Cloud Computing Platform Global Market Report 2022: Need for Disaster Recovery and Contingency Plans Drives Adoption

News provided by

Nov 29, 2022, 12:30 ET

DUBLIN, Nov. 29, 2022 /PRNewswire/ -- The "Cloud Computing Platform Market by Service Model (IaaS, PaaS, and SaaS), by Deployment Model, Organization Size, Vertical (BFSI, Retail and Consumer Goods, Telecommunications, IT and ITeS, and Manufacturing), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

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. Cloud computing is an on-demand delivery of a virtual environment that includes a pool of resources, such as computing, storage, applications, database, and network, through pay-as-you-go pricing service models, which enable enterprises to host their workloads.

As per the service model, IaaS to grow at the highest CAGR during the forecast period

As per the service model, Infrastructure as a service (IaaS) is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 22.5% in the cloud computing platform market. Cloud Computing Service Models are further categorized into IaaS, PaaS, and SaaS. IaaS, or Infrastructure as a service, is a type of cloud computing that offers basic computation, network, and storage capabilities to customers on demand, via the internet, and on a pay-as-you-go basis. It describes a set of services, including hosting, provisioning, hardware, and the fundamental ones required to run a cloud.

With this, an enterprise can use this service to outsource servers, storage, hardware, servers, and networking components, as well as other equipment needed to support operations. Further, PaaS, or platform as a service, is an all-inclusive environment for cloud development and deployment that has the tools necessary to provide anything from basic cloud-based apps to complex business systems. It consists of application infrastructures (middleware) services, such as application platforms, development tools, integration, business process management, Business Analytics/BI, and database management services. SaaS refers to a cloud-based method of providing software to users. Users subscribe to an application rather than purchasing it once and installing it. Users can log into and use a SaaS application from any compatible device over the internet. The actual application runs in cloud servers instead of each user installing the software on their device. For large organizations, updating software was a time-consuming process.

As per platform as a service, analytics and reporting segments to grow at the highest CAGR during the forecast period

As per PaaS, Analytics and reporting are anticipated to develop at the highest CAGR of 23.4% during the forecast period, while the data management segment is expected to hold a larger market share based on platform-as-a-service. Analytics and reporting are data management solutions implemented in organizations to collect historical and present data while using statistics and software to analyze raw information and deliver insights for making better future decisions. BI is the process of collecting, storing, and analyzing data from business operations. It provides comprehensive business metrics in near-real-time to support better decision-making.

As per software as a service, the supply chain management segment is expected to grow at the highest CAGR during the forecast period

As per SaaS, supply chain management is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 17.6% in the cloud computing platform market. Applications, such as logistics, inventory, and production planning, are covered under the SCM segment. Improving supply chain operations for different capital-intensive industries requires explicit consideration, as the multidisciplinary nature of different sectors makes SCM practices more complex. Cloud-based SCM applications help to reduce all these challenges and improve the business processes associated with managing supply chain activities.

Market Dynamics

Drivers

Increased Adoption of Cloud Computing Services Due to COVID-19
Rising Demand for AI
Personalized Customer Experience
Need for Disaster Recovery and Contingency Plans

Restraints

Data Security and Privacy Concerns
Lack of Technical Knowledge and Expertise

Opportunities

Increasing Government Initiatives
Adoption of IoT and Connected Devices

Challenges

High Complexity Due to Adoption of Multi-Cloud Model
Risk of Vendor Lock-In

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Cloud Computing Platform Market, by Service Model

7 Cloud Computing Platform Market, by IaaS

8 Cloud Computing Platform Market, by PaaS

9 Cloud Computing Platform Market, by SaaS

10 Cloud Computing Platform Market, by Deployment Model

11 Cloud Computing Platform Market, by Organization Size

12 Cloud Computing Market, by Vertical

13 Cloud Computing Platform Market, by Region

14 Competitive Landscape

15 Company Profiles

16 Adjacent/Related Markets

17 Appendix

Companies Mentioned

Adobe
Alibaba Cloud
App Maisters Inc.
AWS
Bluelock
Box
Centurylink
Cisco
Citrix
Cloudflex
Cloudhelix
Cloudways
Digitalocean
DXC
Epicor
Fujitsu
Google
IBM
IFS
Infor
Intuit
JDV Technologies
Joyent
Microsoft
Navisite
NEC
Opentext
Oracle
OVH
Pcloud
Rackspace
Sage
Salesforce
SAP
Servicenow
Skytap
Tencent Cloud
Tudip Technologies
Upland Software
Virtustream
Visartech
Vmware
Vultr
Workday
Zoho
Zymr

For more information about this report visit https://www.researchandmarkets.com/r/gxsum5

Media Contact:

Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets