PUBLISHER: Grand View Research | PRODUCT CODE: 1321364
PUBLISHER: Grand View Research | PRODUCT CODE: 1321364
The Asia Pacific cloud computing market size is expected to reach USD 364.00 billion by 2030, growing at a CAGR of 16.6%, according to a new study conducted by Grand View Research, Inc. The numerous factors contributing to the growth of cloud computing in the Asia Pacific region include the expansion of digital transformation among organizations, increasing internet and mobile device penetration across the region, and increasing Big Data consumption.
An increasing number of cloud providers in the Asia Pacific region are actively developing cloud strategies to address business continuity and compliance requirements. For instance, in April 2023, Oracle Corporation announced to open a second cloud region in Singapore. The company's new region will offer various services and applications including Oracle Container Engine for Kubernetes, MySQL HeatWave Database Service, Oracle Cloud VMware Solution, and Oracle Autonomous Database for small & medium businesses across manufacturing, financial services, retail, healthcare, and telecommunications in Southeast Asia.
End-use industries in the region are upgrading their data centers to offer better cloud solutions that can be combined with analytics technologies to suit business objectives and enhance business performance. Market players are also focused on expanding cloud services in the Asia Pacific region, which is anticipated to drive market growth. For instance, in June 2021, Alibaba Cloud announced the expansion of its services in Asia by introducing its first data center in the Philippines. The new data center has assisted the company in expanding its service offerings and gaining a competitive edge in the market.
Government bodies across the APAC region are undertaking initiatives to increase the adoption of cloud computing technologies across their countries. For instance, in August 2022, the National e-Governance Division (NeGD) of the Ministry of Electronics and Information Technology (MeitY), India, organized a Cloud Computing Capacity Building program for officials from State/UT Departments, Central Line Ministries, e-Government Project Directors, Mission Mode Projects, and State E-Mission Teams. This program is designed to ensure and impart adequate knowledge, appropriate skill, and appropriate competencies for utilizing the benefits of cloud computing in e-Governance practices. Moreover, hybrid cloud computing enables companies to free up local resources for more sensitive data or applications without spending on handling temporary surges in demand.