Northbrook, IL -- (SBWire) -- 11/05/2021 --According to a new market research report "Cloud Computing Market by Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), Deployment Model (Public and Private), Organization Size, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the cloud computing market size expected to grow from USD 445.3 billion in 2021 to USD 947.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period.
The flexibility and agility of cloud-based models would support the IT service needs of enterprises. The leading CSPs/hyperscalers—Microsoft, Alphabet, IBM, and AWS—are expected to increase their CAPEX primarily for data center expansion to support the increasing workload for their internal and external stakeholders. The increasing volume of data generation in websites and mobile apps, rising focus on delivering customer-centric applications for driving customer satisfaction, and growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are a few factors driving the growth of the emerging technologies. The emerging technologies, such as big data, Artificial Intelligence (AI), and Machine Learning (ML) are gaining traction which is ultimately leading to the growth of the cloud computing market, globally.
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The sudden shutdown of offices, schools, colleges, and physical retail stores has massively disrupted operations; this has led to an increase in the demand for digital workplace tools and services, such as Zoom, Slack, Blackboard, Lynda, Canvas, Google Classroom, AnyMeeting, and Moodle. AWS, Microsoft, and Google host and manage all applications in a public cloud environment. Increased spend on cloud services by select industries due to COVID-19. Industries, such as IT and ITeS, telecom, online retail/commerce, media, and BFSI, are expected to increase spending on cloud-based services to sustain their business. Highly regulated and cash-rich industries, such as BFSI, are also expected to move selective workloads to public cloud environments.
IaaS segment to grow at the highest CAGR during the forecast period
Growth of IaaS to be driven by increasing need of enterprises to shift enterprise workloads to cloud. The key features of IaaS include automated administrative tasks, dynamic scaling, platform virtualization, and network connectivity. The ever-changing business environment and customer demands encourage enterprises to increase their focus on their core business operations. IaaS enables enterprises to leverage their IT infrastructure without paying for the construction of the physical infrastructure. Moreover, it provides flexibility, mobility, easy, and scalable access to applications, and enhanced collaboration to help enterprises focus on their core businesses.
Public deployment model to account for the highest market share during the forecast period
Lower cost and increased security capabilities result in rising popularity of public cloud. The services offered over the public deployment model are either free or offered under a subscription model. The advantages of using the public cloud include simplicity and ease of deployment. Moreover, the initial investment required for the deployment is minimum, and there are no responsibilities involved in managing the infrastructure.
North America to account for the highest market share during the forecast period
North America is a mature market in terms of cloud computing services adoption, owing to a large presence of enterprises with advanced IT infrastructure and the availability of technical expertise. BFSI, IT and telecommunications, and government and public sector verticals majorly adopt cloud computing services. As the benefits of adopting cloud computing services are becoming more evident, more companies are expected to implement cloud computing services. The US and Canada are the top countries contributing to the growth of cloud computing market in North America.
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The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global cloud computing market. The cloud computing market includes major vendors, such as AWS (US), Microsoft (US), Google (US), Alibaba (China), SAP (Germany), IBM (US), Oracle (US), VMware (US), Rackspace (US), Salesforce (US), Adobe (US), CenturyLink (US), Fujitsu (Japan), Workday (US), Infor (US), Sage Group (UK), Intuit (US), Epicor (US), IFS (Sweden), ServiceNow (US), OpenText (US), Cisco (US), Box (US), Zoho (US), Citrix (US), Upland Software (US), DigitalOcean (US), Bluelock (US), OVH (France), Joyent (US), Skytap (US), Virtuestream (US), Tencent (China), DXC (US), NEC (Japan), and Navisite (US).
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Cloud Computing Market Worth $947.3 Billion by 2026
Cloud Computing Market size expected to grow from USD 445.3 billion in 2021 to USD 947.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.3%