Cloud Computing Market
By Service Type (Infrastructure as Service[Data storage and management, Recovery and backup, Computation power]Platform as Service[Design and development, Testing and Quality, Execution, and management]Software as Service[Customer and relationship management, Enterprise resource planning, Financial management] ),
By Company Size (Small and medium enterprise(SME), Large enterprise),
By Network (Private, Public),
By End-use industry (IT and telecom, Banking and finance, FMCG/FMCD, Automotive, and industrial, Aerospace and Defense, Healthcare and pharma, Energy, and utility, Media and entertainment, Others),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033
The global cloud computing market is worth 476.34 billion as of 2022 and is supposed to rise in the upcoming forecasting period of 2023-2033.
The increasing scope and application of cloud computing all over the world is due to technological advancement and wide usage of the internet in the current scenario . The increase in internet usage has also increased people's awareness about various kinds of technology. Cloud computing has bought a new revolution in virtual data management through its advanced applications.
The companies operating within cloud computing are undergoing mergers, collaboration, acquisitions, long-term contracts, and service agreements to increase their global footprint. For instance, Amazon has launched AWS for the public cloud computing public network. The acquisition was in line with the efforts taken by several other corporations. Furthermore, notable investment towards research and development to launch new and innovative services that support operational integration at multiple levels is also practiced by industry stakeholders.
According to the experts of cloud technology, cloud computing scope will rise with the period of time. Major things that make this market highly versatile and productive are its cost-efficient technology, less requirement of space and storage, and provide high-quality data transmission and server experience with excellent graphics. Seamless procedures involved in the management of data. But still, there are a few drawbacks to cloud computing. Some of them are privacy and security issues that users usually face. Second is the high dependency on internet usage, and without having a proper and stable internet connection, there will be no data transmission among the servers. Also, the increasing complexity and slower performance and security of data stored in the cloud online. Many companies are merging to cope with these issues and such collaboration and geopolitical support surge business opportunities within European and Middle Eastern regions of the data security and management in the cloud computing market.
The cloud computing market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market share, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Quick adoption of new technologies, support by organizations and regional governments towards integrating high-definition data and risk management, and major industry players within the region are primary factors supporting market potential within the North American region. The major companies operating within the market are Amazon, Adobe, Oracle Corporation, Google, VMWare, IBM, SAP SE, Microsoft, Salesforce.com Inc, and NEC.