The Cloud Computing Market size is expected to be valued at US$405,295.8 Million in 2022 and will reach US$1,465,818.2 Million by 2028
The cloud computing market share is expected to grow at a CAGR of 23.9% from 2022 to 2028. Many cloud-based solution and service providers are striving to provide reliable and reliable cloud-based solutions and services. that will help organizations select the most cost-effective architecture capable of delivering the required performance.
New York, July 20. 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Cloud Computing Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Service Model, Deployment Model, Organization Size, and Verticals” – https://www. reportlinker.com/p06295656/?utm_source=GNW
With the growing popularity of multi-cloud environments, the market for third-party cost optimization is expected to rise over the forecast period.
Third-party cost optimization services focus on delivering higher quality analytics that maximize cost savings without sacrificing or compromising performance, provide multi-cloud management consistency, and cloud vendor independence. The early need for optimization is a necessary part of cloud migration projects.
Thus, establishing early skills and processes, using tools to analyze operational data, and identifying cost-cutting opportunities to maximize savings can benefit third-party cloud solutions. Growing competition and rising investments by several governments to develop cloud-based product portfolios to provide more cost-effective cloud computing products have prompted many enterprises to adopt cloud computing, thus contributing to the growth of the cloud market computing.
Additionally, cloud providers are strengthening their market positions by investing heavily in the development of their product portfolio. Some of the recent developments in cloud-based products are:
On February 21, 2022, NxtGen plans to invest US$172.81 million (Rs 1,300 crore) in India to establish new data centers.
In November 2021, startup Digiboxx raised US$1.5m in pre-Series A funding for file storage, sharing or cloud storage services. The company will invest these funds to expand its portfolio of cloud-based products.
As of July 2021, Wipro plans to invest US$1 billion in cloud-related capabilities over the next three years, including acquisitions and partnerships. Wipro also announced the launch of its “Wipro FullStride Cloud Services”.
Favorable government policies, major cloud computing vendors, and robust internet infrastructure are the major factors behind the significant growth of the North American cloud computing market. In recent years, the demand for cloud computing has increased and has positively reflected on internet penetration.
Hence, many FDIs are investing heavily in this region, which has led to the growth of the cloud computing market in North America.
Additionally, growing security concerns have compelled many organizations to adopt cloud computing to secure their business operations and run their business smoothly and efficiently. Many companies are concerned about the cost of maintaining cloud, especially on-premises cloud, and the initial investment for cloud hosting.
However, with increasing competition and increasing shift of various business models towards digital transformation, many companies have been encouraged to adopt cloud computing. Moreover, enterprises are more concerned about personnel expenses, electricity costs, and downtime issues, leading them to adopt cloud computing.
With the continued adoption of the cloud, companies are reducing their operating costs and improving their customer experience. have emerged as the main consumers of cloud computing solutions.
The advantages offered by the cloud, such as on-demand availability and low cost, greatly appeal to these consumers. Therefore, lower infrastructure and storage costs translate to a higher return on investment.
There are many lucrative opportunities in the United States due to the United States’ promotion of Cross-Border Privacy Rules (CBPR), which has attracted many investors to invest in information technology. Hence, many US-based companies have maintained a strong presence in the international market to expand their business.
Thus, cloud service provider companies are teaming up, which leads to a strong presence in the global market. For example, in September 2021, Salesforce released a new version of Health Cloud 2.0. A platform connected to Salesforce allows the company to offer increased security to its employees and customers through various modules such as Contact Tracing and Dreampass.
Also, in December 2020, Amazon HealthLake is a new product of Amazon Web Services. This is a service for healthcare and life sciences customers.
It helps organizations aggregate, label, index and structure data from silos and process it using machine learning capabilities to derive insights. The Trans-Pacific Partnership (TPP) between 12 countries, including the United States, and the contribution of US-based cloud technology companies to implement several multinational agreements are expected to open up new business opportunities for cloud computing in the northern region. -American.
Over 90% of Canadians have access to the Internet.
The cloud computing market is analyzed on the basis of service model, deployment model, organization size, industry vertical, and geography. The cloud computing market analysis by service model, the cloud computing market is segmented into infrastructure as a service (IaaS), platform as a service (PaaS) and software as a service (SaaS).
The cloud computing market analysis by deployment model, the cloud computing market is divided into public cloud and private cloud. Based on organization size, the cloud computing market is segmented into small and medium-sized enterprises (SMEs) and large enterprises.
Based on industry vertical, the cloud computing market is segmented into BFSI, IT & Telecom, Government & Public Sector, Retail & Consumer Goods, Manufacturing, Healthcare & Life Sciences, etc. By geography, the cloud computing market is divided into 5 regions: North America, Europe, Asia-Pacific, Middle East & Africa and South America.
The overall global cloud computing market size has been derived using primary and secondary sources. To begin the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves to get an overview and forecast of the growth of the cloud computing market with respect to all segments. Additionally, several primary interviews were conducted with participants and industry commentators to validate the data and gain more analytical insights on the topic. .
Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers and national sales managers, as well as external consultants, such as experts in valuation, research analysts and key opinion leaders, specializing in the cloud computing market.
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