Cloud Computing Market is anticipated to grow from 500.2 billion in 2022 to 1,200.2 billion by 2030.
Cloud services are a collection of IT applications and resources, such as software, infrastructure, and platforms, that are hosted by third-party providers and offered on-demand to enterprises and individual users via the internet. They can also be referred to as cloud computing, therefore the terms are interchangeable. Furthermore, users can use cloud services to obtain software, cloud storage, computing power, IT infrastructure, and other services without paying maintenance charges or performing software and hardware updates. Cloud service providers charge consumers using various billing methods based on the resources consumed.
Cost-effectiveness is the most important element driving the global cloud services industry. Organizations can save more than 35% of their annual operating costs by deploying cloud services. The other element encompasses all functional qualities that improve an organization’s business performance. Yet, data security is a major impediment to the growth of the cloud services market since enterprises believe that their data is more secure in their own data centres than in a virtual cloud network. Other limiting considerations include data location and data administration, which must be correctly sorted out in order to boost market revenue. As developing economies have gradually evolved, the opportunity for cloud services market exists.
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Segmentation:
On the basis of product type, the global Cloud Computing Market is segmented Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS). On the basis of application, the global Cloud Computing Market is segmented into Government, Small and Medium enterprise, and Large enterprise.
Geography:
On the basis of region, the global Cloud Computing Market is segmented into North America, Middle East & Africa, Europe, Asia Pacific, and South America. North America is projected to capture a substantial revenue share in the global Cloud Computing Market over 2022-2030. The growth is attributable to the existence of multiple tech giants and the early adoption of the new technology in regions of US, Canada, and Mexico.
Impact of COVID-19 on the global Cloud Computing Market:
The Covid-19 pandemic significantly increased the adoption of IT Technologies across the globe. The crisis negatively impacted various businesses and disrupted the global supply chain. However, as the economies started to recover from the adverse impacts, technology deployments witnessed a rapid acceleration. In the post COVID-19 scenario automation and efficiency of industries are rapidly improving for business that are actively embracing cloud computing. The pandemic has encouraged global businesses to rely on industry 4.0 technologies, most importantly cloud to increase productivity. Data management, and continuity are some of the major factors that is bolstering the growth of the Cloud Computing Market in the post pandemic era.
Impact of the Russia-Ukraine War on the global Cloud Computing Market:
The global supply chains are disrupted by the Russia-Ukraine conflict in the same way as the it did when the COVID-19 pandemic first surfaced. There has been a significant rise in the transportation costs, gas prices, and electricity rates as a result of the Russia Ukraine war. Due to the increased energy costs, companies are forced to raise prices. The supply of commodities is substantially disrupted in regions such as US, Europe, and China. The conflict has accelerated the chip shortage and raw materials such as neon and palladium used in semiconductor manufacturing. Russia and Ukraine are the two major producers and produce more than 50% of the aforementioned raw materials. Due to the war the industries that are completely dependent on Russia and Ukraine are incurring huge losses and are unable to find an alternative supplier soon. The continuation of the conflict is likely to further delay IT hardware production and sales which is anticipated to slow down the accelerated deployment of the cloud based solutions. This is estimated to negatively impact the global market growth.
Company Profiles:
The key market players in the global Cloud Computing Market are Amazon Web Services, Microsoft Azure, IBM, Aliyun, Google Cloud Platform, Salesforce, Rackspace, SAP, Oracle, Vmware, DELL, and EMC.
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