New York, NY, April 07, 2021 (GLOBE NEWSWIRE) -- According to the research report by Facts and Factors, the global Cloud Computing Market size & share was estimated at USD 321 Billion in 2019 and is expected to hit a record value of USD 1025.9 Billion by 2026. The global Cloud Computing Market is expected to grow at a compound annual growth rate (CAGR) of 18% from 2019 to 2026.
Cloud computing is an information technology service delivery model where computing resources and software tools are offered by third-party service providers through the Internet network. Cloud computing provides various advantages over on-site hardware infrastructure, such as fast installation, scalability, low cost, mobile support, and lower network maintenance.
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- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
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Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the Cloud Computing Market?
2) What is the market size, share of the Cloud Computing Market?
3) Who are the top market players in Cloud Computing Market?
4) What will be the future market of the Cloud Computing Market?
Key Insights from Primary Research
- As per our primary respondents, the global cloud computing market is set to grow annually at a rate of around 18%
- It was established through primary research that the cloud computing market was valued at around USD 321 Billion in 2019.
- North America held the largest market share in 2019, owing to the high adoption of cloud-based solutions in developed economies such as the U.S. and Canada.
- On basis of the deployment model segment, ‘hybrid' dominated the global cloud computing market in 2019
- Based on various applications, the global cloud computing market was led by ‘BFSI' in 2019.
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The rise in the adoption of cloud-based solutions over the past few years is driving the cloud computing market globally. The hybrid deployment is gaining popularity owing to its scalability, flexibility, multi-cloud space, and security assurance to organizations. Moreover, the growth in digital disruptions has raised cloud computing businesses. However, the rising concerns regarding security have hindered market growth. In future years, increasing the BYOD trend and several competitive advantages of cloud computing over an on-premise IT system will fuel the global market growth.
Industry Major Market Players
- Amazon.com Inc.
- Microsoft Corporation
- Alphabet Inc.
- Oracle Corporation
- Cisco Systems Inc.
- Salesforce.com Inc.
- SAP SE
- VMware Inc.
- IBM
- Rackspace Inc.
- Adobe Systems Inc.
- SAS Institute Inc.
- Dell EMC Corp.
- TIBCO Software Inc.
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Cloud Computing Market: Key Segments
The cloud computing market is segmented based on the service model, deployment model, organization size, and vertical. On the basis of service model segmentation, the market is classified into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). In terms of deployment model segmentation, the market is bifurcated into public, private, and hybrid. The hybrid cloud holds the largest market share owing to its increased adoption for various benefits such as it provides data security, and large storage spaces to reduce capital investments by deploying a combined solution of the public and private cloud model. On the basis of organization size, the market has been segmented into small, large, and medium-sized enterprises. Large enterprises hold the major market share in 2019. Furthermore, the vertical segment has been bifurcated into banking, financial services, and insurance (BFSI), IT & telecom, government & public sector, retail, healthcare, energy and utilities, media and entertainment, and manufacturing amongst others. The BFSI segment dominated the overall cloud computing market in recent years and is expected to maintain its position over the analysis period owing to the increased adoption of hybrid cloud as it aids banks in managing costs with greater flexibility.
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Cloud Computing Market: Regional Analysis
In terms of geography, the cloud professional service market is classified into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. In 2019, North America is dominating the regional markets for cloud computing owing to its high adoption of cloud-based solutions in developed economies such as the U.S. and Canada. The Asia Pacific is expected to be the fastest-growing market due to the increasing availability of expert professionals and the rise in the number of small and medium enterprises in countries like India, China, and Brazil among others. As a result, the growing adoption of cloud services will fuel the global cloud computing market. The five major considered regions are further analyzed into major countries such as U.S., Mexico, Germany, UK, Canada, South Korea, Italy, India, Japan, Brazil, UAE, Egypt, France, China, South Africa, and Kuwait among others.
Browse the full "Cloud Computing Market By Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), By Deployment Model (Public, Private, and Hybrid), By Organization Size(Small and Medium-sized Enterprises, and Large Enterprises), and By Vertical (Banking, Financial Services, and Insurance (BFSI), Telecom & IT, Government and Public Sector, Retail, Healthcare, Energy, Media and Entertainment, Manufacturing, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/cloud-computing-market-by-service-model-infrastructure-as-1145
This report segments the Cloud Computing market as follows:
Global Cloud Computing Market: By Service Model Segmentation Analysis
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
Global Cloud Computing Market: By Deployment Model Segmentation Analysis
- Public
- Private
- Hybrid
Global Cloud Computing Market: By Organization Size Segmentation Analysis
- Small and Medium-sized Enterprises
- Large Enterprises
Global Cloud Computing Market: By Vertical Segmentation Analysis
- Banking, Financial Services, and Insurance (BFSI)
- Telecom & IT
- Government and Public Sector
- Retail
- Healthcare
- Energy and Utilities
- Media and Entertainment
- Manufacturing
- Others
Key Recommendations from Analysts
- As per our analysts, the global cloud computing market is expected to grow significantly over the forecast period and expected to reach around USD 1025 Billion by 2026.
- As per analysts, the rise in globalization and increasing technological developments in the APAC region will boost the sales of cloud computing.
- As per our analysts, rapid economic developments, rising technology adoption rates, digitalization, and rising adoption of cloud-based technologies are driving the global cloud computing market.
- The strategic and competitive advantages provided by cloud-based solutions are fuelling the market globally.
- As per analysts, the high adoption of cloud solutions among SMBs, strategic alliances, and growth in consulting and managed services will fuel the cloud computing market growth in upcoming years
- In future years ahead, Asia Pacific is expected to be the fastest-growing regional market owing to rising R&D investments by international players and technological advances in existing CRM devices.
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