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Jan. 18, 2021, 12:08 p.m. EST

Cloud Computing Market To Witness Massive Growth Of $765.6 Billion By 2027 With A CAGR Of 14.9% | Grand View Research Inc.

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Jan 18, 2021 (AB Digital via COMTEX) -- The global cloud computing market size is projected to reach USD 765.6 billion by 2027, advancing at a CAGR of 14.9% over this period. The cloud-based business models have been identified by organizations as a secure and cost-effective way to optimize their business model, thus driving revenue growth, which is the primary factor driving market growth. Furthermore, the boost in functional capabilities as well as the substantial increase in the number of small and medium enterprises are other key factors that are positively impacting the market.

The integration of big data is expected to play a decisive role in moving the industry ahead. Incapability of the traditional data warehouses to manage and analyze the volume, velocity, variety, and veracity of big data will be addressed by cloud computing technology. Moreover, economies of scale offered by the platform will allow privacy and security to be managed more efficiently. The introduction of the BYOD (Bring Your Own Device) concept in IT organizations is expected to solidify the importance of cloud computing in enabling professionals to have access to critical data anytime and anywhere. The importance of cloud computing is reflected in the 2020 Cloud Computing Study results released by IDG (International Data Group), wherein 92% of organizations reported that they have migrated to cloud solutions in some capacity, with only 8% stating that their IT environment is completely on-premises.

Government organizations are also adopting cloud services for storage, disaster recovery, risk compliance management, and identity access management applications. With regards to service, the cloud computing industry has been segmented into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). With regards to deployment, the market is classified into public, private, and hybrid. Enterprise types included are large enterprises, as well as SMEs. The major verticals taking advantage of cloud computing include BFSI, healthcare, manufacturing, IT and telecom, and retail and consumer goods, among others. Some of the major industry players offering cloud computing services include Adobe Inc., Alibaba Group Holding Limited, Amazon.com Inc., Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., SAP SE, and Workday, Inc.

Cloud Computing Market Report Highlights:

1 As per findings from IDG’s 2020 Cloud Computing research, close to one-third (32%) of the total IT budget is expected to be allocated to cloud computing by 2021, which points towards the growth potential of the market

2 With regards to service, Infrastructure as a Service (IaaS) segment is predicted to expand at the highest CAGR over the forecast period owing to increased adoption of multi-cloud, scalability, and fast data accessibility

3 Application development and testing is likely to be the fastest growing workload segment owing to the efficient and scalable development of applications on cloud platform. Moreover, compared to traditional development methods, app development time is likely to reduce by 31%, and quality assurance costs by 34%

4 Public cloud infrastructure has proved to be very popular among organizations, but is also very risky, with Google Cloud services witnessing outage in December 2020; similar issues in the long run can lead to loss of revenue for companies, as well as major security issues

5 Hybrid deployment is projected to show fastest growth, due to the growth of cloud and industrialized services, and decrease in traditional Data Center Outsourcing (DCO). Moreover, hybrid segment offers enterprises greater flexibility and more data deployment options in the long run

6 SMEs are anticipated to be the fastest growing segment owing to reduced costs for IT hardware and software, improved processing capacity and elasticity of storage, and improved access to data and service

7 The manufacturing end-use segment is expected to expand at the highest CAGR over the forecast period, as cloud computing aids manufacturers to utilize multiple types of production system ranging from High Performance Computing (HPC) and 3D printing to IoT and industrial robots

8 Asia Pacific is expected to emerge as the fastest-growing region owing to the increasing focus of SMEs and large enterprise to enhance their digital initiatives, coupled with the promising growth of IT sector in emerging economies such as India and China

9 The COVID-19 pandemic has forced organizations to continue their operations in the work-from-home (WFH) setting, which has provided an opportunity to the cloud computing industry, with the features enabling professionals to have easy access to data services, along with the added advantage of security

10 Furthermore, many prominent organizations have pledged to continue the WFH setting for the long run, which is expected to aid in the demand growth for cloud computing services over the coming years

11 In December 2020, Oracle announced that Cybereason has adopted Oracle Cloud Infrastructure (OCI) as its preferred platform for running its Cybereason Defense Platform, which protects enterprises against strong cybersecurity threats

12 In October 2019, amidst corporate hostility, Microsoft Corporation was awarded the U.S Department of Defense cloud computing contract, Joint Enterprise Defense Infrastructure (JEDI) worth USD 10 billion

“Would you Like/Try a Sample Report” Click the link below: https://www.grandviewresearch.com/industry-analysis/cloud-computing-industry/request/rs1

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

Cloud Computing Service Outlook (Revenue, USD Billion, 2016 - 2027)

  • Infrastructure as a Service (IaaS)

  • Platform as a Service (PaaS)

  • Software as a Service (SaaS)

Cloud Computing Workload Outlook (Revenue, USD Billion, 2016 - 2027)

  • Application Development & Testing

  • Data Storage & Backup

  • Resource Management

  • Orchestration Services

  • Others

Cloud Computing Deployment Outlook (Revenue, USD Billion, 2016 - 2027)

  • Public

  • Private

  • Hybrid

Cloud Computing Enterprise Size Outlook (Revenue, USD Billion, 2016 - 2027)

  • Large Enterprise

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