Cloud Computing Market to Register 15% CAGR as BFSI Sector Accounts for 1/4^th of Total Sales

The cloud computing market analysis offered by Fact.MR examines key growth variables that are influencing the sales. The research offers detailed insights into factors such as drivers, opportunities, key competitor’s strategies, and demand forecasts. In addition to this, the study analyzes the latest trends across various segments such as end use, deployment, service, enterprise size, and region.

NEW YORK, Aug. 26, 2022 /PRNewswire/ — The global cloud computing market is expected to be worth US$ 482 billion in 2022. Cloud computing enables businesses to store, manage, and process essential data by utilizing distant servers located on the internet.

As per Fact.MR, demand for cloud computing solutions increased by 12% between 2015 and 2021, owing to increased virtualization of numerous indsutries such as IT & telecom, BFSI, and others. The growing need to streamline procedures has spurred this transition to the virtual realm.

Further, emerging technologies such as big data, artificial intelligence (AI), and machine learning (ML) are gaining acceptance, propelling the global cloud computing industry forward. The expansion of cloud computing services is being driven by issues such as data protection, quicker disaster recovery (DR), and satisfying compliance standards.

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The desire to decrease risks, achieve scalability and flexibility in moving and storing data, reduce storage and infrastructure difficulties, and boost corporate efficiency is expected to drive the market. Hence, companies are investing in cloud platforms to increase their efficiency. For instance, industry giants such as Microsoft and Amazon has surged the use of cloud platforms to maintain their reign in the industry.

The current competitive environment and global economic conditions have hastened the adoption of cost-effective ways to reorganize company models. On the back of these factors, sales in cloud computing market are expected to grow quadruple by the end of 2032.

Key Takeaways:

• Sales in cloud computing market are estimated to reach $1,949 billion by 2032
• APAC market is expected to be the fastest-growing region, registering growth at 18% CAGR during the forecast period (2022-2032).
• North America clound computing market is predicted to account for nearly 40% of global revenue.
• The large enterprise sector is expected to account for the majority of the market share in 2022, accounting for 55%.
• In terms of end use, BFSI sector is estimated to account for around 25% of worldwide revenue in 2022

Growth Drivers:

• Increased adoption of hybrid cloud computing is projected to present a substantial potential for market development.
• Inclination of indsutries towards automation coupled with proliferation of work from home across the globe is creating lucrative growth opportunities for the market.
• Growing demand for customization and personalization for better customer experience is improving the demand in the market.

Restraints:

• Complexity in systems and compatibility with systems in corporates and BFSI industry, especially in emerging economies might limit market growth.
• Increasing number of cyber-attacks restricting business operations might hamper the growth in the market.

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Competitive Landscape:

The market is expected to be fragemented as leading companies are designing and inventing solutions consumers. They are also focusing on constant update and incorporate innovations in cloud products to gain competitive edge. Further, some of the companies such as Meta and Google are venturing into OTT platfroms and other online platforms to carve niche and expand their customer base.

For instance,

• In May 2022, Accenture and SAP SE announced a joint solution to help major organizations get new value from business innovation and cloud services. The new offering combines RISE with the SAP solution and SOAR with Accenture services to provide a single platform for transformation services delivered via a unified as-a-service architecture.
• In April 2022, Salesforce introduced Customer Relationship Management (CRM) Analytics across all industries. It is a PaaS-based, Al-powered data and analytics solution that allows Salesforce clients from many industries to give predictive insights. Customers can enter any data into the CRM center.
• In December 2020, Alibaba Group Holding Limited has announced a new hybrid cloud strategy to boost security.

Key Companies Profiled by Fact. MR

• Adobe Inc.
• Alibaba Group Holding Limited
• Amazon.com Inc.
• Google LLC
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Salesforce.com Inc.
• SAP SE
• Workday, Inc.

More Valuable Insights on Cloud Computing Market

In the latest study, Fact.MR offers a detailed study of the global cloud computing market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of cloud computing through detailed segmentation as follows:

By End Use:

• IT & Telecom
• Government & Public Sector
• Energy & Utilities
• Retail & Consumer Goods
• Manufacturing
• BFSI
• Healthcare
• Media & Entertainment
• Other End Uses

By Deployment:

• Public
• Private
• Hybrid

By Service:

• Infrastructure as a Service (IaaS)
• Platform as a Service (PaaS)
• Software as a Service (SaaS)

By Enterprise Size:

• Large Enterprises
• Small & Medium Enterprises

By Region:

• North America
• MEA
• Latin America
• Europe
• Asia-Pacific

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Key Questions Covered in the Cloud Computing Market Report

• What is the projected value of the cloud computing market in 2022?
• At what rate will the global cloud computing market grow until 2032?
• Which are the factors hampering the growth in the cloud computing market?
• Which region is expected to lead in the global cloud computing market during 2022-2032?
• Which are the factors driving the cloud computing market during the forecast period?
• What is the expected market value of the cloud computing market during the forecast period?

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About Fact.MR

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