According to the latest study, the global cloud computing market size is valued at USD 250.04 billion in 2021 and is expected to exhibit the highest CAGR of 18.53% along with the market size of USD 1738.44 billion during the forecast period 2020-2030.
Cloud Computing is an IT service delivery model. Using the internet provides computing resources and software tools. The user can pay only for the usage of computing devices, and consumption of storage & bandwidth. This service has multiple advantages like faster deployment, disaster recovery, low cost, mobility support, scalability, and low burden on IT staff for managing systems. This application is widely used in the healthcare, BFSI, and IT sectors. By using this service, electronic medical record-sharing becomes very easy and secure and rises the industry efficiency. Moreover, it provides a better collaborative workforce, cloud storage, and lowers cost.
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Growing demand for cloud-based information systems and advanced technologies are the factors propelling the market growth. Advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and the growing shift of enterprises towards cloud-based solutions are accelerating the growth of the market. Moreover, rising investments in several cloud-based development projects by emerging countries like U.S, U.K, India, China, and others are expected to escalate the market growth.
The cloud computing market opportunities are rising demand for SaaS-based collaboration solutions due to the implementation of the work from home approach by the government, public, and private enterprises in various countries which leads to introduce the advanced solutions.
By a recent study, the global cloud computing market based on the regions is partitioned into four major regions such as Asia-Pacific, Europe, North America, and the Rest of the World (ROW). Among them, North America is holding the largest market share due to the rising need of businesses for providing flexible job opportunities and good internet connectivity. Moreover, the presence of major enterprises like Amazon Web Services Inc, Microsoft Corporation, Google, IBM Corporation, Cisco Systems, etc is also expanding the market growth in this region.
The cloud computing market key players are Microsoft Corporation, Alphabet Inc, Amazon.com Inc, Oracle Corporation, Cisco Sytems, Inc, IBM Corporation, and others.
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The cloud computing market is sectioned into four segments based on the service model, deployment model, organization size, and vertical.
Service Model Segmentation: The cloud computing market by service model is classified into three segments Software as a service (SaaS), Infrastructure as a service (IaaS), and Platform as a Service (PaaS).
Deployment Model Segmentation: Based on the deployment model, cloud computing is trifurcated into private, public, and hybrid clouds.
Organization Size Segmentation: By organization size, cloud computing is bifurcated into Small & medium-sized enterprises and large enterprises.
Vertical Segmentation: By vertical, cloud computing is classified into various forms such as banking financial services and insurance (BFSI), government & public sector, IT & Telecommunication, manufacturing, retail & consumer goods, energy & utilities, media & entertainment, healthcare & life sciences, and others.
As per the latest report, the cloud computing market forecast states that this technology is going to achieve the highest position in the market during the coming years due to the rising investments in R& D, mergers & acquisitions, product launches, and rising usage of computing devices, and many more.
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