Cloud computing market size to grow by USD 429.6 billion from 2022 to 2027
The cloud computing
market size is expected to grow by USD 429.6 billion from 2022 to 2027. The growth momentum of the market
will accelerate at a CAGR of 17.32% during the forecast period. The increased use of containers will boost the adoption of the cloud, which
will drive the cloud computing market growth. Containers and microservices are
alternative solutions to virtual machines (VMs). Containers are lighter than
VMs and can package applications and all OS dependencies in a single package.
They provide a high level of visibility toward application performance.
Moreover, container and microservice architectures allow rapid scaling. These
factors will drive the market's growth during the forecast period.
Key market challenges
Factors such as vendor lock-in and operational
complexities will challenge market growth. Vendor lock-in occurs when
a customer cannot transition easily to another vendor's product or service.
This makes it difficult to switch to a public cloud service provider from a
private cloud platform. Moreover, each vendor may support different languages,
libraries, APIs, architecture, or OS. The process of switching can be
time-consuming, labor-intensive, and expensive. It may even result in
rebuilding or altering an application to fit the new platform. Thus, vendor
lock-in can hinder the growth of the global private cloud services market
during the forecast period.
Few companies mentioned with their offerings
- Adobe
Inc. - The
company offers Creative Cloud service with apps, web services, and
resources.
- Alibaba
Group Holding Ltd. - The company offers multi-model
cloud-native databases and distributed cloud services.
- Alphabet
Inc. - The
company offers a wide range of cloud computing services.
- Amazon.com
Inc. - The
company offers a wide range of cloud computing services.
- Cisco
Systems Inc. - The
company offers cloud-neutral solutions and full-stack observability with
its cloud
Market segmentation
The cloud computing market report is segmented by deployment (public
cloud and private cloud), service (SaaS, IaaS, and PaaS), and geography (North
America, APAC, Europe, South America, and Middle East and Africa). North
America will be the leading region with 50% of the market's growth
during the forecast period. The US and Canada are the key markets for
cloud computing in North America.
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