The global Cloud Enabling Technologies Market is expected to reach USD 74.42 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the adoption of advanced cloud technology services that allows thousands of customers to access similar resources helping companies to cut down their expenses. Based on statistics, the penetration of advanced cloud based platforms that helps to develop new technology, is also significant factor stimulating market demand.
Due to the quick adoption of cloud-based technologies in the United States markets, the North America region accounts for the highest market share of 43.21% in 2020. Advantages such as improved flexibility and activity and being able to deploy new applications more quickly are the major reasons for growth in this region. In the United States, organizations, where employees are above 100 in number, are approving cloud-based applications.
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Further key findings from the report suggest
- Due to the affordable cost efficiency, Public cloud is anticipated to have the highest CAGR of 10. 3% during the forecast period. Businesses have quickly moved towards cloud technologies globally in recent times, the primary reason for the large scale acceptance of cloud technologies have been extensive scalability and decreased operational costs offered by cloud services. The public cloud domain is the cloud services administered over a network for public access. It is a multi-tasking environment where the computing space is shared with some other clients. The organizations across the globe are gradually strategizing to adopt public cloud.
- APAC is estimated to register the highest CAGR of 9.2%, during the forecasted period. More organizations in the APAC region are adopting a cloud-enabling approach. As a result, cloud base technology has now become a favored option for IT modernization.
- North America is expected to reach USD 27.33 billion by 2028. A significant driver behind the investments is the continuous development and applications of new technologies that were earlier deemed non-commercial. With these series of investments, retail, healthcare, communications, and manufacturing applications in North America are anticipated to witness a notable growth rate, over the forecast period.
- Virtualization technology accounts for the largest market share of 26.10% in 2020. It is a type of technology where data storage or an application guest operating system is removed from the actual underlying software or hardware. A principal use of virtualization technology is server virtualization that utilizes a software layer called a hypervisor to imitate the underlying hardware.
- The BFSI segment will grow at 9.2% CAGR during the forecast period due to the increased demand for faster and flexible technologies.
- Software as a service (SaaS) accounts for the largest market share of 36.2% in 2020. SaaS is a software division model in which a third-party provider of hosts applications and helps to make them available to the customers over the Internet. SaaS is one of the three main categories of cloud computing, along with platform as a service (PaaS) and infrastructure as a service (IaaS)
- Private cloud deployment mode is estimated to grow at a CAGR of 8.4% during the forecast period. It is an on-demand configurable supply of shared computing devices allocated within a public cloud environment, providing a sound level of privacy between different organizations that are using the resources.
- Key participants include BMC Software Inc, Google LLC, IBM Corporation, Citrix Systems Inc Oracle Corporation, Hewlett Packard Enterprise Development LP, CA Technologies, Domo Inc, Adaptive Computing, Fujitsu Ltd, Tata Consultancy Services Limited, Dell Technologies.
Segments covered in the report:
Deployment mode Outlook (Revenue, USD Million; 2020-2028)
- Public Cloud
- Private Cloud
- Hybrid Cloud
Technology Outlook (Revenue, USD Million; 2020-2028)
- Broadband Networks and Internet Architecture
- Data Center Technology
- Virtualization Technology
- Web Technology
- Multitenant Technology
Application Outlook (Revenue, USD Million; 2020-2028)
- Telecom & IT
- Manufacturing & Retail
Solution type Outlook (Revenue, USD Million; 2020-2028)
- SOA Solution
- Automated computing
Service type Outlook (Revenue, USD Million; 2020-2028)
- Platform as a Service (PaaS)
- Infrastructure as a Service (IaaS)
- Software as a Service (SaaS)
On the basis of regional analysis, the market is segmented into key geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. According to the analysis, North America is expected to dominate the market with the highest market share. Asia-Pacific is anticipated to show a significant growth rate owing to rising development and population demands.
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Beneficial Aspects of the Report:
- Global and region forecast of the Cloud Enabling Technologies market from 2020-2027
- In-depth analysis of market dynamics, industry outlook, market size based on types and applications
- Details of value chain analysis, supply and demand ratio, production and consumption patterns
- SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide a better understanding of the market and competitive players
- Detailed insights on competitive landscape and emerging market trends
The market report is formulated on the basis of data obtained through extensive primary and secondary research. The data is further validated and verified by industry experts, research analysts, and professionals. The report considers regional demand and supply ratio, investments, market dynamics, capacity, end-use industry trends, and consumer behavior to generate a forecast report. The data is collected from verified sources such as government policies, regulatory published materials, journals, trade magazines, and verified data sources. The report uses advanced analytical tools such as SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide an accurate insight into the market scenario and competitive landscape. This report provides beneficial information to companies and new players to make lucrative business decisions. The market estimates and forecast data have been thoroughly verified through exhaustive primary research.
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