NEW YORK, April 3, 2024 /PRNewswire/ — The global cloud computing market size is estimated to grow by USD 429.6 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 17.32% during the forecast period. Cloud computing market: Enterprises adopt IaaS, PaaS, and SaaS for cost savings, but face challenges integrating with monolithic systems. Key issues include connecting to historical data, large enterprises, and diverse sectors like BFSI and manufacturing. Hybrid models, pay-as-you-go, and IoT integration are also significant challenges. Key players include Airtel India, Vultr, and providers ensuring data security and privacy.
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The Deployment segment emerges as the fastest-growing segment in the cloud computing market
The cloud computing market has witnessed significant growth in the financial services industry, with historical data showing a dominant presence of public cloud segment. Forecasts suggest continued expansion, driven by the IT and BFSI sectors in large developing economies like China, India, Brazil, Indonesia, and Mexico. Dynamics of the market are shaped by increasing complexities, with financial service companies adopting various models such as IaaS, private deployment, and hybrid cloud. Large enterprises and SMEs alike are embracing hybrid models, with the BFSI segment and manufacturing sector leading the charge. Latest trends include the adoption of omni-cloud systems, pay-as-you-go models, and the integration of IoT, digital media, smart applications, blockchain, robots, digital databases, and storage in cloud solutions. Airtel India and Vultr are notable players, with data security and privacy being key concerns. Developing nations and governments are also investing in cloud computing to drive digital transformation.
The cloud computing market has shown significant growth, with North America being the largest regional segment in 2022. Historical data and forecasts indicate a continued trend of large enterprises adopting cloud solutions due to their cost-effectiveness, scalability, and minimal management requirements. Company revenue shares show that established providers like AWS, Google, Microsoft, IBM, and Oracle dominate the market. Regional opportunities exist in developing countries and nations, with Airtel India and Vultr making strides in the Asia Pacific region. Latest trends include the increasing popularity of Infrastructure-as-a-Service (IaaS), private deployment, hybrid cloud, and pay-as-you-go models. SMEs and hybrid models are also gaining traction. The BFSI segment and manufacturing sector are major adopters, with IoT, digital media, smart applications, blockchain, robots, digital databases, and storage driving demand. Cloud solutions offer benefits such as data security and privacy. Emerging technologies like IoT, digital media, and blockchain are expected to further fuel market dynamics.
Commenting on the market trends, a Senior Analyst of Technavio, stated,” The cloud computing market faces challenges from security and compliance concerns, particularly for organizations dealing with sensitive data. Regulations like GDPR impose storage location restrictions. Public clouds, with their multiple users and internet accessibility, are vulnerable to hacking attacks. Key areas in the market include historical data, forecasts, IaaS, private deployment, hybrid cloud, BFSI, manufacturing, IoT, blockchain, and developing countries. Providers like Airtel India and Vultr offer cloud solutions with a focus on data security and privacy.”
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Market Overview
In the dynamic technology landscape, Cloud Computing has emerged as a game-changer, offering businesses Digital transformation through on-demand delivery of computing resources. The Cloud Computing market is characterized by its vast array of offerings, including Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS). Companies like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) are major players, providing solutions for storage, computing power, and applications. The Cloud computing market is also marked by its Blockchain and AI capabilities, enabling secure and intelligent data processing. The industry is expected to grow significantly due to its benefits such as cost savings, flexibility, and scalability. The future of Cloud Computing lies in its ability to deliver advanced services like Serverless computing, Containerization, and Edge computing.
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Market Landscape
The Cloud Computing Market, a significant segment of the Global Internet Services and Infrastructure Market, is experiencing robust growth, according to historical data from Technavio. Forecasts indicate continued expansion, driven by large enterprises and SMEs adopting hybrid models, such as Private Deployment, Hybrid cloud, and IaaS. Regional opportunities exist in developing nations, with governments increasingly utilizing cloud solutions for digital transformation. Latest trends include the adoption of Omni-cloud systems, Pay-as-you-go models, and the integration of IoT, Digital media, Smart applications, Blockchain, Robots, Digital databases, and Storage. Key players in the market include Airtel India and Vultr. Dynamics are influenced by infrastructure demands, data security, and privacy concerns. The BFSI segment and Manufacturing sector are major contributors to market revenue shares. Emerging trends include the integration of cloud computing with emerging technologies like 5G, AI, and Edge Computing.
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
