Cloud Computing Market Size Projected to Hit Around USD 1,240.9 Billion by 2027

Northbrook, IL 60062 -- (SBWire) -- 01/11/2023 --According to top rated research report by MarketsandMarkets, the global Cloud Computing Market size is expected to grow from USD 545.8 billion in 2022 to USD 1,240.9 billion by 2027 at a growing Compound Annual Growth Rate (CAGR) of 17.9%. The ever-increasing operational overheads and complexities related with on-premises hardware have facilitated the adoption of cloud computing, which is expected to aid companies in cutting down their Operational Expenditure (OPEX) and Capital Expenditure (CAPEX). Cloud offers self-service provisioning, enhanced performance and productivity, and increased speed. Businesses may choose service models completely dependent on business requirements to adhere to these benefits, which is further expected to fuel the market growth.

Browse in-depth TOC on "Cloud Computing Market"
409 - Tables
63 - Figures
353 - Pages

Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=234

As per vertical, the retail and consumer goods segment to expected to grow at the highest CAGR during the forecast period

The cloud computing market is segmented into banking, financial services & insurance (BFSI), telecommunications, IT & ITeS, media & entertainment, government & public sector, manufacturing, healthcare & life sciences, energy & utility, and other verticals. As per vertical, retail and consumer goods is expected to grow at the highest CAGR of 21.2% during the forecast period. The retail and consumer goods vertical have emerged as one of the most dynamic and fast-paced industries in terms of the adoption of advanced technologies. One of the major reasons for the highest growth rate in the retail vertical could be the increasing adoption of big data and analytics technologies by retail and consumer enterprises, resulting in the growing need for adopting cloud services to offer enhanced application quality.

Disaster Recovery and Backup, IaaS service model to grow at the highest CAGR during the forecast period

The infrastructure as a service (IaaS) by-service model is segmented into primary storage, disaster recovery and backup, archiving, and computing. During the forecast period, disaster recovery and backup is projected to grow at the highest CAGR of 23.39% as it can be automated, requiring minimum input, helping organizations reduce their asset downtime. It offers various benefits, such as high scalability, flexibility, and accessibility, and ensures 24/7 support and maintenance, including hardware and software upgrades.

Higher rate of technology adoption helped North America to capture the highest market share

North American countries such as the US and Canada have a strong economic landscape, huge IT budgets, high technology assimilation, and the early adoption of advanced technologies such as AI, ML, big data, data analytics, and IoT which are expected to boost the demand for cloud computing across North American enterprises. North America is a mature market in terms of cloud computing services adoption, owing to a large presence of enterprises with advanced IT infrastructure and the availability of technical expertise. The pandemic has had a positive impact on the cloud computing market in the region. The usage of cloud technologies has aided in conducting business online as the economy slowly starts to recover. Due to the COVID-19 pandemic, the adoption of ML, AI, data analytics, IoT, and big data has increased. As a result, cloud computing is emerging as a strategic option and a brand's face.

Request Sample Copy @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=234

Some of the major cloud computing market vendors are AWS (US), Microsoft (US), IBM (US), Google (US), Alibaba Cloud (China), SAP (Germany), Salesforce (US), Oracle (US), Adobe (US), Workday (US), Fujitsu (Japan), VMware (US), Rackspace (US), DXC (US), Tencent Cloud (China), NEC (Japan), DigitalOcean (US), Joyent (US), Virtustream (US), Skytap (US), OVH (France), Bluelock (US), Navisite (US), CenturyLink (US), Infor (US), Sage (UK), Intuit (US), OpenText (Canada), Cisco (US), Box (US), Zoho (US), Citrix (US), Epicor (US), Upland Software (US), ServiceNow (US), and IFS (Sweden).

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit MarketsandMarkets™ or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/cloud-computing-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/cloud-computing-market.asp