWS (US), Salesforce (US), Oracle (US), SAP (Germany), Google (US), Workday (US), Adobe (US), and IBM (US).

• What are some of the latest trends that will shape the cloud computing market in the future?

The emergence of serverless computing, containerization, edge computing, and hybrid cloud architectures are few trends that are expected to shape the market in the coming years. .

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