The Global Market for Public Cloud Computing Services is Forecast to Reach US$641 Billion by 2024
As Forward-Thinking
Enterprises Get Ready for the Permanency of the Cloud as the New IT
Architecture, Cloud Computing Services Are Poised for Robust Growth Worldwide, According
to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Cloud Computing Services market. The global market for Public Cloud Computing Services is
forecast to reach US$641 billion by 2024,
driven by the permanency of the cloud as the new IT architecture indispensable
towards achieving goals of global efficiency, cost reduction and regulatory
compliance.
A game changer technology, the impact of
cloud computing is being felt by all businesses across the world including large,
medium and small. Cloud computing has enabled commoditization of IT.
A key benefit of commoditized IT
services is the competitive advantage of scale that is offered to the customer.
Commoditized IT products and solutions are cheap making the best of class
technology affordable to even the most financially weak companies. With cloud
computing driving a common set of architecture and operations standards, IT
infrastructure is no longer differentiated. SaaS, PaaS and IaaS, the three
waves of cloud computing are becoming increasingly commoditized. Easy on-demand
accessibility and usage based billing are the commoditized benefits of IT
enabled by the cloud. A key factor which has enabled the emergence of cloud as
a commoditized mega-utility service is the concept of stratification of clouds.
Against the backdrop of continuous
developments in cloud technologies and internet infrastructure, bottlenecks
which were earlier associated with public cloud such as latency issues;
reliability of internet access, connectivity speeds and bandwidth availability;
lack of control over data and resources; inability to customize IT resources
such as software and applications; data privacy violation fears and security
issues; worries over possible downtime of vendor networks and the resulting
service outages; vulnerability to malicious, premeditated cyberattacks; vendor
lock-in and platform dependencies; are gradually dissipating. High speed mobile
internet and broadband technologies; newer generation of cloud security solutions;
and developments in virtualization,
better governance of cloud services; and improvements in cloud service
agreements (CSAs) to name a few have significantly helped increase the
reliability and Quality of Services (QoS) of public cloud services. Also, the
emergence of hybrid cloud computing that bridges the advantages and disadvantages of
private and public clouds is poised to benefit the future of public cloud
computing services. In the coming years, spending is expected to massively
shift from traditional IT systems to cloud services.
As stated by the new market research
report on Cloud Computing Services the United States represents the largest market
worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 16.2%
over the analysis period led by factors such as cloud readiness of Asian
economies as measured by the development of numerous parameters and elements
that impact the cloud ecosystem such as data speeds, data centre connectivity
options, Internet and data centre management legislations and regulations, etc.
As China continues to plug in its massive population and businesses into high
speed Internet networks as part of its Broadband China project, the country’s
technology footprint continues to expand significantly. Governments and
businesses in Asia are increasingly adopting the “cloud first” strategy as the
first step in enabling converged computing.
As companies in developing countries prepare themselves culturally,
strategically, and organizationally for the onslaught of the mobility and cloud
computing wave, poised to benefit is the market for public cloud computing
services.
Major players in the market include Acquia
Inc., Adobe Systems Incorporated, Akamai Technologies Inc., Alibaba Cloud,
Amazon Web Services Inc., CA Technologies Inc., Dell Inc., ENKI Corporation,
FUJITSU, Google Inc., Hewlett-Packard Development Company L.P., IBM
Corporation, Microsoft Corporation, NTT DATA Corporation, Oracle Corporation,
OVH, Rackspace Hosting Inc., Salesforce.com Inc., SAP SE, ServiceNow Inc.,
Virtustream Inc., Workday Inc. and Zoho Corporation Pvt. Ltd, among others.
The
research report titled “Cloud Computing Services: A
Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies.
The report provides market estimates and projections for all major
geographic markets such as the USA, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China,
India, South Korea and Rest of Asia-Pacific), Latin America (Brazil and Rest of
Latin America) and Rest of World. Product segments analyzed in the report
include SaaS (ERP, CRM and Other SaaS), PaaS (AIM and Other PaaS), IaaS
(Compute and Other IaaS), BPaaS (HR, E-commerce Enablement, Cloud Payments and
Other BPaaS), Management & Security Services (Storage Management and
Others) and Advertising.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com
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