Cloud computing market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Cloud computing market by region.
The global cloud computing market is expected to grow at a CAGR of 17.3% during the forecast period 2021-2027. The penetration of cloud-based technology provides computing solutions, application layers, and infrastructure solutions that increase access to advanced technologies are driving the market growth of cloud computing across the globe.
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In addition, it offers flexibility, storage, security management, utility-based sharing models, high-level computing, and others. Furthermore, emerging economies are more inclined towards cloud computing due to cost benefits and the introduction of cloud computing products in the market portfolio, which also fuels the market demand for cloud computing in the near future.
The outbreak of COVID-19 exhibits a positive influence on the adoption of cloud computing solutions. Numerous organizations and governments in the market are mainly reliant on IT services and solutions as well as there is considerable growth in the online stream platforms such as Amazon, Spotify, Netflix, etc. Thus, companies are selecting work from home models like Software-as-a-service (SaaS) based solutions to protect their workforce from coronavirus and continue their operational efficiency. It leads to the sudden growth in cloud-hosted services like IaaS, SaaS, and PaaS across various enterprises that accelerate the market demand of cloud computing over the forecasting period.