Global Industrial Cloud Market to Reach USD 352.6 Billion by 2031 at 18% CAGR
Global industrial cloud market growth is due to the increasing adoption of cloud computing technologies, owing to the growing trend of Industry 4.0.
PORTLAND, PORTLAND, OR, UNITED STATE, October 30, 2023 /EINPresswire.com/ : Allied Market Research published a new report titled "The Global Industrial Cloud Market to Reach USD 352.6 Billion by 2031 at an 18% CAGR." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and the competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain a competitive advantage.
The global industrial cloud market was valued at $67.4 billion in 2021 and is projected to reach $352.6 billion by 2031, growing at a CAGR of 18% from 2022 to 2031.
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An increase in demand for optimum resource utilization, a surge in demand for cloud services, and a rise in demand for cloud services have boosted the growth of the global industrial cloud market. However, an increase in concerns regarding data privacy and the dearth of IT infrastructure in underdeveloped countries hinder market growth. On the contrary, a surge in the adoption of cloud computing by SMEs would open new opportunities.
The industrial cloud market is segmented on the basis of offering, cloud type, enterprise size, application, and end user. On the basis of components, the market is bifurcated into solutions and services. The services segment is further divided into professional services and managed services. By professional services, the market is further classified into training and education, integration and deployment, and support and maintenance. By cloud type, the market is segregated into public, private, and hybrid. By type, the market is fragmented into IaaS, PaaS, and SaaS. By organization size, it is categorized into large enterprises and SMEs. By application, the market is classified into asset management, customer relationship management (CRM), enterprise resource management (ERM), supply chain management (SCM), project and portfolio management, and others. By end user, the market is bifurcated into process manufacturing and discrete manufacturing. Furthermore, the process manufacturing segment is further segmented into energy and utilities, food and beverages, and others. Furthermore, the energy and utilities sector is divided into oil and gas, petrochemicals, and utilities. Moreover, depending on discrete manufacturing, the market is fragmented into automotive and transportation, industrial machinery and heavy equipment, high-tech and consumer electronics, aerospace and defense, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By application, the enterprise resource management (ERM) segment held the largest share in 2021, accounting for nearly one-third of the global industrial cloud market, as industrial cloud helps to optimize enterprise business functions and IT processes. However, the asset management segment is estimated to register the highest CAGR of 20.2% during the forecast period, as it provides a cost-effective and efficient solution for asset management.
By solution, the service segment is projected to manifest the highest CAGR of 18.9% from 2022 to 2031, due to the surge in adoption of professional services for integration and deployment of cloud solutions. However, the solution segment held the largest share in 2021, contributing to nearly two-thirds of the global industrial cloud market due to the adoption of solutions by various industries for efficient work processes.
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By type, the SaaS segment dominated the market in terms of revenue in 2021, accounting for nearly two-fifths of the global industrial cloud market, as cloud helps industries with quick access and easy implementation of software. However, the PaaS segment is projected to showcase the highest CAGR of 19.8% during the forecast period due to the availability of a common platform to develop software projects.
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By region, the global industrial cloud market across North America dominated in 2021, accounting for more than two-fifths of the market, due to the rise in digital infrastructure and the presence of key players in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 21.0% during the forecast period, due to an increase in investments in cloud technologies and a rise in the number of SMEs in the region.
Some of the major players in the market are Alibaba Group Holding Limited, Amazon Web Services, Cisco System Inc., Dell Technologies, Google LLC, IBM Corporation, Microsoft Corporation, Honeywell Corporation, Siemens AG, Oracle Corporation, Hewlett Packard Enterprise, General Electric, Hitachi Ltd., PTC, Rockwell Automation, Crave Industry, and OptDyn. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Covid-19 Scenario:
● The industrial cloud market experienced stable growth during the pandemic due to a surge in digital penetration and the implementation of strict lockdown and social distancing policies.
● The limited workforce availability and threat of spread of the virus forced companies to increase their dependency on the cloud and adopt a work-from-home culture.
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