technology

Global Cloud Computing Market Share to observe 15% CAGR through 2028

Global Cloud Computing Market Share to observe 15% CAGR through 2028

Business experts claim that Global Cloud Computing Market is anticipated to witness a CAGR of 15% during 2022-2028.

Rising demand for cloud-based business continuity tools & services, increasing tendency of firms toward automation & agility, and soaring return on investment due to decreasing infrastructure & storage costs are the major growth determinants of global cloud computing market.

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According to the International Telecommunication Union (ITU), from 43% in 2016 to 63% in 2021, a considerable growth in the percentage of people utilizing the internet globally has been observed. As a result, data flow has increased, which has greatly raised the demand for cloud computing all over the world, thereby expanding the industry outlook.

Besides, the proliferation of digital content if further escalating the demand, thus prompting the progress of the business sphere.

Based on service model, the market is divided into software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS). Among these, the SaaS segment is likely to hold major share in the coming years.

In terms of deployment model, the industry is divided into hybrid, private, and public. Out of which, the hybrid segment is anticipated to gain traction over the forecast period.

On the basis of end-use, worldwide cloud computing market is branched into healthcare & life sciences, media & entertainment, energy & utilities, manufacturing, retail and consumer goods, government & public sector, IT & communication, and BFSI. Out of these, the BFSI segment is expected to grow significantly in the coming years.

Regionally, the latest trends are studied across Western Europe (UK, Benelux, France, Spain, Nordic, Germany, Italy, rest of Western Europe), Asia Pacific (Australia, South Korea, China, ASEAN, India, Japan, Rest of APAC), Middle East & Africa (GCC, Turkey, South Africa, Rest of MEA), Latin America (Mexico, Brazil, Rest of Latin America), Eastern Europe (Poland, Russia, rest of Eastern Europe), and North America (U.S. and Canada).

Moving to competitive landscape, VMware, Inc., SAP SE, Salesforce Inc., Oracle Corp., Microsoft Corp., IBM Corp., Hewlett Packard Enterprise Company, Cisco Systems Inc., Amazon.com Inc., Alphabet Inc., and Adobe Inc. are the major players in global cloud computing industry. These players are adopting various tactical methods to reinforce their foothold as well as gain huge sum of profit in the business sphere.

Questions And Answers: Global Cloud Computing Market

Q1. What are the growth determinants for global cloud computing market?

Answer: Rising demand for cloud-based business continuity tools and services, increasing tendency of businesses toward automation and agility, and soaring return on investment due to decreasing infrastructure and storage costs are the major growth determinants for global cloud computing market.

Q2. Which deployment model category is slated to contribute significantly to worldwide cloud computing market earnings?

Answer: The hybrid deployment model category is anticipated to gain traction over the forecast period.

Q3. Which are the key players in global cloud computing market?

Answer: VMware, Inc., SAP SE, Salesforce Inc., Oracle Corp., Microsoft Corp., IBM Corp., Hewlett Packard Enterprise Company, Cisco Systems Inc., Amazon.com Inc., Alphabet Inc., and Adobe Inc. are the major players in global cloud computing industry.

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