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The global cloud computing market size is set to reach USD 760.98 billion by 2027 on account of rising adoption rate of hybrid cloud systems, shares Fortune Business Insights™ in its report, titled “Cloud Computing Market Size, Share & Industry Analysis, By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), By Industry (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government, Consumer Goods and Retail, Healthcare, Manufacturing, Others (Energy and Utilities, Education, Media and Entertainment etc.)), and Regional Forecast, 2020-2027”. The report further states that the market value stood at USD 199.01 billion in 2019 and is projected to showcase a stellar CAGR 18.6% from 2020 to 2027.
Microsoft and Oracle Expand Their Cloud Partnership
In December 2019, Microsoft and Oracle, two of the leading pioneers in technological advancements, announced that they will be taking their cloud partnership one step further by bringing the Microsoft Azure and Oracle Cloud platforms to enterprises in Canada. The easy interoperability of the two platforms is expected to empower companies to manage their cloud workloads in a more efficient and streamlined manner. For example, the interconnected design of the two services will enable Azure’s Artificial Intelligence (AI) tools with Oracle’s Autonomous Database solution. Thus, the unified platform will provide easy data access and facilitate quick data analysis to businesses, making them more productive. Such collaborations between industry leaders are expected to steer the cloud computing market trends in the forthcoming years.
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Widening Scope of Cloud Computing in Banking Sector to Boost Market Prospects
The applicability quotient of cloud computing systems is steadily rising and the technology is fast gaining traction in the banking and finance sector as a result of increasing number of virtual transactions in large parts of the world. Using cloud services, banking institutions can provide customer-centric services, improve customer relations, and also reduce unnecessary interface with bank employees, which augurs well for the cloud computing market growth. Moreover, these systems can prove to be a prudent investment for banks. For example, cloud-based systems eliminate the need for banks to bear high upfront costs for hardware installation. Furthermore, banks can focus core financial services by shifting all non-critical functions to the cloud, which can transform the nature of working of these institutions. Thus, rising adoption of cloud services in the banks and other financial institutions will have a positive impact on the growth of this market.
Integration of AI with Cloud to Intensify Market Competition
Artificial Intelligence (AI) and Machine Learning (ML) are making management of business processes highly convenient and efficient, which is boosting their uptake across industries. As a result, the market leaders for cloud computing are focusing on developing cloud solutions and platforms powered by AI and ML that can be extensively applied across multiple sectors. To that end, majority of the players in this market are ramping up their R&D capacities to engineer advanced products and brighten the market outlook.
List of Companies Covered in this Market Report:
Further Report Findings:
Table of Segmentation:
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD billion)