Cloud Computing Market Research Report: Analysis And Forecast till 2027

Overview of the Cloud Computing Market

The Cloud Computing Market would grow at an annual rate of 18.40 percent from 2020 to 2027, reaching USD 340.5 billion (forecast period). Cloud computing is an IT service delivery approach in which third-party service providers use the Internet to supply computing resources and software tools. In this service model, the user only pays for the computer hardware they use, as well as the storage and bandwidth they use. Faster deployment, disaster recovery, cheap cost, scalability, mobility support, and reduced strain on IT employees to administer systems are all advantages of cloud computing versus on-premises physical infrastructure.

Impact of COVID-19 on the Cloud Computing Market

From games to software used by institutions and companies, cloud computing has grown increasingly significant in the modern world. In the sense of a lockdown to sell food and other critical products, e-commerce is getting a lot of traction. Because they use cloud hosting tools that are adaptable and do not disrupt business, online retailers are experiencing an increase in transactions. During a pandemic, cloud computing is becoming more popular since it allows organisations to evaluate essential data in order to ensure a better response. For jobs that aren't fit for telecommuting, cloud computing offers significant efficiency gains. Operations like as online marketing and back-office tasks benefit from cloud computing.

Lower infrastructure and storage costs result in a higher return on investment.

Enterprises are concerned about the expenses of data hosting on-premises, both in terms of deployment and maintenance. Additional problems for businesses include staffing expenditures and downtime issues. The adoption of cost-effective strategies to reorganise business models has been accelerated by current competitiveness and global economic conditions. More factors leading to the growth of cloud computing services that eventually reduce enterprise expenses include growing market shifts toward digital transformation and faster consumer experience. Furthermore, the cloud offers the benefit of a pay-as-you-go model, which allows businesses to pay for cloud services as they are used, resulting in lower expenses.