nForming Cloud Computing Market Smart Book

The nForming Cloud Computing Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes products and services, type of indication, age group, and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the cloud computing market. The cloud computing market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.

Cloud Computing Market: Recent Developments 

The cloud computing industry is seeing a variety of developments. Among the major development areas are:

• Recent Developments

  • In January 2023, Alibaba Cloud introduced the Apsara Developer Community, a new hub designed to support developers globally by providing a wider range of developer tools and services. It seeks to promote the developer community’s ongoing growth while easing the digital economy’s progress in various areas.

• • In October 2023, a new partnership between BT and Google Cloud was established with a greater emphasis on cybersecurity innovation. As part of the cooperation, BT would supply managed services for Google’s Autonomic Security Operations (ASO) offering, which is built on Google Chronicle.

Read more opportunities in the cloud computing market in the Smart Book.

Cloud Computing Market Drivers

The increasing adoption of hybrid cloud services will drive market growth

The market for cloud computing is expanding significantly due to the increasing adoption of hybrid cloud services. Companies that already have infrastructure are utilizing cloud computing services and are open to implementing a hybrid approach to benefit from both on-premises and cloud services. SMEs are adopting cloud computing services at a rapid pace because of its many benefits, which include the availability of computing services on demand and the absence of upfront infrastructure costs. These factors are influencing how companies use hybrid cloud services. The hybrid cloud offers several benefits, including enhanced security and compliance, improved workload management, and seamless collaboration with DevOps teams. It also has the scale required to surpass other companies and provides the flexibility to migrate from on-premises to the cloud or between clouds. These components broaden the potential applications for hybrid CSP.

Cloud Computing Market: Restraints

High complexity as a result of using a multi-cloud architecture hinders market growth.

A significant barrier to the expansion of the cloud computing industry is the high complexity as a result of using a multi-cloud architecture. When it comes to solving their present problems, lean IT teams are up against new obstacles. Traditionally, businesses have prioritized process optimization, cost reduction, and efficiency enhancement. They were obliged to prioritize deployments owing to the epidemic, though, and as a result, they rushed into public cloud solutions without doing enough research. This led to increased complexity, higher costs, and less flexibility, with little emphasis on reaching key business goals.

Read all the major drivers and trends of the cloud computing market in the Smart Book.

Cloud Computing Market: Regional Landscape

North America dominated the Cloud Computing market in 2022

The American corporate sector places a high priority on digital transformation and is frequently credited with being among the first to adopt cutting-edge technology like machine learning, big data analytics, augmented reality, artificial intelligence, virtual reality, and 4G, 5G, and LTE. The use of diverse technologies by American businesses is contributing to the expansion of the cloud computing industry. Because there are numerous suppliers in this industry, including Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and Amazon.com Inc., it is expected that this field will continue to hold its position.

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Cloud Computing Market: Key Companies

• Adobe Inc.
• Alibaba Group Holding Limited
• Amazon.com Inc.
• Google LLC
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• Salesforce.com Inc.
• SAP SE
• Workday, Inc.

Cloud Computing Market Segmentation:

The global cloud computing market has been segmented into service, deployment, enterprise size, and end-use.

Based on service, infrastructure as a service (IAAS), platform as a service (PAAS), and software as a service (SAAS) are segments of the global cloud computing market. The software as a service segment dominated the market in 2022. Due to elements including simple implementation, flexible pricing, and easy maintenance. Remote working is driving up demand for SaaS services since it makes previously centralized data accessible to collaborative teams.

Based on deployment, the market is classified into public, deep learning, private, and hybrid. In 2022, the private category dominated the global market. Private clouds, which provide computing capabilities across a personal network or the internet, are accessible to small individuals. Scalability, self-service, elasticity, further customization, and controls hosted on an on-premise computer system are among the features it offers enterprises. Furthermore, private clouds provide privacy and security to outside providers by utilizing internal hosting and firewalls to guarantee the highest level of data protection.

Based on enterprise size, the market is classified into large enterprises and small and medium enterprises. In 2022, the large-enterprises category dominated the global market. Remote working has increased demand for cloud computing services since it gives collaborative teams access to data that was previously centralized. Demand-influencing factors include reduced operating expenses, improved flexibility, improved teamwork, and a quicker time to market. Large enterprises can automate repetitive operations with cloud computing to get things done faster. It is anticipated that large businesses would use this technology more frequently to automate procedures, which will fuel the segment’s expansion. The expansion of large organizations in both developed and emerging nations will lead to a surge in demand for cloud computing services.

Based on end-use, the market is classified into BFSI, IT & telecom, retail & consumer goods, manufacturing, energy & utilities, healthcare, media & entertainment, government & public sector, and others. In 2022, the BFSI category dominated the global market. Money lenders have embraced the digital revolution as a result of an increase in online banking activity; cloud computing is a key component of their approach. Businesses in the BFSI sector have benefited from cloud computing through more flexibility, reduced costs, increased innovation, and improved customer interactions. A major contributing reason to the market’s expansion is the usage of cloud computing services for managing and storing consumer data. Services like digital wallets, payment gateways, unified customer experiences, and cash transfer capabilities are just a few examples.

Segmentation: