Global Cloud Computing Market to Hit USD 750,100 Million by 2027 | Increase Adoption of Hybrid Cloud Services Will Drive Market Growth
According to the latest research by SkyQuest Technology, the Global Cloud Computing Market was valued at USD 219,000 Million in 2020, and it is expected to reach USD 750,100 Million by 2027, with a CAGR of 30.10% during the forecast period of 2021-2027. The research provides up-to-date analysis of the current market landscape, latest trends, drivers, and overall market environment.
Organizations with current infrastructure are going to migrate to cloud computing services and are accessible to a hybrid approach to take advantage of both on-premises and cloud services. Because of substantial advantages such as no initial infrastructure overhead expenses and on-demand computing service availability, small and medium enterprises are actively implementing cloud computing services. These factors have influenced enterprise adoption of hybrid cloud services.
Cloud computing allows business owners to use data centers hosted on the internet to store, manage, and process important data. The increased focus on providing customer applications to drive customer satisfaction, as well as the rising need to reduce and control expenditure and operations expenditure, are just a few of the factors responsible for the growth of emerging technologies. Big data, artificial intelligence (AI), and machine learning (ML) are technological developments that are boosting the global cloud computing market. Key factors including data protection and meeting compliance requirements are driving the growth of cloud computing services. There is a need to mitigate exposure, accomplish adaptability in data storage and transport, minimize space and connectivity difficulties, and drive business effectiveness driving the growth of the cloud computing market.
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However, few challenges in the Cloud Computing Market involves the upfront and ongoing costs of on-premises data hosting. Other significant issues for businesses involve energy bills, employee compensation, and downtime issues. The existing business rivalry and worldwide economic circumstances have accelerated the adoption of cost-effective business model restructuring measures. Some other factor driving the adoption of cloud computing services is the adaptive response of businesses toward digitalization and the acceleration of user experience. Furthermore, the cloud provides the advantage of a pay-as-you-go framework, enabling companies to pay for cloud storage usage, resulting in cost savings. Start-ups and Small and medium-sized businesses are rapidly moving to cloud services due to benefits including accessibility.
Read market research report, ” Global Cloud Computing Market Segmented by Deployment Type (Private Cloud, Public Cloud, and Hybrid Cloud), Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), And Industry Vertical (Government, Military & Defense, Telecom & IT, Healthcare, Retail, and Others) & By Region – Forecast and Analysis 2021-2027” by SkyQuest
Advantages of hybrid cloud include enhanced workload management, greater confidentiality, and availability, as well as effective implementation within DevOps teams. It also provides the adaptability needed to attain a competitive edge over other companies, as well as the versatility to transfer from on-premises to cloud or between clouds. Organizations adopt cloud services due to the higher user and recourses mobility, continuing cloud application migration, and the emergence of more advanced attacks. The hybrid deployment model is used by healthcare, Banking, and governmental entities that take priority on obedience, safety, and user experience.
Furthermore, as cloud-based applications such as Dropbox, Facebook, and Gmail, among others, become more flexible and robust, the processing cycle in a real-time scenario must be faster. As a result, enterprises are shifting to Omni-cloud solutions to take advantage of numerous benefits such as ease of data use, effective decision making, secure data availability, and real-time scalability. Furthermore, business owners are shifting to Omni-cloud solutions to reap substantial advantages including data convenience of use, decision making, secure data accessibility, and real-time virtualization.
Cloud computing services help businesses increase business efficiency while decreasing costs. Besides that, these solutions offer several advantages, including versatility, expandability, and flexibility. Even though the cloud offers numerous benefits and safety precautions, data in the cloud is still susceptible to threats. As the amount of data grows and corporate proposals toward digitalization expansion, the number of hacking attacks is increasing rapidly. Business data is vulnerable to cyber such as Spectre and Meltdown, as well as cloud ransomware infusion threats, login information or compromised email, and man-in-the-cloud attacks. These attacks have likely to occur in business losses and closures.
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The Major players in the Cloud Computing market are Google LLC, Amazon Web Services, Inc., Microsoft Inc., Alibaba Cloud International, IBM Corp., Yahoo, Inc., and Salesforce Inc. etc. New players are also entering the segment thus increasing its market penetration and therefore demand growing exponentially.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
What does this Report Deliver?
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SkyQuest has segmented the Global Cloud Computing Market based on Deployment Type, Service Model, Industry Vertical and Region:
List of Key Players of Cloud Computing Market
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