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The software-as-a-service (SaaS) segment held over 60% share of the Europe cloud computing market in 2022. The need to improve consumer experience has fueled the demand for Customer Relationship Management (CRM) software by enterprises. SaaS has emerged as a viable option for SMEs with limited financial resources because of its low subscription prices and hardware independent operations. Companies that offer SaaS services can handle all software updates, security upgrades, and user additions which consequently allows businesses to lower their IT spending.
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The Europe cloud computing market share from the manufacturing segment will record a 30% CAGR during the forecast period. Rapid shift towards Industry 4.0 and digitalization trends are influencing the adoption of cloud computing services in the manufacturing sector. Enterprises in this sector are using the public cloud more frequently to manage their core applications like ERP and resource management systems. Expanded analytics capabilities of cloud computing and on-demand availability of data will allow enterprises to respond more quickly to real-time data and identify and resolve issues.
Based on the deployment model, the public cloud segment accounted for 55% market share in 2022. Public cloud model is gaining widespread acceptance by enterprises that are looking for cost-effective cloud solutions. This model enables enterprises to virtually host data and apps. It also helps businesses to avoid investment in infrastructure and equipment as compared to private cloud model. Another key advantage of public cloud is its higher flexibility which enables enterprises to pay only for the computing resources that are being used.
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Italy cloud computing market size will witness 30% CAGR through 2032. Factors like strong presence of several multinational corporations and sizable investments in the manufacturing sector would support the industry expansion. Favorable government initiatives for enabling SMEs to incorporate smart working, artificial intelligence (AL), and digital skilling to develop skilled workforce should encourage the deployment of cloud computing services.