The latest publication titled Cloud Computing Market by IT Infrastructure, Products and Services, Region and Vertical 2022-2026 has been added to GlobalData Plc report store. The report estimates the cloud computing market size to reach US$1,119.5 billion in 2026. The market is likely to garner an accelerating growth momentum at a CAGR of 15.2% during 2021-2026, as per the analysts. The cloud computing market growth will be driven by the rising adoption of mobility, the growing popularity of blockchain, and the cloud becoming the base for managing IoT devices. However, factors such as service outages and downtime in cloud environments, security risks on the vendor side, and geopolitical issues leading to legal problems might hinder the market’s growth.
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Cloud Computing Market Segment Insights
By IT Infrastructure
- Service: The service IT infrastructure segment held the largest cloud market share in 2021. The segment will continue to account for the highest growth throughout the forecast period.
- SaaS: SaaS represents the largest portion of global cloud services revenue, and it will maintain this dominance over the coming years. Furthermore, SaaS is the fastest-growing market segment, with a compound annual growth rate (CAGR) of 17% between 2022 and 2026.
- Cloud Management Platforms
- Hybrid Cloud Services
- Managed Cloud Services
- Private Cloud Services
- Information Technology
- Transport & Logistics
- North America
- South & Central America
- Asia Pacific
- Middle East & Africa
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Cloud Computing Market Vendor Landscape
Companies in the cloud computing industry are ensuring to keep their dominant positions intact. The cloud computing market players are launching innovative products and solutions for gaining a competitive edge in the market.
Top Cloud Computing Market Companies
- Microsoft Corp: The company provides a broad spectrum of services including cloud-based solutions, solution support, and consulting services. In August 2022, Unity’s Marc Whitten and Microsoft’s Sarah Bond announced a partnership between Unity and Microsoft Azure to offer better cloud-based tools and infrastructure to gaming developers.
- Alphabet Inc: The company has been engaged in offering hardware products such as Pixel phones, smartwatches, Google Nest home products, and other related products. In September 2022, Google launched new data and analytics capabilities for its data cloud as a precursor to the slate of new and updated tools.
- Amazon Inc: The company provides support services including home delivery and shipping, cloud web hosting, and other web-related services. In June 2022, Tele2 AB announced a collaboration with Amazon Web Services (AWS) to enhance the cloud services and cloud management portfolio that Tele 2 offers its customers to enable fast and flexible access to the cloud.
- Alibaba: The company offers fundamental technology infrastructure services to merchants, brands, retailers, and businesses to market sell, and operate using the Internet. In May 2022, Alibaba Cloud, the digital technology, and innovation backbone of Alibaba Group announced the launch of its third data centre in Germany to support the growing digital transformation demands from customers across Europe.
- Oracle Corp: The company offers database and middleware software, application software, cloud infrastructure, software, and hardware systems. In July 2022, Centroid Systems signed a Strategic Cloud Managed service provider (MSP) partnership with Oracle to further scale their investments in Oracle Cloud Infrastructure (OCI).
Other Key Cloud Computing Players Covered in the Report are:
- Cisco Systems Inc
- Salesforce Inc
- SAP SE
- TIBCO software
- Veeva Systems
- Hewlett Packard Enterprise
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