According to a report by Reports and Data, the global Cloud Computing Technologies Market is expected to reach USD 63.63 billion by 2030, with a revenue CAGR of 8.3% during the forecast period. The demand for cloud-based services is increasing in various industries due to the low maintenance and operational costs offered by these technologies. Many cloud solution providers offer solutions at low monthly fees, making cloud-based solutions an ideal option for companies looking to eliminate third-party hardware repair costs, especially those without an adequate workforce to accommodate an IT department.
The scalability, reduced IT costs, and access to automatic practices are expected to drive the adoption of cloud-enabling technologies globally during the forecast period. Cloud-based systems allow businesses to scale up or down their operations according to their requirements without storage issues. Cloud deployment can reduce the maintenance and management costs of IT systems, thereby reducing overall operating costs. Cloud-based systems can be automatically upgraded to the latest technology and provide flexibility to employees by allowing them to access data from anywhere.
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Some key highlights from the report include Microsoft Corporation's partnership with Kyndryl Inc., which is expected to enable customers across all industries to efficiently manage and modernize their businesses in the coming years. The public cloud segment is expected to register a faster revenue growth rate during the forecast period due to its improved security and pay-per-use pricing. Multitenant technology is expected to drive the adoption of cloud-enabling technologies during the forecast period due to its ability to hold multiple tenants simultaneously and optimize resource usage. The BFSI segment is expected to register a steady growth rate due to improved security and risk management and enhanced user satisfaction. North America accounted for the largest revenue share in 2021 due to increased investment in IT infrastructure and cloud services.
Driving factors of Cloud Computing Technologies Market
The driving factors of the Cloud Computing Technologies Market include the rising demand for cloud-based services in various industries due to benefits such as low maintenance and operational costs, scalability, reduced IT cost, and access to automatic practice.
Cloud-based solutions are an ideal option to eliminate third-party hardware repair cost for companies, especially those that do not have an adequate workforce to accommodate an IT department.
Furthermore, the deployment of cloud can reduce maintaining and managing costs of IT systems, reducing overall operating costs. Cloud-based systems can automatically be upgraded to the latest technology and provide flexibility to employees by allowing them to access data from anywhere.
The public cloud segment is expected to register faster revenue growth rate during the forecast period due to benefits such as improved security and pay-per-use pricing. The multitenant technology segment accounted for the largest revenue share in 2021 and is convenient for vendors as it does not require any changes in codes or data structure.
Additionally, the BFSI segment revenue is expected to register steady growth due to improved security and risk management and enhanced user satisfaction. Finally, the market in North America accounted for the largest revenue share in 2021 due to the rise in investment in IT infrastructure and cloud services, among other factors.
Some of the notable innovations in the Cloud Computing Technologies Market
Serverless Computing: This innovation allows developers to build and run applications without the need to manage servers or infrastructure. Serverless computing platforms provide the ability to execute code on demand, scaling automatically to meet the needs of the application.
Hybrid Cloud: This technology enables businesses to deploy a combination of public and private cloud infrastructure to meet their specific needs. Hybrid cloud provides the ability to move workloads between the two environments, providing greater flexibility and control.
Multi-Cloud Management: As more organizations adopt multi-cloud strategies, there has been an increase in demand for tools and platforms to manage multiple cloud environments. Multi-cloud management platforms provide the ability to manage resources, monitor performance, and optimize costs across different cloud providers.
Containerization: Containerization technology allows applications to be packaged and deployed as self-contained units, making them easier to manage and deploy. Containerization also enables faster application development and deployment, as well as greater scalability and portability.
Artificial Intelligence (AI): AI has been integrated into cloud-enabling technologies to provide more advanced automation, predictive analytics, and decision-making capabilities. AI-enabled cloud platforms can help businesses optimize their operations, improve customer experiences, and enhance security.
Some of the prominent players of the market
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