PUBLISHER: Orion Market Research | PRODUCT CODE: 1077984
PUBLISHER: Orion Market Research | PRODUCT CODE: 1077984
Global Cloud Computing Market Size, Share & Trends Analysis Report, By Deployment Model (Private Cloud, Public Cloud and Hybrid Cloud), By Component (Hardware, Software and Services), By Vertical (Government, Military & Defense, Telecom & IT, Healthcare, Retail and Others(Energy and Utilities, Media and Entertainment)) Forecast, 2022-2028
The global cloud computingmarket is anticipated to grow at a substantial CAGR of 15.6% during the forecast period. The prime factors that contributes to the growth of the market include the increasing volume of data generation in websites and mobile apps, the rising focus on delivering a customer-centric application for satisfying customer, and the rapidly growing need to control and minimize the capital expenditure and operational expenditure. Moreover, cloud computing offers a means for digital government services to be delivered in a more agile, faster, and cheaper manner compared with traditional information technology (IT) infrastructure. The rising adoption of the cloud computing model by the government for development also aids in the growth of the market. For instance, according to Abd.Org, the governments have now seen the importance of ensuring that citizen services are available online, and have worked to improve their e-government efforts, as documented longitudinally by the United Nations e-Government Survey. The Government of Viet Nam's announcement of their National Digital Transformation Programme 2020-2025, to provide online services to the customers.
The global cloud computing market is segmented on the basis of deployment model, component, and vertical. Based on the deployment model, the market is segmented into private, public, and hybrid cloud. Based on the component, the market is further classified into hardware and software and services. Based on vertical, the market is further segmented into government, military & defense, BFSI, telecom & IT, healthcare, retail, and others(energy and utilities, media and entertainment). Based on the vertical, the retail segment is expected to grow at the highest rate, concerning the rapid adoption of emerging and innovative technologies, such as cloud computing and big- data. Moreover, the rising purchasing power of customers and the need to meet the customer's demand lead to a significant rise in the retail segment of global cloud computing market.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia-Pacific region is anticipated to grow at the fastest rate, due to the rapid adoption of technological breakthroughs and economic progress in the region. Moreover, an increase in the demand for mobility across the Asia-Pacific region is a major factor contributing to the growth of the market.
The major companies serving the global cloud computing market areIBM Corp., Google LLC, Microsoft Corp., Amazon Web Services, Inc. and SAP SE, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2022 , Quvecta and Avataraentered into a partnership to offer cloud-based platforms to users, along with a secure, productive, and mobile IT environment. CAD-related companies such as engineering and architecture firms, and companies with multiple sites or robust systems strongly benefit from this IT model.
Research Methodology
The market study of the global cloud computingmarket is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers
Category-Cloud and Big Data