The cloud computing market size is expected to be valued at US$ 405,295.8 million in 2022 and reach US$ 1,465,818.2 million by 2028
Reportlinker.com announces the release of the report “Cloud Computing Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Service Model, Deployment Model, Organization Size, and Verticals”.
With the growing popularity of multi-cloud environments, the market for third-party cost optimization is likely to rise during the forecast period.
Third-party cost optimization services focus on providing higher-quality analytics that maximizes cost savings without sacrificing or compromising performance, provide multi-cloud management consistency, and cloud provider independence. The early need for optimization is a necessary component of cloud migration projects.
Thus, early establishment skills and processes, using tools to analyze operational data, and identifying cost-cutting opportunities to maximize savings may benefit third-party cloud solutions. The increasing competition and rising investments by several governments to develop cloud-based product portfolios to provide more cost-effective cloud computing products attracted many enterprises to adopt cloud computing contributing to the cloud computing market growth.
Furthermore, cloud providers are strengthening their market positions by investing heavily in developing their product portfolio. Some of the recent developments in cloud-based products are as follows:
On February 21, 2022, NxtGen plans to invest US$ 172.81 million (Rs 1,300 crore) in India to establish new data centers.
In November 2021, startup Digiboxx raised US$ 1.5 million in pre-series A funding for file storage, sharing, or cloud storage services. The company will invest these funds to expand its cloud-based product portfolio.
In July 2021, Wipro planned to invest US$1 billion in cloud-related capabilities over the next three years, including acquisitions and partnerships. Wipro also announced the launch of its ’Wipro FullStride Cloud Services”.
Favorable government policies, leading key cloud computing vendors, and robust internet infrastructure are the primary factors behind the significant growth of the North America cloud computing market. In recent years, the demand for cloud computing has been on a surge and reflected positively on the penetration of the internet.
Therefore, many FDIs are investing heavily in this region, led to the cloud computing market growth in North America.
In addition, the rising security concerns have forced many organizations to adopt cloud computing to secure their business operations and run their business smoothly and efficiently. Many enterprises are concerned about the maintenance cost of the cloud, especially on-premises cloud, and initial investment for hosting cloud.
However, with the rise in competition and the increasing shift in various business models toward digital transformation, many enterprises have been encouraged to adopt cloud computing. Moreover, enterprises are more concerned about staff expenses, electricity costs, and downtime issues, leading them to adopt cloud computing.
With the continued uptake of the cloud, enterprises are reducing operational costs and enhancing their customer experience. For instance, with the uptake of the pay-as-you-go cloud computing model, which is expanding the cloud for further usage, startups and SMEs have surfaced as the leading consumers of cloud computing solutions.
Benefits the cloud offers, such as on-demand availability and low cost, are significantly attracting these consumers. Therefore, Lower infrastructure and storage costs result in a higher return on investment.
There are many lucrative opportunities in the US due to the US’s promotion of Cross Border Privacy Rules (CBPR), which has attracted many investors to invest in Information technologies. Therefore, many US-based companies have maintained a strong presence in the international market to expand their business.
Thus, the cloud service provider companies are partnering together, leading to a strong presence in the global market. For instance, in September 2021, Salesforce released a new version of Health Cloud 2.0. A Salesforce-connected platform enables the company to provide enhanced safety to its employees and customers through various modules such as Contact Tracing and Dreampass.
Furthermore, in December 2020, Amazon HealthLake is a new product from Amazon Web Services. It is a service aimed at healthcare and life sciences customers.
It assists organizations in aggregating, labeling, indexing, and structuring data from silos and processing it using machine learning capabilities to derive insights. The Trans-Pacific Partnership (TPP) between 12 countries, including the US, and the contribution of cloud tech companies based in the US to implementing several multi-national agreements are expected to open up new business opportunities for cloud computing in the North American region.
More than 90% of Canadians have access to the internet.
The cloud computing market is analyzed on the basis of service model, deployment model, organization size, industry vertical, and geography. The cloud computing market analysis by service model, the cloud computing market is segmented into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).
The cloud computing market analysis by deployment model, the cloud computing market is bifurcated into public cloud and private cloud .Based on organization size, the cloud computing market is segmented into small and medium-sized enterprises (SMEs) and large enterprises.
Based on industry vertical, the cloud computing market is segmented into BFSI, IT & telecommunications, government & public sector, retail & consumer goods, manufacturing, healthcare & life sciences, and others. By geography, the cloud computing market is divided into 5 regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The overall global cloud computing market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the cloud computing market growth with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the cloud computing market. Globe Newswire