Newark, NJ, May 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cloud computing market is expected to grow from USD 270.15 billion in 2017 to USD 712.83 billion by 2025 at a CAGR of 18.46% during the forecast period from 2018-2025. Increasing automation and agility, necessity for delivering enhanced customer experience, increased cost savings and return on investment, and enhanced internet quality & the rise of 5G technology are the major developments for the demand of the market.
Software as a Service (SaaS) segment held highest market size around USD 114.76 billion in 2017
Service segment includes infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). The software as a service (SaaS) segment held highest market size around USD 114.76 billion in 2017 owing to its wide use in distribution of software to consumers over the Internet. SaaS provides flexibility in use of software without need for the installing and also offers data storage, sharing & collaboration, on-demand scaling, personalized computing, and other services.
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Hybrid segment dominated the market with the market share of 51.12% in 2017
Deployment segment is divided into public, private, and hybrid. The hybrid segment dominated the market with the market share of 51.12% in 2017 due to increased user & resource mobility. The hybrid cloud enables to have solution integrated with both public and private clouds as per the consumer’s needs.
IT and telecommunications segment is expected to hold the largest share of 31.71% during the forecast period
Vertical segment is categorized into BFSI, IT and telecommunications, government and public sector, retail and consumer goods, manufacturing, energy and utilities, media and entertainment, healthcare and life sciences, others. The IT and telecommunications segment is expected to hold the largest share of 31.71% during the forecast period owing to improved availability and resiliency, need for incorporated IaaS and PaaS contributions, and quickly expanding business sector globally
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region is dominating as well as is growing at the fastest pace at the highest market share of 41.55% in 2017. North America is fastest growing region due to the increased adoption of cloud computing, presence of major players, technological advancement, high consumer awareness, focus on business productivity, and increasing SaaS adoption are creating opportunity for the growth of the market.
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Competitive Analysis:
The major players of market include are Amazon Web Services, Microsoft Corporation, Alibaba, SAP, IBM, Oracle, VMware, Rackspace, Salesforce, Adobe, Verizon, CenturyLink, Fujitsu, NTT Communication, Cisco Systems, Google Inc., IBM Corporation, VMware, Inc., Akamai Technologies, Hewlett Packet, and Dell Inc., and others. For instance, in 2018, Alibaba signed an agreement with Kongsberg Digital to indorse digitalization in the energy sector. Alibaba developed industrial digital platform named Kognifai which is available on Alibaba Cloud's infrastructure. This agreement focus on proposing advanced digital solutions to the energy sector in Asian countries.
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