As per the report published by Fior Markets, the global cloud computing market is expected to grow from USD 270.15 billion in 2017 to USD 712.83 billion by 2025 at a CAGR of 18.46% during the forecast period from 2018-2025. North America is fastest growing region due to the increased adoption of cloud computing, presence of major players, technological advancement, high consumer awareness, focus on business productivity, and increasing SaaS adoption are creating opportunity for the growth of the market.
Cloud Computing Market by Service (IaaS, PaaS, SaaS), Deployment, Organization Size, Workload, Vertical (BFSI,IT and Telecommunications, Government, Consumer Goods, Manufacturing, Media and Entertainment, Healthcare, Others), Region and Global Forecast 2018-2025.
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Prominent companies in the industry include Amazon Web Services, Microsoft Corporation, Alibaba, SAP, IBM, Oracle, VMware, Rackspace, Salesforce, Adobe, Verizon, CenturyLink, Fujitsu, NTT Communication, Cisco Systems, Google Inc., IBM Corporation, VMware, Inc., Akamai Technologies, Hewlett Packet, and Dell Inc. are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share.For instance,in 2018, Alibaba signed an agreement with Kongsberg Digital to indorse digitalization in the energy sector. Alibaba developed industrial digital platform namedKognifai which is available on Alibaba Cloud’s infrastructure. This agreement focus on proposing advanced digital solutions to the energy sector in Asian countries.
Service segment includes infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). The software as a service (SaaS) segment held highest market share of 42.48% in 2017 owing to its wide use in distribution of software to consumers over the Internet. SaaS provides flexibility in use of software without need for the installing and also offers data storage, sharing & collaboration, on-demand scaling, personalized computing, and other services. Deployment segment is divided into public, private, and hybrid. The hybrid segment dominated the market with the market size of USD 138.10 billion in 2017 due to increased user & resource mobility. The hybrid cloud enables to have solution integrated with both public and private clouds as per the consumer’s needs. Organization size segment covers small & medium-sized enterprises (SMEs) and large enterprises. The small & medium-sized enterprises segment is expected to hold the largest share of 56.03% during the forecast period. This is attributable to rapid adoption of cloud services by SMEs due to the ease and flexibility, pay-as-you-go payment model, and customized offerings as per business requirements.Vertical segment is categorized into BFSI, IT and telecommunications, government and public sector, retail and consumer goods, manufacturing, energy and utilities, media and entertainment, healthcare and life sciences, others. The IT and telecommunications segment is anticipated to grow with highest CAGR 19.16% during the forecast period owing to improved availability and resiliency, need for incorporated IaaS and PaaS contributions, and quickly expanding business sector globally.
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Increasing automation and agility, necessity for delivering enhanced customer experience, and increased cost savings and return on investment are the key driving factors for the cloud computing market. In addition, enhanced internet quality & the rise of 5G technology will lead the growth of cloud computing market in couple of years. The risks of cyber-attacks and lack of skilled professionals may limit the growth of market. However, increasing applications of hybrid cloud services and recent technological developments of cloud computing is predicted to boost the cloud computing market over the forecast period.
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