Cloud Computing Market Worth $623.3 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 26, 2019 /PRNewswire/ -- According to a new market research report "Cloud Computing Market by Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), Deployment Model (Public, Private, and Hybrid), Organization Size, Workload, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Cloud Computing Market size is expected to grow from USD 272.0 billion in 2018 to USD 623.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period.
Increased automation and agility need for delivering enhanced customer experience, and increased cost savings and return on investment are major growth factors for the cloud computing market.
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Growth of IaaS to be driven by increasing need of enterprises to shift enterprise workloads to cloud
The key features of IaaS include automated administrative tasks, dynamic scaling, platform virtualization, and network connectivity. The ever-changing business environment and customer demands encourage enterprises to increase their focus on their core business operations. IaaS enables enterprises to leverage their IT infrastructure without paying for the construction of the physical infrastructure. Moreover, it provides flexibility, mobility, easy, and scalable access to applications, and enhanced collaboration to help enterprises focus on their core businesses.
Lower cost and increased security capabilities result in rising popularity of public cloud
The services offered over the public deployment model are either free or offered under a subscription model. The advantages of using the public cloud include simplicity and ease of deployment. Moreover, the initial investment required for the deployment is minimum, and there are no responsibilities involved in managing the infrastructure.
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North America to dominate the global Cloud Computing Market in 2018
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. BFSI, IT and telecommunications, and government and public sector verticals majorly adopt cloud computing services. As the benefits of adopting cloud computing services are becoming more evident, more companies are expected to implement cloud computing services. The US and Canada are the top countries contributing to the growth of Cloud Computing Market in North America.
The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global Cloud Computing Market. Major vendors in the global Cloud Computing Market include AWS (US), Microsoft (US), Google (US), Alibaba (China), SAP (Germany), IBM (US), Oracle (US), VMware (US), Rackspace (US), Salesforce (US), Adobe (US), Verizon (US), CenturyLink (US), Fujitsu (Japan), and NTT Communications (Japan).
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