The Cloud Computing market was valued at USD 219,000 Million in 2020, and it is expected to reach a value of USD 750,100 Million by 2027, at a CAGR of 30.10% over the forecast period (2020 - 2027).
Cloud computing is the delivery of hosted services over the internet, including software, servers, storage, analytics, intelligence, and networking. Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS) are three types of cloud computing services (PaaS). The expanding usage of cloud-based services and the growing number of small and medium businesses around the world are the important drivers driving the market growth. Enterprises all over the world are embracing cloud-based platforms as a cost-effective way to store and manage data. Commercial data demands a lot of storage space. With the growing volume of data generated, many businesses have moved their data to cloud storage, using services like Amazon Web Services, Microsoft Azure, and Google Cloud Platform
Global Cloud Computing Market Segmental Analysis
The global cloud computing market is segmented on the basis of deployment type, service model, and industry vertical. Based on the deployment type, the market is segmented as: private cloud, public cloud, and hybrid cloud. Based on the service model, the market is segmented as: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). Based on industry vertical, the market is segmented as: Government, Military Defense, Telecom IT, Healthcare, Retail, and Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Deployment Type
In 2021, hybrid cloud segment held a significant share of more than 25% share in the global market. The segmental growth of the market is attributed to the certain advantages offered by hybrid cloud when compared with other deployment type. Using a hybrid cloud allows businesses to scale computer resources while also reducing the need to invest large sums of money to handle short-term spikes in demand, as well as freeing up local resources for more sensitive data or applications. Hence, this contributes to the segmental market growth.
Analysis by Service Model
In 2021, the Software as a Service (SaaS) segment held a significant share of more than 25% share in the global market. The segmental growth of the market is attributed to the ease of deployment of Software as a Service (SaaS) usage, cost-effectiveness, and low maintenance costs. Whereas, infrastructure as a service (IaaS) is expected to grow at the fastest rate. The rising need for storage and security of business data solutions is attributed to the growing popularity of the platform.
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Top Players Company Profiles
- Accenture PLC (Ireland)
- Adobe, Inc. (US)
- Alibaba Cloud International (China)
- Amazon Web Services, Inc. (US)
- Apple, Inc. (US)
- ATT, Inc. (US)
- Cisco Systems, Inc. (US)
- Citrix Systems, Inc. (US)
- Dell, Inc. (US)
- Google LLC (US)
- Hewlett Packard Enterprise Development LP (US)
- IBM Corp. (US)
- Intel Corp. (US)
- Microsoft Corp. (US)
- NetSuite, Inc. (US)
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