Internet penetration rate and data generated yearly are some of the most prominent factors driving the growth of the cloud computing market because as the size of generated data increases the need for this data to be stored either in physical storage devices or in cloud storage also increases. Moreover, physical storage devices are easy to access but they are more expensive and less secure than cloud storage, there is a higher risk for data loss or data theft in physical data storage. Therefore, the demand for cloud-based storage is increasing. Furthermore, AI is playing a big role in the increasing demand for cloud computing because many companies are using AI to provide smarter solutions for their business problems. There are many benefits of using or developing AI on cloud platforms, it is cost-effective to work on AI projects on cloud platforms because it eliminates costs related to on-site data centers, such as hardware and maintenance.

According to UnivDatos research report “Cloud Computing Market”, the market is expected to witness a CAGR of around 17% growth during the forecast period. This can be mainly attributed to the increasing global digital data coupled with the rise of AI.

Based on type, the market is segmented into public cloud, private cloud, and hybrid cloud. In 2020, private cloud accounted for the majority share in the global cloud computing market due to its superior performance, compliance, and security reasons. Usually, private clouds are deployed inside the firewall of the intranet of the organization which ensures efficiency and good network performance. Furthermore, it gives better controls for data, and user management. In addition, the private cloud belongs to a single client. Therefore, the infrastructure and systems can be configured to provide high levels of security.

Based on service, the market is categorized into SaaS, PaaS, and IaaS. Among these, SaaS held a prominent share in the global cloud computing market and is expected to hold a prominent share during the forecast period. Reduced time for software installation and configuration, lower cost, and easy upgrade are the prominent factors driving the growth of this segment. It is a cloud-based software delivery model in which the cloud provider develops and maintains cloud application software, provides software updates, and makes software available to its customers over the internet on a pay-as-you-go basis. Working with SaaS keeps the environment updated, and improves scalability & integration.

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North America is expected to witness substantial growth during the forecast period

For a better understanding of the market adoption of the cloud computing industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. North America dominated the global cloud computing market in 2020. This can be attributed to the strong emphasis on digital transformation and the trend of being adopters of next-generation technologies. Many businesses in North America are making a transition or have completely transitioned toward the hybrid work model. Moreover, numerous vendors such as Microsoft Corporation, Oracle Corporation, Amazon.com Inc., and International Business Machines Corporation and the high propensity to adopt new technologies are expected to drive the growth of the cloud computing market in this region.

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According to ‘UnivDatos, the key players with a considerable market share operating in the Cloud Computing Market include Amazon.com Inc., Microsoft Corporation, Google LLC, International Business Machines Corporation, Oracle Corporation, VMware Inc., Salesforce Inc., Alibaba Group Holding Limited, Hewlett Packard Enterprise, and SAP SE. These companies are taking various strategic decisions to increase their market presence and share

“Cloud Computing Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.     

Market Segmentation:

1.      By Type (Private Cloud, Hybrid Cloud, Public Cloud)

2.      By Service (SaaS, PaaS, IaaS)

3.      By Industry (Banking and Financial Services, Information and Communication Technology, Government, Consumer Goods, and Retail, Healthcare, and Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of World)

5.      By Company (Amazon.com Inc., Microsoft Corporation, Google LLC, International Business Machines Corporation, Oracle Corporation, VMware Inc., Salesforce Inc., Alibaba Group Holding Limited, Hewlett Packard Enterprise, and SAP SE)

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