New York, According to a new market research report published by Global Insight Services “Cloud Computing Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Cloud computing is a type of computing that relies on sharing computing resources instead of having local servers or personal devices to handle applications. Cloud computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e.g., networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction.
Key Trends
In the past decade, cloud computing has become an increasingly popular option for businesses and individuals alike. The appeal is clear: cloud-based services are typically more affordable and easier to scale than on-premises solutions, and they offer users the ability to access their data and applications from anywhere in the world. Here are the key trends in cloud computing industry:
- The rise of hybrid cloud: A hybrid cloud is a mix of on-premises and cloud-based infrastructure and services. In the past, businesses that wanted to use the cloud had to choose between public cloud providers, such as Amazon Web Services (AWS) or Microsoft Azure, and private cloud solutions, which are usually more expensive and difficult to set up. However, hybrid cloud has emerged as a popular compromise, giving businesses the best of both worlds. With hybrid cloud, businesses can keep sensitive data on-premises while taking advantage of the cost savings and flexibility of the public cloud for less critical workloads.
- The growth of containerization: Containerization is a method of packaging applications so that they can be run in isolated environments, such as on a public or private cloud. This approach has several advantages over traditional virtualization, including improved portability and greater resource efficiency.
Key Drivers
There are various key drivers of cloud computing market which are as follows:
- Increased adoption of cloud services by small and medium enterprises (SMEs): Small and medium enterprises (SMEs) are increasingly adopting cloud services due to the numerous benefits offered by cloud computing such as reduced costs, scalability, and flexibility.
- Growing demand for cloud-based applications and services: There is a growing demand for cloud-based applications and services such as cloud-based email, storage, and collaboration tools. This is due to the benefits offered by cloud computing such as pay-as-you-go pricing, on-demand scalability, and improved collaboration.
- Increased awareness of cloud computing: There is an increased awareness of cloud computing among businesses and individuals. This is due to the growing number of media coverage and articles on cloud computing.
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Restraints & Challenges
One of the key challenges is the lack of standardization. There is no one-size-fits-all solution in the cloud computing market, which can make it difficult for customers to compare and select the right service provider. Furthermore, the lack of standardization can also lead to compatibility issues between different cloud platforms.
Another challenge facing the cloud computing market is the issue of security. As more businesses move their data and applications to the cloud, there is a greater risk of data breaches and cyber-attacks. Service providers need to ensure that their systems are secure and that their customers’ data is protected.
Finally, the cloud computing market is also facing the challenge of pricing. Although the pay-as-you-go model can offer significant cost savings, customers are still reluctant to commit to long-term contracts. Service providers need to find the right balance between pricing and features in order to attract and retain customers.
Market Segments
By Service Model
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a service (SaaS)
Key Players
- Amazon AWS
- Google Cloud
- Microsoft Azure
- IBM Cloud
- Oracle Cloud
- Alibaba Cloud
- Rackspace
- Salesforce
- Workday
- Zoho
- ServiceNow
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Reasons to buy Cloud Computing Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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