According to TechSci Research report, “ Global Cloud Computing Market By Service (SaaS, IaaS and PaaS), By Deployment (Public, Private and Hybrid), By Application Type (Government, Small and Medium-Sized Enterprises and Large Enterprises), By End-User (IT & Telecom, BFSI, Retail & Consumer Goods, Healthcare and Others), By Region, Competition, Forecast & Opportunities, 2016-2026”, the Global Cloud Computing Market is projected to cross USD849.33 billion by 2026 at a CAGR of 18.79%.
On account of the increasing digital transformation in industries, rising penetration of internet and mobile devices
in emerging countries across the world. Moreover, the rising adoption of the Internet of Things (IoT), edge computing, 5G, use of real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) will positively influence the Global Cloud Computing Market in the upcoming years.
The extensive use of cloud computing in various sectors including private organizations, government, retail, healthcare, education, among others is anticipated to act as a catalyst in the growth of the Global Cloud Computing Market. Browse 162 Figures spread through 110 Pages and an in-depth TOC on ” Global Cloud Computing Market “
The global Cloud Computing Market can be divided into service, deployment, application type, end- user and region. On the basis of service, the Global Cloud Computing Market can be divided into SaaS, IaaS and PaaS. The SaaS segment held the largest market share of 52.89% in 2020 due to its scalability and lower costs along with the higher security for the data. In terms of application type, the Global Cloud Computing Market can be branched into Government, Small and Medium-Sized Enterprises and Large Enterprises.
The government segment was the leading market shareholder with 43.56% shares in 2020 due to increased productivity and
document control for the large IT departments in government offices with improving security for the storage of the data.
In terms of deployment, the Global Cloud Computing Market can be segmented into Public, Private and Hybrid where the major market share is of the public segment with 61.34% share in
- But the Hybrid Cloud is the fastest growing segment and is forecast to grow with a swiftest pace at a CAGR of 24.32% until 2026. The growth of the hybrid cloud is due to its better support for a remote workforce and improved security and risk management along with the accessibility of multiple vendors and platforms by a single user.
- The Cloud Computing market on the basis of end-user can be diverged into IT & Telecom, BFSI, Retail & Consumer Goods, Healthcare, Manufacturing, Entertainment etc. The IT & Telecom sector had a market share of 33.98% in 2020, which in turn expected to enhance the market growth over the forecast period. This growth is due to the lower operational and administrative costs which in turn will generate the significant revenue in the market in the forecast period.
- In the Global Cloud Computing Market, the largest contributor to the market is the North America region with a market share of 35.22% in 2020 owing to early implementation of cloud computing solutions. United States (US) was the largest contributing country in the region with 67.48% market share in 2020 owing to its predominance in IT sector, followed by Canada and Mexico. The Asia-Pacific region is growing the fastest growing with a CAGR of 20.25% in the forecast period due to its increasing digitalization and technological advancements and launch of new in-house services in the region.