The global cloud computing market size is expected to reach USD 1,418.09 billion by 2028 according to a new study by Polaris Market Research. The report “Cloud Computing Market Share, Size, Trends, Industry Analysis Report, By Service, By Deployment (Public, Private, Hybrid), By Enterprise Size, By End-use, By Region; Segment Forecast, 2021–2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
There are few prominent factors like the growing trend of remote working and increasing expenditure on cloud computing across various industries that are driving the market in the upcoming scenario.
Also, the advent of developing technologies such as machine learning, big data, SaaS, and artificial intelligence (A.I.) allows numerous companies to deploy A.I. proficiencies that facilitate cloud-based technology growth. Moreover, the growing demand for scalable, cost-effective, and secured services & solutions is attributed to the globe's on-demand computing market growth.
The large enterprise segment is leading the industry with the largest revenue shares owing to the factors such as the deployment of on-demand computing increased flexibility, reduced operational costs, and helps in building applications. The rise in demand of these factors will drive the on-demand computing industry.
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The rising shift towards the hybrid approach for the deployment of cloud-based models instead of existing on-premises models impels industry growth. Numerous benefits offered by the on-demand computing solutions such as it collaborates effectively, scalability, business continuity by protecting data, access over automatic updates, and diminishes I.T. costs.
Therefore, these advantages are gaining a huge consumer base because no preliminary infrastructure setup expenses are required, and on-demand accessibility for services is also provided. Hence, an increasing number of SMEs flourish the demand for on-demand computing across the globe. For instance, according to the U.S. Small Business Administration office of advocacy, in 2019, there were 30.7 Billion small level businesses across the U.S., accounting for around 99.9% of U.S. businesses.
On-demand market participants such as Alibaba Group Holding Ltd., Adobe Inc., Amazon.com Inc., DigitalOcean, CenturyLink, DXC Technology, Google LLC, Fujitsu, Infor, Joyent, International Business Machines Corporation, Microsoft Corporation, Open Text Corporation, NEC Corporation, Oracle Corporation, Rackspace Technology, OVHcloud, Salesforce.com Inc., Skytap, SAP SE, Tencent, Vmware, Virtustream, Workday, Inc., and Zoho Corporation Pvt. Ltd. are key players in the global market.
There are various strategic initiatives and acquisitions that are opting by market players of the on-demand computing industry for organizational growth. For instance, In January 2021, Accenture acquired Cloud-Native and agile development company Wolox for advancing the global proficiencies of the Accenture Cloud First. The Cloud First will deploy in three years in which the company invests around USD 3 billion.
Polaris Market Research has segmented the cloud computing market report on the basis of enterprise size, service, deployment, end-use, and region:
Cloud Computing, Service Outlook (Revenue - USD Billion, 2016 - 2028)
Cloud Computing, Deployment Outlook (Revenue - USD Billion, 2016 - 2028)
Cloud Computing, Enterprise Size Outlook (Revenue - USD Billion, 2016 - 2028)
Cloud Computing, End-Use Outlook (Revenue - USD Billion, 2016 - 2028)
Cloud Computing, Regional Outlook (Revenue - USD Billion, 2016 - 2028)