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The Global Cloud Computing Market size is expected to grow from US$ 272.0 Billion in 2018 to US$ 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 the major growth factors for the cloud computing market.
Most Popular Companies in the Cloud Computing Market include are 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), NTT Communications (Japan).
“Infrastructure as a Service (IaaS) to help enterprises in enhancing infrastructure scalability and performance”
The key features of IaaS include automated administrative tasks, dynamic scaling, platform virtualization, and network connectivity. 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.
“Retail and consumer goods vertical to grow at the highest rate during the forecast period”
The retail and consumer goods vertical is one of the fastest-growing verticals with respect to the adoption of emerging and innovative technologies, such as cloud computing, big data analytics, DevOps, digital stores, and social networks. Various factors driving this adoption are the rising purchasing power of customers and the need to satisfy customer expectations leading to the existing customer retention and new customer acquisition.
“North America to hold the largest market size and Asia Pacific (APAC) to grow at the highest rate during the forecast period”
North America is the most mature market in terms of cloud computing services adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise. APAC is expected to offer significant growth opportunities for cloud computing vendors during the forecast period. Rapid advancements in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have led many organizations to adopt cloud computing services.