Europe Cloud Computing Market size is anticipated to reach USD 650 billion by 2032, according to a new research report by Global Market Insights Inc.
The presence of multiple cloud data centers and consistent developments in cloud computing technology will foster market growth. Major cloud vendors like Google, IBM, Oracle, and Microsoft, have made massive investments toward setting up cloud data centers in Europe. These companies are targeting enterprises that require high-performance and low-latency cloud solutions. The introduction of the hybrid cloud model should accelerate the adoption of cloud-based solutions across the region.
Wide-ranging benefits of IaaS to boost service demand
The Europe cloud computing market from Infrastructure-as-a-Service (IaaS) segment is expected to record a 20% CAGR between 2023 and 2032. This growth can be attributed to the ease of usage, speedy computation times, and cost-effectiveness of IaaS. The service is well suited for varying computing workloads since it is very flexible and scalable. It gives customers the benefit of scaling up computing power during high load times and reducing it back during periods of low load. Its Pay-As-You-Go (PAYG) feature also helps reduce the costs of establishing internal infrastructure.
Get more details on this report - Request Free Sample PDF
Customized private cloud solutions to improve data privacy
The private cloud segment attained around 30% of the Europe cloud computing market share in 2022. Enterprises prefer the use of this cloud model due to its high level of security and data privacy. The cloud infrastructure and services of this model are delivered over a secure, private network, providing data reliability and confidentiality. The adoption of private cloud model will be aided by the availability of customized solutions for a range of IT workloads.
Browse key industry insights spread across 300 pages with 275 market data tables and 35 figures & charts from the report, “Europe Cloud Computing Market Size By Service (Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS)), By Organization (Large Enterprises, SMEs), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Application (IT & Telecom, BFSI, Government and Public Sector, Healthcare, Retail, Manufacturing, Education), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Growing demand for cloud computing solutions in the BFSI sector
The BFSI application held approximately 15% of the Europe cloud computing market share in 2022. The increased digitalization of financial services is driving the need for advanced cloud solutions in this sector. A cloud-based infrastructure is vital for supporting improved software performance and implementing advanced technologies like distributed ledgers and artificial intelligence for BFSI applications. The use of cloud computing solutions should reduce the infrastructural cost for banks as they do not have to depend on on-premise systems.
New government investments in cloud data centers across the UK
The UK cloud computing market generated USD 10 billion in 2022. The country is observing strong government investments in cloud infrastructure and high rate of cloud adoption by businesses. The UK government has more than doubled its spending on cloud computing over the past five years. Several cloud firms are also making huge investments in the country.
New product launches to influence market development
Some of the leading companies operating in the cloud computing market include AWS, Google, Microsoft, Fujitsu, and IBM. These companies are launching new products and services that support emerging computing technologies.