Cloud Computing Market Size, COVID19 Impact Analysis, Regional Outlook, Application Development, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI346
Cloud Computing Market size will gain substantial traction with the emergence of work-from-home (WFH) culture. Large enterprises as well as SME’s are increasingly deploying cloud systems across various use cases, like software development & testing, big data analytics, and customer-facing web applications. Data backup, virtual desktops, email, disaster recovery are also among the other potential factors driving the market growth.
Cloud computing deals with the delivery of computing services, such as servers, databases, networking, storage, software, intelligence, and analytics, over the Internet to provide faster innovation, cost-effectiveness, and flexible resources. It also offers consumption-based billing and is set to observe higher demand across a host of end-use sectors.
Video game makers are making use of cloud to come up with online games. Financial service companies are adopting computing systems to enhance their real-time fraud detection and prevention solutions. The growing preference for streaming platforms, including Netflix, Amazon, Disney+, YouTube, and Apple TV will also add impetus to the market expansion. There has also been a substantial deployment of IaaS systems in Video-on-Demand (VoD) to cater to growing consumer requirements.
In terms of deployment, hybrid cloud computing market is anticipated to gain substantial traction during the forecast period. The hybrid cloud computing service model makes use of both the public and private clouds, which are bound together by technology to allow sharing of data and applications. It provides more deployment options and flexibility to businesses and lets them optimize their existing security compliance and infrastructure.
The SaaS service model segment is set to emerge as a profitable revenue source for the market. SaaS is mainly used for the distribution of software and provides users with a complete product that are run and managed by service providers. It uses a standard web browser to host applications at its data center and user contacts.
Based on the regional landscape, Asia Pacific market is expected to emerge as a promising revenue source for cloud computing solutions due to the robust presence of skilled labor, higher technology spending, and increasing efforts by several SMEs and large enterprises in the region. The rise in the number of digital initiatives is another prominent factor fueling the regional growth. Moreover, the favorable investment climate, rising interest for digital enterprises, and proliferating government support in India will further augment the market revenue.
The global market is highly competitive and comprises key participants, including Amazon, VM-Ware (Dell), Cisco, Akamai Technologies, Demandware (Salesforce), GoGrid (Datapipe), Adobe, CA Technologies (Broadcom Inc.), Hotmail (Microsoft), Yahoo (Verizon Media), Google (Alphabet Inc.), Joyent (Samsung Group), Caspio, Hewlett Packet, and IBM.
Several of these technology entities are turning to key business strategies, such as acquisitions, partnerships, and expansions to consolidate their market presence. For instance, Microsoft, in April 2021, acquired Nuance, an AI and cloud computing firm, for $19.7 billion to expand its portfolio for telemedicine services to cater to essential needs in the pandemic.
Meanwhile, in May 2020, Dell joined hands with Google Cloud to unveil a hybrid storage solution, Dell Technologies Cloud OneFS for Google Cloud in a bid to assist organizations in controlling exponential data as well as application growth. The partnership also paved way for the easy flow of files across private clouds and Google Cloud.
Impact of COVID-19 on cloud computing market forecast
The present COVID-19 outbreak disrupted the global economy, bringing severe setbacks to most businesses across the world. The rapid spike in the number of infections led to the imposition of varying degrees of lockdowns, and the shutting down of operations in several industrial sectors.
However, the adoption of work from home models by companies to look after employee safety and well-being has relatively favored the demand for cloud computing systems.
Given the chronic prevalence of the pandemic across most parts of the world, healthcare companies have also turned to cloud in order to develop personalized treatments for patients.
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