Cloud Computing Market Was Estimated to Grow At 19.7% CAGR During the Forecast Period Due to Rise in Adoption of Hybrid Cloud Computing Services Among Major Industries: Says Absolute Markets Insights

Cloud Computing Market Was Estimated to Grow At 19.7% CAGR During the Forecast Period Due to Rise in Adoption of Hybrid Cloud Computing Services Among Major Industries: Says Absolute Markets Insights

The primary participant operating in the global cloud computing market include Amazon Web Services, Inc., Akamai Technologies, Cisco Systems

PR Newswire

PUNE, India, March 16, 2020

PUNE, India, March 16, 2020 /PRNewswire/ -- Global cloud computing market is anticipated to grow significantly over the forecast period. Enterprises across the globe are increasingly focusing on minimizing their overall capital expenditure by adopting cloud services as per their business needs. Cloud computing can be attributed in three major deployment models - Private, Public, and Hybrid are the respective deployments of cloud computing. Many governments around the world are adopting or increasing their participation in cloud computing technology to bring down their capital expenditure (CAPEX) that they used to spend on their I.T infrastructure. To quote this instance in India Maharashtra, the Indian Government is using Amazon (AWS) cloud service for their "MahaOnline" a public portal, which is managing millions of users' online traffic and adjusting automatically the required space for computing, to run the portal effectively and efficiently. Furthermore, the government of the Kingdom of Saudi Arabia (KSA) has deployed its e-government online portal on cloud that is helping the government to manage its various national-level programs and online transactions electronically. The government is implementing the cloud solution with the collaboration of YESSER, the government backed organization. Furthermore, several countries under European Union has recorded surge in adoption of cloud computing solutions, where Finland has leveraged the solution most and tops the table in the region, however the United Kingdom holds a significant place in terms of adopting the cloud computing solutions.

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The cloud computing market is expected to grow in multiple folds due to, increase in the adoption of hybrid cloud computing services among major industries to tackle their complex digital transformations and security-related concerns across the regions. For instance, the healthcare organizations are migrating its critical clinical and IT applications such as environment, health & safety (EHS) and picture archiving & communication system (PACS) on the hybrid cloud to migrate the applications & associated data with the required technical up gradation. Healthcare organizations especially need flexibility, ease of management and security of data that the hybrid cloud fulfills the requirement. To quote the aforementioned sector, which has deployed its IT infrastructure on the hybrid cloud is the University of Utah Health. It is regions only university, that has four hospitals and ten community clinics and implemented a hybrid IT environment to support their complex application function that contains health records and medical operations-related data. The hybrid cloud infrastructure ensures the application is supported in case of any up-gradation and ensures disaster recovery of data when they require.

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The detailed research study provides qualitative and quantitative analysis of cloud computing market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

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Cloud Computing Market Segmentation:

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