According to UnivDatos, Cloud Computing Market is expected to grow at a CAGR of around 17% during the forecast period 2021-2027. Cloud computing is the on-demand availability of computing resources as services over the internet. It removes the need for enterprises to purchase, configure, or manage resources themselves, and they only pay for what they use. There are three major components in cloud components: front end, back end, and network.

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Frontend usually refers to the client’s computer or mobile device and the application required to access the cloud computing system, the backend refers to the computer infrastructure owned by the cloud provider such as computers, servers, operating systems, and storage devices, and finally the network, it is the key component because it allows the connection between frontend and backend via the internet. Furthermore, cloud computing is flexible because of its architecture, enterprises and their users can access cloud services from anywhere around the globe with an internet connection, scaling services as needed. In addition, it is efficient because enterprises can develop new applications and quickly bring them into production without worrying about the key infrastructure.

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. Furthermore, AI tools streamline how data is consumed, modified, and managed and all the tools required to accomplish these tasks are available on various cloud computing platforms such as Google Cloud Platform, Microsoft Azure, and AWS.

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.

On the basis of 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.

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. In 2020, North America held a significant share in the global cloud computing market due to the fast development, adoption of emerging technologies, and presence of key market players such as Amazon.com Inc., Google LLC, and Microsoft Corporation, and others are expected to drive the growth across the region. Many businesses in North America have transitioned or are transitioning to a hybrid work model, this would result in an increase in cloud investments due to the demand for storage, conferencing and collaborating applications, and data security. Moreover, cloud computing is the foundational pillar for innovation, collaboration, and digital transformation and is witnessing an accelerated adoption by enterprises.

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 among others.

Cloud Computing Market Segmentation

Market Insight, by Type

·       Private Cloud

·       Hybrid Cloud

·       Public Cloud

Market Insight, by Service

·       SaaS

·       PaaS

·       IaaS

Market Insight, by Industry

·       Banking and Financial Services

·       Information and Communication Technology

·       Government

·       Consumer Goods and Retail

·       Healthcare

·       Others

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Top Company Profiles

·       Amazon.com Inc.

·       Microsoft Corporation

·       Google LLC

·       International Business Machines Corporation

·       Oracle Corporation

·       VMware Inc.

·       Salesforce Inc.

·       Alibaba Group Holding Limited

·       Hewlett Packard Enterprise

·       SAP SE

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