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Cloud Computing Market Witness the Growth of $1,240.9 billion by 2027

by Newsroom Editor
January 12, 2023
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(EMAILWIRE.COM, January 12, 2023 ) Acceording to a research report “Cloud Computing Market by Service Model (IaaS, PaaS, and SaaS), by Deployment Model, Organization Size, Vertical (BFSI, retail and consumer goods, telecommunications, IT and ITeS, and manufacturing) and Region – Global Forecast to 2027″ published by MarketsandMarkets,” published by MarketsandMarkets, the global cloud computing market size is expected to grow from USD 545.8 billion in 2022 to USD 1,240.9 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period.

Download PDF Brochure : https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=234

The ever-increasing operational overheads and complexities related with on-premises hardware have facilitated the adoption of cloud computing, which is expected to aid companies in cutting down their Operational Expenditure (OPEX) and Capital Expenditure (CAPEX). Cloud offers self-service provisioning, enhanced performance and productivity, and increased speed. Businesses may choose service models completely dependent on business requirements to adhere to these benefits, which is further expected to fuel the market growth.

Browse 409 market data Tables and 63 Figures spread through 353 Pages and in-depth TOC on “Cloud Computing Market – Global Forecast to 2027”

As per vertical, the retail and consumer goods segment to expected to grow at the highest CAGR during the forecast period

The cloud computing market is segmented into banking, financial services & insurance (BFSI), telecommunications, IT & ITeS, media & entertainment, government & public sector, manufacturing, healthcare & life sciences, energy & utility, and other verticals. As per vertical, retail and consumer goods is expected to grow at the highest CAGR of 21.2% during the forecast period. The retail and consumer goods vertical have emerged as one of the most dynamic and fast-paced industries in terms of the adoption of advanced technologies. One of the major reasons for the highest growth rate in the retail vertical could be the increasing adoption of big data and analytics technologies by retail and consumer enterprises, resulting in the growing need for adopting cloud services to offer enhanced application quality.

Disaster Recovery and Backup, IaaS service model to grow at the highest CAGR during the forecast period

The infrastructure as a service (IaaS) by-service model is segmented into primary storage, disaster recovery and backup, archiving, and computing. During the forecast period, disaster recovery and backup is projected to grow at the highest CAGR of 23.39% as it can be automated, requiring minimum input, helping organizations reduce their asset downtime. It offers various benefits, such as high scalability, flexibility, and accessibility, and ensures 24/7 support and maintenance, including hardware and software upgrades.

Request Sample Pages : https://www.marketsandmarkets.com/requestsampleNew.asp?id=234

Higher rate of technology adoption helped North America to capture the highest market share

North American countries such as the US and Canada have a strong economic landscape, huge IT budgets, high technology assimilation, and the early adoption of advanced technologies such as AI, ML, big data, data analytics, and IoT which are expected to boost the demand for cloud computing across North American enterprises. North America is a mature market in terms of cloud computing services adoption, owing to a large presence of enterprises with advanced IT infrastructure and the availability of technical expertise. The pandemic has had a positive impact on the cloud computing market in the region. The usage of cloud technologies has aided in conducting business online as the economy slowly starts to recover. Due to the COVID-19 pandemic, the adoption of ML, AI, data analytics, IoT, and big data has increased. As a result, cloud computing is emerging as a strategic option and a brands face.

Some of the major cloud computing market vendors are AWS (US), Microsoft (US), IBM (US), Google (US), Alibaba Cloud (China), SAP (Germany), Salesforce (US), Oracle (US), Adobe (US), Workday (US), Fujitsu (Japan), VMware (US), Rackspace (US), DXC (US), Tencent Cloud (China), NEC (Japan), DigitalOcean (US), Joyent (US), Virtustream (US), Skytap (US), OVH (France), Bluelock (US), Navisite (US), CenturyLink (US), Infor (US), Sage (UK), Intuit (US), OpenText (Canada), Cisco (US), Box (US), Zoho (US), Citrix (US), Epicor (US), Upland Software (US), ServiceNow (US), and IFS (Sweden).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com



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