Cloud Computing Market Projected to Hit USD 1738.44 Billion at a 18.53% CAGR by 2030 – Report by Market Research Future (MRFR)

Cloud Computing Market Overview:

The global cloud computing market size to reach USD 1738.44 billion with a CAGR of 18.53% by 2030 during the forecast period. Cloud computing was an IT service that delivered the model where third-party service providers provide computing resources and software tools through the internet. In this type of service model, the user must only pay for the usage of the computing device with the bandwidth and the storage they want to consume.

Cloud computing provides various advantages over on-premises hardware structures such as disaster recovery, low cost, faster deployment, mobility support, scalability, and less stress on the staff of IT to manage the systems. In the modern era, cloud computing was very important from games to software which was used by offices and institutions. E-commerce gains a lot of popularity in lockdown for selling food and other important supplies.

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Cloud Computing Market Key players: –

• Alibaba Group Holding Ltd.
• Oracle Corporation.
• Dell EMC Corp.
• com Inc.
• Rackspace Inc.
• Cisco Systems, Inc.
• Adobe Systems Inc.
• Microsoft Corporation.
• SAS Institute, Inc.
• com, Inc.
• SAP SE; VMware, Inc.
• Alphabet Inc.
• IBM Corporation and
• TIBCO Software Inc.

Report Scope:

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Cloud Computing Market Segmentation:

The global cloud computing market was segmented based on the service model, deployment mode, organization size, and vertical.

Based on the service model, the global cloud computing market was divided into Platform as A Service (PaaS), Software as A Service (SaaS), and Infrastructure as A Service (IaaS).

Based on deployment, the global cloud computing market was divided into Hybrid Cloud, Private and Public.

Based on organization size, the global cloud computing market was divided into Large Enterprises, Medium Enterprises, and Small Enterprises.

Based on vertical, the global cloud computing market was divided into energy & utilities, manufacturing, media & entertainment, banking, retail & consumer goods, healthcare & life Sciences, Financial Services & Insurance (BFSI), Government & Public Sector, and IT & Telecommunications.

Cloud Computing Market Competitive outlook

Online retailers saw an upsurge in transactions because they used the tools of cloud hosting which are flexible and did not disrupt the business. During the COVID-19 pandemic, there was a rise in cloud computing as it increases businesses’ ability to review the relevant data to ensure an improved response. Cloud computing also provides efficiency and major improvements for the types of work which was not suitable for telecommuting. The enterprises have more concerned about the initial deployment and costs of the maintenance of on-premises hosting data.

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Telecomputing improved the efficiency of operations like back-office work, online marketing, web design, editing, engineering, and other types of remote work. During the forecast period, the SaaS segment has the largest market share of 58% and the public cloud segment also has the largest market share with a CAGR of 20% in 2018. During the forecast period, the large enterprises have the largest market segment with a CAGR of 19% in 2019 and BFSI also has the largest market share with a CAGR of 18.6% in 2018.

Cloud Computing Market Regional Classification:

The global cloud computing market was spread in the following regions – Asia-Pacific, North America, and Europe.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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