CHICAGO, Nov. 4, 2022 /PRNewswire/ -- The global Cloud Computing Platform Market size is expected to grow from USD 545.8 billion in 2022 to USD 1240.9 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period, according to a new report by MarketsandMarkets. The ever-increasing operational overheads and complexities in the on-premises hardware have facilitated the adoption of cloud computing platforms, which is expected to aid companies in cutting down their Operational Expenditure (OPEX) and Capital Expenditure (CAPEX). Therefore, Cloud computing is the foundation of a huge variety of services. This ranges from services that enable big businesses to host all their data and operate all of their apps in the cloud to consumer services such as Gmail or the cloud backup of a user's smartphones photos.
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As per vertical, the retail and consumer goods segment to 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 & 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. The rising expectations of consumers and their increased spending power are two variables that are driving this adoption and resulting in both new customer growth and retention. Online retailing and cloud technologies have seriously affected the retail and consumer products sector, which has led to a rise in the use of cloud computing, mostly for storage, backup, and security services. Cloud computing services enable retailers to access customer data with just one click from any store located anywhere, leading to better 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) 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.
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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 platforms 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 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 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 platforms are emerging as a strategic option and a brands face.
Some of the major Cloud Computing Platform 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 (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).
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