WESTFORD, Mass., July 22, 2024 /PRNewswire/ -- According to
SkyQuest, the global Cloud Computing Market size was valued at
USD 626.4 billion in 2022 and is
poised to grow from USD 720.99
billion in 2023 to USD 2220.9
billion by 2031, growing at a CAGR of 15.1% during the
forecast period (2024-2031).
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Cloud computing transforms data processing, storage, and
management operations to cloud computer networks that are developed
over the internet instead of using local servers. The
transformation of the shared space guarantees the secured storage
setting where every device from the network can be accessed
instantaneously. This innovative development of cloud computing is
due to factors like high digitization of companies, adoption of
internet and mobile devices, and the increasing use of big data. As
the operation process of industries are evolving, their
accessibility and capability to make use of cloud platforms along
with digital business solution have become extremely critical. The
advent of the latest technologies like the Internet of Things
(IoT), edge computing, 5G connectivity, real-time analytics with AI
and ML is leading to the evolution of cloud computers in every
sector.
Download a detailed overview:
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Cloud Computing Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 720.99
Billion
|
Estimated Value by
2031
|
$ 2220.9
Billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 15.1%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Service, Deployment
Mode, Enterprise Size, End-use and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Rising adoption of
cloud computing to increase business flexibility
|
Key Market
Opportunities
|
Governments in
developing countries are adopting cloud computing
|
Key Market
Drivers
|
Increasing investment
in cloud services to streamline business functions
|
Segments covered in Cloud Computing Market are as
follows:
- Services
- Software As A Service (Customer Relationship Management,
Enterprise Resource Management, Human Capital Management, Content
Management, Collaboration And Productivity Suites, Supply Chain
Management, Other Saas Service Models), Platform As A Service
(Application Development And Platform, Application Testing And
Quality, Analytics And Reporting, Integration And Orchestration,
Data Management), Infrastructure As A Service (Primary Storage,
Disaster Recovery And Backup, Archiving, Compute), Others
- Deployment Mode
- Private Cloud, Public Cloud, and Hybrid Cloud
- Enterprise Size
- Large Enterprises, and Small & Medium Enterprise
- End-Use
- IT & ITES (Devops, Big Data And Analytics, IT Security
And Compliance, Others), Telecommunications (Network Function
Virtualization, Software Defined Networking, Edge Computing,
Others), Retail & Consumer Goods (e-Commerce and Online
Marketplaces, Customer Relationship Management, Point of Sale
Systems Others), Manufacturing (Supply Chain Management, Product
Lifecycle Management, Others), Energy & Utilities (Smart Grid
Management Energy, Monitoring and Management, Renewable Energy and
Forecasting, Other Energy and Utility Services), Healthcare
(Electronic Health Records, Remote Patient Monitoring, Genomic
Sequencing and Bioinformatics, Others), Media & Entertainment
(Content Storage and Distribution, Media Streaming, Content
Production and Post Production, Others), Government & Public
Sector (Government Infrastructure Migration, Digital Government and
e-Government Services, Open Data and Transparency, Other Government
and Public Sector Services), Others
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Combination of AI, Machine Learning, and Big Data with Cloud
to Improve Market Development
The combination of AI, Machine Learning, and Big Data with cloud
solution improves the data visualization abilities of companies
that make disparate data available and actionable. In the procedure
of gathering data and training algorithms, massive volumes of
computing resources and storage capability are necessary that is
cheap and easily procured as-a-service. In recent times, cloud
providers have rapidly started using AI for several tasks like
managing extensively distributed networks required for the storage
services, improving power and cooling systems in data centers, and
boosting cybersecurity solutions that secure data. Organizations
are using AI-based solutions for getting a competitive edge in the
market by automating the present functions for making crucial
decisions and increasing productivity. There are also many other
advantages of AI like it can reduce repetitive and complex tasks
and conduct data analysis without any human touch. Today, it has
become easier for IT departments to monitor and control workflows
precisely with the help of AI. Moreover, market players such as
Google, Amazon, and Microsoft, the main providers of cloud
services, started implementing artificial intelligence in their
operations. They are trying to offer users effective and affordable
solutions.
Rising Implementation of Omni-Cloud Solutions to Efficiently
Manage Workforce
Many companies are applying multi-cloud solutions in their
operations to manage the workforce through cloud-based platforms.
Moreover, the rising durability and flexibility of cloud-based
applications such as Gmail, Dropbox, and Facebook are increasing
the demand for swift handling cycles in real-time. However, the
implementation of disparate cloud infrastructure could lead to
reduction in efficiency because of uneven coordination. This is the
main reason due to which companies are shifting to omni-cloud
solutions to make profit on several advantages like smooth use of
data, improved decision-making abilities, real-time scalability,
and enhanced data availability.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/cloud-computing-market
Dramatic Shift Towards Digital Transformation is Boosting the
Cloud-Computing Market
The cloud computing market is growing at a rapid speed because
of the growing digital transformation in several industries,
extensive use of innovative technologies like AI, IoT, and big data
analytics, and cost-efficient IT solutions. The recent COVID-19
pandemic has also escalated the implementation of cloud services as
businesses needed remote working abilities and digital
transformation to adjust with the shifting market dynamics.
Related Report:
Cloud Backup Market
Cloud Robotics Market
Hybrid Cloud Market
Personal Cloud Market
Cloud Services Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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