The Global cloud computing Platform marketthe size should go from $545.8 billion in 2022 to $1,240.9 billion by 2027 at a compound annual growth rate (CAGR) of 17.9% over the forecast periodaccording to a new report by Markets and Markets. Ever-increasing operational overhead and on-premises hardware complexity have facilitated the adoption of cloud computing platforms, which should help companies reduce operational expenses (OPEX) and capital expenditures (CAPEX). Therefore, cloud IT is the basis of a wide variety of services. These range from services that allow large enterprises to host all their data and run all their applications in the cloud, to consumer services such as Gmail or cloud backup of photos from a user’s smartphones.
According to the vertical, the retail and consumer goods segment is expected to grow at the highest CAGR during the forecast period
The cloud computing platform market is segmented into Banking, Financial Services & Insurance (BFSI), Telecommunications, IT & ITeS, Media & Entertainment, Government & Public Sector, Manufacturing, Healthcare & Life Sciences, Energy & Utilities and Other Verticals. According to the vertical, retail and consumer goods are expected to grow at the highest CAGR of 21.2% over the forecast period. The retail and consumer goods vertical has become one of the fastest growing and fastest growing industries in terms of adopting advanced technologies. Rising consumer expectations and increased purchasing power are two variables driving this adoption and resulting in both growth and retention of new customers. Online retail and cloud technologies have severely affected the retail and consumer products industry, resulting in an increase in the use of cloud computing, primarily for storage, backup and of security. Cloud computing services enable retailers to access customer data with one click from any store located anywhere, improving customer service delivery.
Disaster recovery and backup, IaaS service model to grow at the highest CAGR during the forecast period
The infrastructure-as-a-service (IaaS) per-service model is segmented into primary storage, disaster recovery, and backup, archive, and computing. During the forecast period, disaster recovery and backup are expected to grow at the highest CAGR of 23.39%, as they can be automated, requiring minimal interventions, helping organizations reduce downtime. termination of their assets. It offers various advantages, such as high scalability, flexibility and accessibility, and provides 24/7 support and maintenance, including hardware and software upgrades.
North American countries such as the United States and Canada have a strong economic landscape, huge IT budgets, high-tech assimilation, and early adoption of advanced technologies such as AI, ML, big data, data analytics and IoT which is expected to drive the demand for cloud computing platforms in North American businesses. North America is a mature market in terms of adoption of cloud computing services, due to a large presence of enterprises with advanced IT infrastructure and availability of technical expertise. The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic has had a positive impact on the cloud computing platform market. The use of cloud technologies has helped do business online as the economy slowly begins 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 platforms are emerging as a strategic option and a face for brands.
Some of the main cloud computing platform market providers 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 (China) , NEC (Japan), DigitalOcean (US), Joyent (US), Virtustream (US), Skytap (US), OVH (France), Bluelock (US), Navisite (US) United States), CenturyLink (United States), Infor (United States), Sage (United Kingdom), Intuit (United States), OpenText (Canada), Cisco (United States), Box (United States), Zoho (US), Citrix (US), Epicor (US), Upland Software (US), ServiceNow (US), and IFS (Sweden).