Published Date: 31-Aug-2022
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According to a new report, published by KBV research, The Global Cloud Computing Market size is expected to reach $1143.2 Billion by 2028, rising at a market growth of 15.0% CAGR during the forecast period.
The Software as a Service (SaaS) segment acquired maximum revenue share in the Global Cloud Computing Market by Service Type in 2021 thereby, achieving a market value of $634.0 billion by 2028. Its low cost of ownership, low cost of maintenance, and ease of deployment all contribute to this expansion. The total cost of ownership (TCO) of SaaS solutions is anticipated to match that of on-premise models due to the SaaS products' rapid rise across the globe.
The Public segment has shown the growth rate of 14.6 % during (2022 - 2028). Similar to the private sector, government facilities such as the core finance, procurement, and HR systems that support work-from-home grants and the furlough plan might benefit from cloud-based hosting choices for enterprise resource planning (ERP) systems like Oracle E-Business Suite.
The Large Enterprises segment is generating highest revenue share in the Global Cloud Computing Market by Enterprise Size in 2021 thereby, achieving a market value of $660.9 billion by 2028. Demand is being driven by lower operating costs, enhanced collaboration, greater flexibility, and shorter time to market. Businesses can assign mundane tasks to technology that can complete them more quickly due to cloud computing.
The IT & Telecom segment is showcasing a CAGR of 13.8% during (2022 - 2028). Telecom companies are particularly positioned to play a key role in the new market and offer value-added services to revive revenue streams because they hold the networks on which cloud-based applications are delivered. Also, as the telecom industry is expanding, the adoption of cloud computing would also grow in this segment.
The North America market dominated the Global Cloud Computing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $390.8 billion by 2028. The Europe market is exhibiting a CAGR of 14.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 16% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/cloud-computing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Google LLC, IBM Corporation, Oracle Corporation, Amazon.com, Inc., Microsoft Corporation, SAP SE, Salesforce.com, Inc., Adobe, Inc., Alibaba Group Holding Limited, and Workday, Inc.
By Service Type
By Enterprise Size
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