SAN FRANCISCO, September 1, 2021 / PRNewswire / The globe Cloud computing market Size is expected reach $ 1,251.09 billion by 2028 with a CAGR of 19.1% over the forecast period, according to a new study by Grand View Research, Inc. This growth can be attributed to several factors, including digital transformation in various industries, rapid Internet penetration, and big data consumption in various industries. The increasing adoption of 5G, Internet of Things (IoT) and Artificial Intelligence (AI) is expected to further support the growth of the cloud computing market.

Important findings and findings:

  • The IaaS segment is expected to have the highest CAGR in the forecast period due to the increasing acceptance of multi-cloud due to advantages such as scalability and faster data availability
  • Small and medium-sized enterprises (SMEs) are expected to emerge from 2021 to 2028 due to the high demand for cloud computing in SMEs due to lower IT hardware and software costs, improved processing capacity and storage elasticity, and more than the fastest growing segment, mobility of access to data and services
  • The hybrid provisioning segment is expected to see the second fastest CAGR from 2021 to 2028 due to the growth of cloud and industrialized services and the decline in traditional data center outsourcing (DCO).
  • In addition to the flexibility to move workloads between private and public deployments based on computing needs, a hybrid deployment is expected to provide organizations with more data delivery options in the long run
  • The end user segment of the manufacturing industry is expected to experience the highest growth rate over the forecast period. Due to various functionalities, cloud computing supports manufacturers in using several types of production systems, from high-performance computing (HPC) and 3D printing to IoT and industrial robots
  • Asia Pacific is expected to become the fastest growing regional market over the forecast period as SMBs and large corporations increasingly focus on improving their digital initiatives
  • The growth of the IT service industry in markets such as India, China, and other South Asian regions are also expected to boost regional market growth over the forecast period

Read the 130-page research report, “Cloud Computing Market Size, Share and Trend Analysis Report by Service (SaaS, IaaS), by Company Size (Large Company, SME), by End Use (BFSI, Manufacturing), by Deployment and Segment Forecasts, 2021-2028“, from Grand View Research

The outbreak of the COVID-19 pandemic is likely to hit companies drastically, stifling innovation, stifling profitability, and drying up cash flow and financial reserves. The IT and software development industry is also facing challenges due to this unforeseen outbreak. However, the impact on the software industry, including cloud computing, has been relatively minor. With the increasing introduction of the work-from-home model due to the second wave of the pandemic, customer spending increased significantly in the Infrastructure-as-a-Service (IaaS) and Desktop-as-a-Service (DaaS) segments.

Additionally, with the growing number of teleworkers due to this pandemic, more business is being done through email and collaboration tools, which is expected to fuel market growth. Organizations use cloud computing services because they provide insight into partnership tactics, go-to-market approaches, investments, alliance and acquisition strategies, and best operating practices. In addition, these services help measure, correlate and analyze business activities and ensure that business processes meet customer requirements.

Major vendors are focused on introducing new cloud solutions, services and workloads, as well as updating the features of their current offerings to strengthen their market position. In addition, providers also participate in mergers and acquisitions to strengthen their market position and improve their cloud capabilities. For example in July 2019, Google LLC acquired Elastifile, an enterprise cloud storage provider, to expand its cloud-based file storage capabilities for enterprise-class applications. This acquisition helped expand the former company’s current file storage offerings, third-party offerings, and Cloud Filestore.

Grand View Research has segmented the global cloud computing market based on service, deployment, company size, end use, and region:

  • Cloud Computing Services Outlook (Revenue, $ Billion, 2018-2028)
    • Infrastructure as a Service (IaaS)
    • Platform as a Service (PaaS)
    • Software as a service (SaaS)
  • Cloud Computing Deployment Outlook (Revenue, $ Billion, 2018-2028)
  • Cloud Computing Enterprise Size Outlook (Revenue, Billion USD, 2018-2028)
    • Large companies
    • Small and Medium Business
  • Cloud Computing End Use Outlook (Revenue, Billion USD, 2018-2028)
    • BFSI
    • IT & telecommunications
    • Retail & Consumer Goods
    • Manufacturing
    • Energy & utilities
    • Health care
    • Media & entertainment
    • Government & Public Sector
    • Other
  • Cloud Computing Regional Outlook (Revenue, Billion USD, 2018-2028)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • middle East & Africa (MY)

List of the major players in the cloud computing market

  • Adobe Inc.
  • Alibaba Group Holding Limited
  • Amazon.com Inc.
  • Google LLC
  • International Business Machines Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Salesforce.com Inc.
  • SAP SE
  • Workday, Inc.

Check out more studies on advanced computing technology conducted by Grand View Research:

  • Multi-Access Edge Computing Market The global multi-access edge computing market size is expected to reach $ 23.36 billion by 2028. The increasing adoption of IoT devices in multiple industries is expected to fuel market growth.
  • Healthcare Cloud Computing Market The global healthcare cloud computing market size is expected to reach $ 27.8 billion by 2026. The increasing demand for cloud-based information systems should stimulate the market.
  • Big data market The size of the global big data market is expected to reach $ 123.2 billion by 2025. The big data market is rapidly developing into a new focus in numerous end-user industries.

Check out Grand View Research’s coverage of the Next generation global technology industry.

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Via Grand View Research

Grand View Research, a US-based market research and advisory firm, provides both syndicated and bespoke research reports and advisory services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants who add more than 1200 market research reports to its extensive database each year. These reports provide detailed analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.

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SOURCE Grand View Research, Inc.

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