As per the reports of FMI, the global cloud computing market is estimated to increase at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period, from USD 445.3 billion in 2021.
While Asia Pacific’s technology expenditure has surged, a setback owing to the recent COVID-19 pandemic is on the horizon. Cloud technology usage is likely to expand in areas where the WFH effort is assisting in the maintenance of corporate business processes. The emergence of developing technologies such as Artificial Intelligence (AI) and machine learning facilitates cloud expansion by allowing businesses to tap into AI capabilities.
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The COVID-19 pandemic has emerged as a major threat to the global economy. Cloud computing may help businesses overcome the business continuity difficulties posed by lockdown, work from home, social distance, and other cloud computing market demands.
However, as a result of the pandemic, firms, managers, and workers are increasingly opting for remote working. Remote working has emerged as the current trend and is predicted to remain in the long run.
Cloud computing is used in many applications via the Infrastructure as a Service, Platform as a Service, and Software as a Service model; the high initial and ongoing costs remain a barrier to the cloud computing business.
Cloud computing compels enterprises to deal with the same network security models and physical security constraints for more remote servers, where security footprints and traffic patterns are visible to everyone, compromising database security and posing a problem.
List of Key Players Covered in Cloud Computing Market are:
- AWS
- Microsoft
- IBM
- Salesforce
- Oracle
- SAP
- Alibaba Cloud
- Adobe
- Workday
To expand their cloud computing market offers, asset performance management vendors have employed a variety of organic and inorganic development tactics, such as new product releases in the cloud computing market, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions. AWS, Microsoft, IBM, Salesforce, Google, and others dominate the cloud computing sector.
The current competitive environment and global economic conditions have hastened the adoption of cost-effective ways to reorganize company models. The rising movement of organizations toward digital transformation and the acceleration of customer experience are a few more factors driving the use of cloud computing services, eventually lowering corporate costs.
Furthermore, the cloud has the benefit of a pay-as-you-go approach, which allows organizations to pay for cloud services based on their utilization, resulting in lower costs.
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Key Takeaways:
- The solutions from the cloud computing market are expected to grow at the fastest CAGR of 15.1% in the component sector.
- Public cloud is expected to grow at a high rate in the deployment type sector of the cloud computing market, with a CAGR of 15.0%.
- The market size for cloud computing in the United States is expected to reach US$ 6 Billion by 2032, growing at a CAGR of 15.0% during the research period.
- United Kingdom is expected to reach a market size of US$ 693.9 Million in cloud computing by 2032, with a CAGR of 13.9% during the research period.
- China’s cloud computing market is expected to be worth US$ 1.2 Billion by 2032, with a CAGR of 14.5% over the forecast period.
- Japan is expected to have a market size for cloud computing of US$ 1 Billion by 2032, with a CAGR of 13.4% during the research period.
- By 2032, South Korea is expected to reach a market size of US$ 606.7 Million in cloud computing, with a CAGR of 13.0% during the research period.
Significantly, as organizations attempt to improve their digital activities, public cloud services have acquired significant popularity in the Asia Pacific. With the need to attain better company agility and customer satisfaction, cloud computing has become the foundation of how many firms function today.
As the benefits such as on-demand availability and cheap cost, start-ups, and SMEs are increasingly turning to cloud services. Additionally, they free up workers’ time to focus on other mission-critical duties. These incentives are encouraging businesses to rapidly embrace cloud computing services.
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