cloud technology market
The cloud technology market was valued at USD 325,689 million in 2019 and is projected to reach USD 1,620,597 million by 2030, registering a CAGR of 15.8%.
A model or network in which software or applications run and which multiple servers or devices can access simultaneously is called a cloud. A revolution in the history of computing, cloud computing technology has made it possible to deliver computing solutions, infrastructure solutions, and application layers in new and faster ways. The new cloud computing technology and its use are the main topics of the report. Moreover, it provides a comparison between cloud computing technology and conventional technology and explains how cloud computing technology outperforms conventional technology.
With a number of benefits, including agile deployment, secure and storage management, low total cost of ownership, utility-based sharing models, and high-level computing, cloud services improve the performance of the company. Data security, which presents the greatest risk of data breach and unauthorized use by third parties, is the element that limits the growth of the market. Another restriction is the location and management of data, as there are many ungoverned areas where it can be easily hacked and misused. Market expansion is further hampered by insecure interfaces and APIs, as companies do not know where these interfaces are. Cloud technology is expected to be used by emerging countries due to its cost advantages, which present prospects for market expansion.
Market dynamics
Demand for cloud computing increased in Q3 2020 as enterprises continued to convert their workloads from analog to digital formats. As more companies in as many industries as possible have embraced the work-from-home paradigm to maintain employee well-being and operational efficiency, the need for software-as-a-service-based solutions ( SaaS) exploded. For example, the number of Microsoft Team platform users jumped to 44 million due to strong demand for collaboration tools. While standalone cloud service 8×8 Video Meetings saw over 300% growth in registered customers in the last week of February 2020 across 150 different countries. Demand for streaming services like Amazon Prime, Disney+, Twitch, Netflix, Hulu, YouTube, and Apple has increased dramatically due to lockdowns.
Market factors
The increased use of big data, AI, ML and other technologies is expected to drive the expansion of the market. These technologies are changing the market environment as they allow users to monitor, analyze and visualize raw data. By integrating these advanced technologies with cloud solutions, companies can improve their visualization capabilities and make complex data accessible and usable. The widespread application of AI and ML in enterprises has improved data utilization and reduced storage issues. These technologies also help reduce operator expenses, improve decision-making and increase business productivity. In order to become more strategic, efficient and insight-driven, companies are adopting AI-based solutions. To increase productivity and perform data analysis without requiring human participation, AI can automate difficult and time-consuming operations.
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Global Cloud Technology Market: Major Players
Kamatera
Amazon Web Services
Verizon cloud
vmware
rack space
drop box
Google Cloud Platform
phoenixNAP
Selling power
Adobe
Microsoft Azure
Red Hat
Oracle Cloud
SAP
Navisite
IBM Cloud
Egnyte
Global Cloud Technology Market: By Types
public clouds
Private clouds
Hybrid clouds
Global Cloud Technology Market: By Applications
E-mail
Private cloud
cloud game
cloud call
cloud education
Others
Global Cloud Technology Market: Regional Analysis
The whole regional segmentation has been studied based on recent and future trends, and the market is forecast through the forecast period. The countries covered in the regional analysis of the Global Cloud Technology Market report are USA, Canada & Mexico North America, Germany, France, UK, Russia, United States Italy, Spain, Turkey, Netherlands, Switzerland, Belgium and the rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea South, Rest of Asia Pacific (APAC) in Asia Pacific (APAC), Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA ) as part of the Middle East and Africa (MEA), and Argentina, Brazil, and the rest of South America as part of South America.
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