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Global Cloud Computing Market Size to grow by US$ 1470.11 Bn in 2030

The Global Cloud Computing Market Size is expected to be worth USD 390.25 Billion in 2021 and is estimated to reach up to USD 1470.11 Billion by 2030, at a compound annual growth rate (CAGR) of 16.50% from 2022 to 2030.


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The growing adoption of cutting-edge innovative technologies like artificial intelligence and machine learning in cloud computing is boosting the expansion of the world cloud computing market. Since the COVID-19 pandemic broke out, both industrialized and emerging economies have seen a dramatic rise in technical development. Cloud computing is allowing businesses to continue operating as the work-from-home model is becoming more and more popular. With the use of cloud computing technologies, businesses can efficiently manage, access, and store important data. With the increasing use of smartphones, computers, and the internet, businesses now need to store and process enormous amounts of data to provide their consumers and clients with services that are centered on their needs.

To protect employee well-being and maintain operational efficiency, many enterprises cater to different verticals which have adopted the work-from-home model, which has increased demand for Software-as-a-Service (SaaS)-based collaboration solutions. For instance, as a result of the growing demand for collaboration tools, the number of users of the Microsoft Team platform surged to 44 million globally. While early 2020 saw a more than 300 percent surge in registered users across 150 countries for the standalone 8x8 Video Meetings cloud service. Cisco Webex, Google Hangouts, Slack, Ding Talk, Zoom, WeChat Work, and Tencent Meeting are some well-liked SaaS-based collaboration applications that are gaining popularity.



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The primary factors that have contributed significantly to the growth of the cloud computing market over the past few years include the rising demand for various OTT platforms like Amazon Prime, Netflix, Disney+Hotstar, and Apple TV as well as the increased adoption of online communication tools like Microsoft Teams, Google Meet, Zoom, and Skype. Numerous organizations have been forced by rapid digitization to upgrade and digitize their infrastructural landscape to increase cost-effectiveness and agility. Additionally, it is anticipated that during the forecast period, growing expenditures on the construction of reliable telecommunications and IT infrastructure would further fuel the expansion of the worldwide cloud computing market.


In the last decades, entrepreneurs and their small and medium-sized businesses have grown significantly. Due to the benefits offered, including cost savings and more business flexibility, there is a high demand for cloud computing services, which is beneficial for new firms. The demand for cloud computing services has expanded as a result of the growth of these small and medium-sized organizations.

The North America region is expected to dominate the market share owing to the companies in the United States prioritizing digital transformation, and they are frequently seen as early adopters of cutting-edge technologies. These include cutting-edge telecommunications technologies like 4G, 5G, and LTE, as well as the Internet of Things (IoT), big data analytics, additive manufacturing, linked industries, machine learning (ML), AI, augmented reality (AR), and virtual reality (VR). However, due to the emergence of local players like Alibaba Group and the quick ascent of China and India, the Asia Pacific region is anticipated to see the greatest growth rate during the market's projected period. Demand for the nation's cloud computing industry has increased as a result of significant investments being made in the manufacturing and IT industries through initiatives like Make in India.



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REGIONAL INSIGHTS


The Global Cloud Computing Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.


The North America region is expected to dominate the market share owing to the companies in the United States prioritizing digital transformation, and they are frequently seen as early adopters of cutting-edge technologies. These include cutting-edge telecommunications technologies like 4G, 5G, and LTE, as well as the Internet of Things (IoT), big data analytics, additive manufacturing, linked industries, machine learning (ML), AI, augmented reality (AR), and virtual reality (VR). Future growth is encouraged by American businesses' continuous use of cutting-edge technology. Due to the presence of several providers including Microsoft Corporation, Amazon.com Inc., Oracle Corporation, and IBM Corporation as well as a higher propensity to adopt new technologies, this area is predicted to maintain its position in the industry. However, due to the emergence of local players like Alibaba Group and the quick ascent of China and India, the Asia Pacific region is anticipated to see the greatest growth rate during the market's projected period. Demand for the nation's cloud computing industry has increased as a result of significant investments being made in the manufacturing and IT industries through initiatives like Make in India. Hyper-scale cloud service companies like Microsoft Corporation, Amazon.com Inc., and Google LLP are also constructing data centers in this area to help governments achieve their goals for data sovereignty.


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