Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global cloud computing market is estimated to exhibit a CAGR of over 15% during the forecast period. The market growth is attributed to the growing demand for cloud-based business continuity tools and services, increasing inclination of enterprises towards automation and agility, and increased return on investment with lower infrastructure and storage costs. Moreover, the proliferation of digital content and upsurge in internet usage also gives a boost to the market growth. As per the International Telecommunication Union (ITU), the proportion of individuals using the internet globally has increased significantly from 43% in 2016 to 63% in 2021. This has led to an increase in the flow of data, which in turn has significantly driven the demand for cloud computing across the globe.
Market Segmentation
The global cloud computing market has been analyzed on the basis of service model, deployment model, end-use, and region. Based on the service model, the market is segmented into Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS). The Software as a Service (SaaS) segment accounted for a prominent share in the market. Based on deployment model, the market is segmented into public, private, and hybrid. The hybrid deployment model is estimated to dominate the global cloud computing market.
Further, on the basis of end-use, the market covers the analysis of BFSI, IT & telecommunication, government & public sector, retail & consumer goods, manufacturing, energy & utilities, media & entertainment, healthcare & life sciences, and others. Among these, BFSI segment is estimated to hold a prominent share in the market. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Structure and Competition Landscape
The growth of the global cloud computing market is characterized by the presence of players operating in the market. Some of the prominent players that contribute significantly to the market growth include Adobe Inc., Alphabet Inc. (Google Inc.), Amazon.com Inc., Cisco Systems Inc., Hewlett Packard Enterprise, IBM Corp., Microsoft Corp., Oracle Corp., Salesforce, Inc., SAP SE, and VMware, Inc., among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Acquisitions and product launches are among the key strategies adopted by major industry players. For instance,
• In February 2022, IBM Corp. acquired Neudesic, an application development, and cloud computing services company. Neudesic has been integrated into the Consulting segment of IBM. The acquisition would further enable strengthening of the IBM's cloud computing solutions offerings.
• In September 2021, Health Cloud 2.0 platform was launched by Salesforce. Health Cloud 2.0 facilitates the delivery of enhanced safety to the employees and customers of the company using various modules, including Dreampass, and Contact Tracing. The new product launch would reinforce the revenue stream of Salesforce by broadening product and service offerings.
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