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Cloud Computing Market to Exhibit 17.6% CAGR till 2027; Increasing Usage of Facebook, Gmail, & Dropbox to Bolster Growth

October 16, 2020 | Information & Technology

The global cloud computing market size is projected to reach USD 684.55 billion by 2027. The rising usage of cloud-based applications, such as Gmail, Dropbox, and Facebook is augmenting enterprises to make the computation process cycle faster and robust. To do so, they are rapidly shifting towards omni-cloud computing solutions. Fortune Business Insights™ published this information in a new study, titled, Cloud Computing Market Size, Share & COVID-19 Impact 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), and Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 193.60 billion in 2019. But, it would exhibit a CAGR of 17.6% during the forecast period between 2020 to 2027.


Microsoft Corporation Opens New Cloud Computing Services in the U.K.


In May 2020, Microsoft Corporation introduced its latest cloud computing services in the U.K. Azure regions. The company’s main goal is to help keep the data of organizations secure and to boost innovation through IoT technology and bots. It therefore released 10 services for its cloud platforms that would enable the usage of its cutting-edge cybersecurity technology.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/cloud-computing-market-102697


High Demand for Netflix, Amazon Prime, & Hulu to Propel Growth


Nowadays, cloud computing solutions are being integrated with innovative technologies, such as machine learning (ML) and artificial intelligence (AI). It is helping enterprises to lower data storage complexities and to manage data efficiently. Apart from that, the COVID-19 pandemic is surging the demand for video-on-demand (VoD) solutions, namely, Amazon Prime, Netflix, and Hulu across the globe owing to the ‘stay at home’ practices. This is further resulting in the increasing need for IaaS cloud-based services, thereby bolstering the cloud computing market growth in the coming years. However, various solutions can go through cyber-attacks, application vulnerabilities, data loss, and unforeseen emergencies. These concerns may hinder growth.


Key Players Focus on New Product Development & Acquisitions to Intensify Competition


The global market is fragmented in nature. Some of the key companies are adopting the merger and acquisition strategy to co-develop new solutions. Others are trying to compete against their rivals by launching new services.


Fortune Business Insights™ presents a list of the service providers operating in this global market. They are as follows:



  • Amazon Web Services (AWS) (Washington, United States)

  • Oracle Corporation (California, United States)

  • IBM Corporation (New York, United States)

  • Alibaba Group Holding Limited (Hangzhou, China)

  • Microsoft Corporation (New Mexico, United States)

  • VMware, Inc. (California, United States)       

  • Alphabet Inc. (Google LLC) (California, United States)

  • Rackspace Technology, Inc. (Texas, United States)

  • SAP SE (Walldorf, Germany)

  • Apple Inc. (California, United States) 

  • Salesforce.com, Inc. (California, United States)

  • HCL Technologies Limited (Noida, India)

  • Hewlett-Packard Company (HPE) (California, United States)

  • Sprint Corporation (Kansas, United States)

  • Verizon Wireless (New York, United States)

  • Red Hat, Inc. (North Carolina, United States)

  • Ooma Inc. (California, United States)

  • Paytm (Uttar Pradesh, India)

  • Adobe, Inc. (California, United States)


A Significant Industry Development-



  • July 2019: Amazon successfully acquired E8 Storage, a flash storage start-up based in Israel. Its employees would soon join Amazon Web Services (AWS). Though how AWS plans to utilize the company’s assets or talent is not disclosed yet, it clearly accelerates its primary business.  


Further Report Findings-



  • The banking, financial services, and insurance (BFSI) segment based on industry generated 16.1% in terms of cloud computing market share in 2019. This growth is attributable to the presence of regulatory laws and the rising government initiatives to safeguard data in this industry.

  • North America procured USD 58.10 billion in terms of revenue in 2019 and is set to retain its dominant position throughout the forthcoming years. The increasing adoption of advanced technologies, as well as the presence of several renowned service providers, such as Amazon, Apple, and IBM Corporation in the region would spur growth.

  • Asia Pacific is expected to showcase an exponential growth in the near future backed by the high demand for cloud-based solutions in the region. This is mainly occurring because of the urgent need to secure data across various industries.


The global market can be segmented in the following way:











































  ATTRIBUTE



  DETAILS



Study Period



  2016 – 2027



Base Year



  2019



Forecast Period



  2020 – 2027



Historical Period



  2016 – 2018



Unit



  Value (USD billion)



 


 


 


 


 


 


 


Segmentation



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



  • BFSI

  • IT and Telecommunications

  • Government

  • Consumer Goods and Retail

  • Healthcare

  • Manufacturing

  • Others (Energy and Utilities, Education, Media and Entertainment etc.)



By Region



  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)

  • Asia-Pacific (China, Japan, India, Southeast Asia, and the Rest of Asia-Pacific)

  • Middle East & Africa (GCC Countries, South Africa, and the Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)


Cloud Computing Market
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  • 2016-2018
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