Community Cloud Market Growth Estimated to Reach $82.9 Billion by 2032
The
global 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐂𝐥𝐨𝐮𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 was valued at
$4.7 billion in 2022, and is projected to reach $82.9 billion by 2032,
growing at a CAGR of 33.6% from 2023 to 2032. Factors such as rise in demand
for infrastructure with high performance and low latency, increase in need to
reduce the number of servers and increase green computing, and rise in demand
for security, compliance, and data redundancy, primarily drive the growth of
the community cloud market. However, governance and trust issues hamper the
market growth to some extent. Moreover, rise in collaboration and information
exchange between corporations is expected to provide lucrative opportunities
for the market growth during the forecast period.
A community cloud, a kind of cloud infrastructure,
meets the requirement of a particular community or group of organizations by
allowing them to share resources and services based on common operational and
regulatory requirements. Organizations can choose to host their own data
centers and split the cost and responsibilities to set up a community cloud.
By component, the hardware segment held the major
share in 2022, garnering nearly half of the global community cloud market revenue, owing to particular needs of community cloud environments,
such as storage systems, high-performance servers, and networking hardware,
which propels the market growth significantly. The software segment would also
showcase the fastest CAGR of 36.1% during the forecast period, owing to enable
smooth integration, interoperability, and data sharing among various community
cloud participants as more businesses and organizations use community cloud
solutions.
By application, the cloud-based storage segment held the
major share in 2022, garnering ore than one-third of the global community cloud
market revenue, owing to reduce storage costs by sharing resources and dividing
expenditures propels the market growth significantly. The cloud security and
data privacy segment would also showcase the fastest CAGR of 37.6% during the
forecast period, owing to create and provide cutting-edge security solutions,
such as encryption, access controls, and threat detection systems, that are
precisely suited to the requirements of communities or businesses.
𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞
Google LLC, IBM Corporation,Microsoft
Corporation,Cisco Systems, Inc.,DXC Technology Company, Amazon
Web Services, Inc., Broadcom, Atos Se, Akamai Technologies and VMware, Inc.
The report analyzes these key players in the
global community cloud market. These players have adopted various strategies
such as expansion, new product launches, partnerships, and others to increase
their market penetration and strengthen their position in the industry. The
report is helpful in determining the business performance, operating segments,
developments, and product portfolios of every market player..
By end user, the BFSI segment accounted for nearly one-third
of the global community cloud market share in 2022, and is expected to rule the
boost by 2032, owing to rapid digital transformation as businesses adopt
cloud-based solutions in greater numbers to boost operational effectiveness,
simplify procedures, and enhance customer experience. The education segment
would also display the fastest CAGR of 38.3% throughout the forecast period,
owing to large amounts of data, such as student records, course materials, and
administrative papers, are produced and managed by educational institutions.
𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
By region, North America garnered the highest
share in 2022, holding nearly two-fifths of the global community cloud market
revenue in 2022, and is projected to retain its dominance by 2032, owing to a
significant emphasis on technological improvements, an established IT
infrastructure, and a high level of digitization. The Asia-Pacific region would
also portray the fastest CAGR of 38.2% during the forecast period, owing to
fast growing economy, large population, and increasing digitization. Moreover,
rise in demand for scalable and affordable IT solutions is one of the major
factors propelling the growth of the community cloud.
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