Cloud Computing Market Worth $760.98 Billion at 18.6% CAGR; Tech Giants Such as IBM and Microsoft to Focus on Introducing Advanced Cloud Solutions: Fortune Business Insights™
October 01, 2020 at 06:51 AM EDT
Pune, Oct. 01, 2020 (GLOBE NEWSWIRE) -- The global cloud computing market size is projected to reach USD 760.98 billion by 2027, exhibiting a CAGR of 18.6% during the forecast period. Rising preference for omni-cloud systems will prove highly beneficial for the growth of this market, states Fortune Business Insights™ in its report, titled “Cloud Computing Market Size, Share & Industry Analysis, By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), By Industry (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government, Consumer Goods and Retail, Healthcare, Manufacturing, Others (Energy and Utilities, Education, Media and Entertainment etc.)), and Regional Forecast, 2020-2027”.
Omni-cloud computing is a cloud solution that allows multiple cloud services to smoothly integrate and streamline their data on a single platform. The omni-cloud system is being increasingly preferred over the multi-cloud system owing to its multiple advantages and leading the cloud computing market trends. For example, an omni-cloud tool makes possible accessing real-time information from any location. In a departmental store, for instance, whenever there is an inventory shortfall, the cloud will send notification to the authorities, who will then take the necessary action. Similarly, storage of data on a unified platform also enables efficient analysis, enhances productivity, and elevates the quality of services. These, along with a few other benefits, are widening the applicability of omni-cloud computing across a variety of industries.
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According to the cloud computing market research report, the value of the market stood at USD 199.01 billion in 2019. The other highlights of the report are:
Potential Risk of Cyber Attacks to Negatively Influence Adoption of Cloud Systems
Today, majority of organizations and many government departments and agencies have shifted their databases onto the cloud to improve efficiency and productivity of resources as well as bring down costs. Unfortunately, this move has exposed sensitive information to hackers, who have frequently launched cyber-attacks to retrieve and misuse data. For instance, the US-based Center for Strategic & International Studies (CSIS) revealed that in April 2020 hackers from Iran attempted to breach personal files of World Health Organization (WHO) staffers while the world was reeling under the coronavirus pandemic. In February 2020, two Chinese hackers were persecuted by the US Department of Justice for performing cryptocurrency laundering activities for North Korean nationals. Such attacks are prompted by the availability of delicate data on cloud platforms and the constant threat of privacy infringement may hinder the cloud computing market growth in the upcoming years.
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Strong Presence of Tech Bigwigs to Augment the Market in North America
North America is home to some of the biggest technology companies such as Google, Microsoft, and IBM and this factor has enabled the region to boast a market size of USD 61.59 billion in 2019. Moreover, the regulatory and research environment in the region is extremely favorable for development and adoption of advanced cloud technologies based on Artificial Intelligence (AI) and Machine Learning (ML). As a result, North America is slated to dominate the cloud computing market share during the forecast period. Increasing penetration of the internet and rising usage of smartphones will aid Asia-Pacific register a high CAGR, while rapid deployment of 5G will favor market growth in Latin America and Middle East & Africa.
Advent of IoT to Create Numerous Innovation Opportunities for Market Players
The market leaders such as Oracle and SAP are directing their research and investment energies toward efficiently utilizing the opportunities generated by the Internet of Things (IoT) phenomenon. Most of the players in this market are focused of making their products and services smarter and more streamlined using IoT-based tools.
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List of Key Players Profiled in the Cloud Computing Market Report:
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Detailed Table of Content
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