The Cloud Computing Market is Changing the Economy with the Rising Adoption of Technology in Several Sectors, says Market.us

Aditya Deshmukh
Aditya Deshmukh

Updated · Nov 29, 2022

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Cloud computing allows one to access different services over the Internet. These resources include tools such as data storage, servers and databases, networking, and software. cloud-based storage lets you save files to a remote location instead of storing them on a private hard drive. Any electronic device with internet access can access the data and programs it needs to run.

Cloud computing is popular for businesses and individuals for many reasons, including cost savings, increased productivity and speed, efficiency, security, and performance.

The global cloud computing market is growing due to the rising popularity of new technologies, such as machine learning and artificial intelligence, and their rapid adoption. 

According to research by Market.us, “The global cloud computing market size was valued at US$ 380.25 billion in 2021 and is expected to hit US$ 1,614.10 billion by 2030 with a registered CAGR of 17.43% from 2022 to 2030.

cloud computing market growth

Since the COVID-19 pandemic, there has been an increase in technological advances across both developed and developing countries. 

Cloud computing is helping enterprises maintain their business functions in the face of the increasing adoption of the work-from-home model. Cloud computing allows enterprises to store, access, and manage crucial data efficiently. The demand for large amounts of data storage and processing has increased with the increasing use of smartphones, laptops, and the internet. This allows enterprises to provide customer-centric services to customers and clients.

According to research by Market.us, “The global cloud computing market size was valued at US$ 380.25 billion in 2021 and is expected to hit US$ 1,614.10 billion by 2030 with a registered CAGR of 17.43% from 2022 to 2030.

The global cloud computing market is driven by several factors, including customer satisfaction and the increasing need to control operating and capital expenditures. The cloud computing market is booming because of the importance of data security, meeting compliance requirements, as well as the ability to recover data quickly.

The key factors contributing to the rapid growth of cloud computing in the past few years are the rising demand for OTT platforms such as Amazon Prime, Netflix, Disney+Hotstar, or Apple TV, as well as the increased acceptance of online communication tools like Microsoft Teams, Google Meets, Zoom, Skype and Microsoft Teams. 

Modernization and rapid digitization have compelled many companies to digitize and modernize infrastructural infrastructure to increase efficiency and agility. Also, increasing investments in developing and maintaining IT infrastructures and telecommunications will drive the global cloud computing market’s growth over the forecast period.

Anurag Sharma, a senior research analyst at Market.us, said, “ The rising adoption of technology in the healthcare sector drives the market growth. Cloud Computing market growth can also be attributed to technological developments in medical technology and easier adoption of advanced technology such as machine learning in cloud systems.

Cloud computing involves several third parties outsourcing their capabilities, which can pose security and confidentiality issues. This includes cloud computing infrastructures such as networks, endpoints, and databases. Companies’ top concerns regarding security and privacy are still major barriers to cloud computing adoption. Because the cloud was designed to be used by many people, multiple users can make it more vulnerable to attacks. As more devices and users access the cloud, the risk of cybercriminals accessing it increases. 

Cloud computing employs data security measures like antivirus for cloud systems to protect digital information from potential threats that could compromise its integrity. Experts best use cloud computing with the technical skills and knowledge to implement, process, analyze, and secure cloud solutions. The lack of cloud expertise is causing organizations to lose market share and money. This is due to a shortage of technical skills in IT workers, particularly in cloud computing.

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Aditya Deshmukh

Aditya Deshmukh

I am Aditya, I have more than 2 years of experience in Digital Marketing as well as in Industry Research I am workimg for core SEO team My core focus areas include: SEO, Web Analytics,Industry Research and find Industry build their brands through useful, well-designed marketing strategies. Digital marketing is my passion & I love what I do, I breathe it. I want to explore more, learn more, and try different tools.