With digital transformation across various industries, surge in the use of the internet, and consumption of big data in verticals all over the world, the global cloud computing market size has been predicted to reach $1,251.09 billion by 2028.

Registering a CAGR of 19.1% over the forecast period, the growth of the cloud computing market can be attributed to several factors, including increased adoption of 5G, Internet of Things, and Artificial Intelligence which are further expected to support the growth of the cloud computing market.

Must Read: The Link Between Cloud Computing and Efficiency

It’s true that the COVID-19 outbreak is likely to affect businesses drastically, constrain innovation, suppress profitability, and dry up cash flows and financial reserves. However, the impact on the SaaS industry, including cloud computing, has been relatively low, thanks to the growing adoption of work-from-home models due to the second wave of the pandemic. In fact, the customers spending in IaaS and DaaS segments also increased significantly.

That said, the growing number of remote workers due to this pandemic have led more businesses in conducting their every day operations online by communicating through email and collaboration tools, which is a bigger reason that supports the expected rise in market growth.

Organizations are adopting cloud computing services that can provide insights into partnering tactics, go-to-market approaches, investments, alliance & acquisition strategies, and other such top-notch operational practices. These services help in measuring, correlating, and analyzing business activities and ensures that your company operations are in line with the customer demands.

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Now, let’s take you through the overview of the highlights from the global cloud computing market report:
– Owing to increased adoption of multi-cloud due to its benefits such as scalability and fast data accessibility, the IaaS segment is likely to register the highest CAGR over the forecast period.
– Owing to reduced costs of IT hardware and software, improved processing capacity and elasticity of storage, and greater mobility of access to data and service, SMEs are anticipated to emerge as the fastest-growing segment from 2021 to 2028 due to high demand for cloud computing.
– Owing to the growth of cloud and industrialized services and the decrease in traditional Data Center Outsourcing, the hybrid deployment segment is anticipated to register the second-fastest CAGR from 2021 to 2028.
– With the flexibility to move workloads between private and public deployment depending on the computing needs, the hybrid cloud deployment model is expected to provide enterprises with more data deployment options in the long run.
– Owing to the increasing focus of SMEs and large enterprises to enhance their digital initiatives, the Asian Pacific region is expected to emerge as the fastest-growing regional market over the forecast period.

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