Cloud computing refers to networking, storage, servers, and computing services offered through data centers and therefore the internet. It are often leveraged by small and medium sized enterprises to fuel innovation without investments on hardware and software. the worldwide cloud computing market report by marketing research Future (MRFR) encompasses drivers, challenges, trends, and restraints for the industry during the forecast period (2020-2027). The COVID-19 outbreak and its effects on the industry structure a serious a part of the report.
The global cloud computing market is about to exhibit 19.4% CAGR over the forecast period. it’s attributed to flexibility and scalability accorded to individuals and organizations due to its implementation. Increasing maintenance costs of hosting, workforce charges, and shift towards digital channels can drive market growth. Use of cloud computing by enterprises for curbing operational expenditure can bode well for the market.
The COVID-19 outbreak has accelerated the shift to digital models and propelled the market demand. Government regulations and increased spending on cloud computing can favor the market. Rollout of novel subscription programs by cloud service providers for smooth onboarding of clients including transparency and pricing in their business models can bode well for the cloud computing market.
But rise in cyberattacks and compliance to data security and privacy regulations can restrict market growth.
The global cloud computing market has been segmented based on service model, deployment, organization size, and vertical. On the basis of organization size, the market for cloud computing is segmented based on small & medium enterprises and large enterprises. Additionally, the market on the basis of vertical, is segmented into BFSI, retail and consumer goods, IT & telecommunication, healthcare & life sciences, manufacturing, energy & utility, media & entertainment, government & public sector, and others. The global market for cloud computing is also covered based on the deployment segment which is further split into public, hybrid, and private. Also, on the basis of service model, the market is segmented into SaaS, IaaS, and PasS.
Factors like adoption of cloud computing technology and increasing BYOD trend support the cloud computing market growth. The performance of the cloud computing market has also been studied for the past and current years. Additionally, the cloud computing market report provides analysis of these segments. The cloud computing market segmental analysis provided in the report offers major details about the cloud computing market performance and future.
The cloud computing market is supported by growing awareness about benefits that cloud computing offers. The population growth around the world and increasing demand of cloud computing market based services and products also support the market growth. However, the cloud computing market growth can be affected due to lack of a strong information technology infrastructure in some countries. The report covers all such details which will help companies in the cloud computing market to strengthen their business plan and improve their product portfolio. The cloud computing market research report also provides company profiles of major companies. The company profile of organizations operating in the cloud computing market discusses strategies, growth plans, size, revenue, and mergers and acquisition details of top companies in the cloud computing market. New entrants and established players can plan their strategies based on this data provided in the cloud computing market research report.
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