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Cloud computing market to hit $1,554.94 billion by 2030

The global cloud computing market is expected to reach USD 1,554.94 billion by 2030, registering a CAGR of 15.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. Cloud systems widely support streamlining inter-organizational communication and offer a convenient alternative to manage complex corporate processes. Numerous organizations globally have switched to cloud-based computing owing to its exceptional benefits including flexibility, scalability, cost savings, efficient data storage, data security, and team collaboration capabilities.

Key Industry Insights & Findings from the report:

  • Based on service, the Infrastructure as a Service (IaaS) segment is projected to garner the fastest CAGR from 2022 to 2030. The growth can be credited to the increase in demand to limit IT complexities, employ a trained workforce to manage IT infrastructures, and lessen the cost of deployment for data centers.
  • Based on deployment, the hybrid segment is anticipated to expand at the fastest growth rate in the forecast period owing to the increasing developments in cloud and industrialized services and a paradigm shift from conventional Data Center Outsourcing (DCO). Additionally, the advancements in edge computing are likely to accelerate the adoption of hybrid cloud models across the world.
  • The small & medium enterprises segment is expected to be the fastest-growing segment from 2022 to 2030. This is attributable to the shrinking costs of IT hardware & software, enhanced processing capacities & elasticity of storage, and superior mobility of access to data & services. The proliferating deployment of cloud technologies among several SMEs, especially in emerging economies is likely to fuel the market growth during the forecast period.
  • The manufacturing segment is expected to register the fastest growth rate during the forecast period. Cloud computing supports manufacturers to adopt multiple production systems, ranging from 3D printing and High-Performance Computing (HPC) to industrial robotics and IoT. Cloud services also provide platforms for incessant agility, business focus, innovation, availability, ability to scale, and cost savings which are further expected to boost the adoption of cloud computing.
  • Asia Pacific is estimated to emerge as the fastest-growing region in the global market owing to the growing focus of SMEs and large enterprises in bettering their digital initiatives. Further, the flourishing IT services industry in various markets such as India, China, and other South Asian regions is also likely to drive regional market growth during the forecast period

Cloud Computing Market Growth & Trends
The organizations are progressively deploying cloud computing services as these services offer strategic insights into investments, go-to-market approaches, partnering tactics, alliances & acquisition strategies, and excellent operational practices. Furthermore, these services aid in measuring, correlating, and analyzing business activities and ensuring that an organization’s operations address consumer demands. In order to gain crucial business insights for decision-making, several firms incrementally invest in advanced technologies including IoT, artificial intelligence, Big Data, and 5G technologies. Big Data is gaining immense popularity owing to the advantages they offer, including business intelligence, data integration, and data segmentation, among others. The surge in the need for advanced analytics solutions in cloud computing is creating growth opportunities for the market.

The COVID-19 pandemic drastically impacted businesses globally with constrained innovation and declining profitability, cash flow, and financial reserves. Software development and IT industries also faced massive challenges owing to the unprecedented outbreak. Nonetheless, cloud computing solutions witnessed crucial growth opportunities as well. The services supported teams in learning to collaborate and helped businesses realize that they can effectively function virtually. In order to maintain the well-being of employees and optimize operational efficiency, a plethora of businesses across numerous verticals implemented the work-from-home model, which boosts the demand for Software-as-a-Service (SaaS)-based solutions.

The key market vendors in the market are focusing on developing innovative cloud solutions and services and upgrading the capabilities of the existing offerings to further strengthen their foothold in the global market. Moreover, vendors also engage in various growth strategies including mergers and acquisitions to enhance their market position and cloud capabilities. For instance, in October 2020, SAP SE announced its plan to acquire Emarsys, an omnichannel provider of customer engagement platforms. The acquisition enabled SAP SE to add the customer engagement platform of Emarsys into SAP S/4HANA and Experience Management technology. Emarsys technology supports SAP Customer Experience solutions in linking the commerce signals with the back office and activating the preferred channel of the customer. This comes with a relevant and constantly personalized message, thereby supporting customers to select their engagements. PRNewswire

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