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Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Cloud Computing Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.

The report highlights that the global cloud computing market was valued at US$428.844 billion in 2021 and is expected to grow at a CAGR of 16.32% to reach US$1,235.408 billion by 2028.

Market Overview:

Cloud computing refers to the constant use of computer resources housed in a distant data center and controlled by a cloud services provider (CSP), offering programs, servers (both physical and virtual), data storage, development tools, networking capabilities, and more. These resources are made available to users through a monthly subscription fee or based on consumption. The market for cloud computing is experiencing significant growth due to the adoption of emerging technologies like artificial intelligence (AI) and machine learning, which promote cloud expansion. The COVID-19 pandemic has further accelerated the adoption of cloud computing, as companies allowed remote work, and this trend is expected to continue. Cloud computing helps businesses overcome challenges to company continuity posed by lockdowns and work-from-home measures.

Market Drivers:

The report identifies several factors driving the demand for the cloud computing market, including the rising trend of Artificial Intelligence (AI) and the surge in Over-The-Top (OTT) platforms and applications. Cloud computing's expansion is also fueled by the adoption of innovative technologies like AI and machine learning, which offer benefits like customer satisfaction, cost control, and capital expenditure management. The growing demand for various OTT platforms like Prime Video, Netflix, Hotstar, and online communication tools like MS Teams, Zoom, Zoho, and Skype have significantly contributed to the market's growth. Furthermore, the need for cost-effectiveness and adaptability has led companies to modernize their infrastructural landscape, further fueling the expansion of the cloud computing market.

Challenges and Developments:

The threat of cyberattacks has grown significantly as digital technologies are adopted at an increasing rate. Cybersecurity and data privacy are significant challenges for market participants and consumers of cloud computing services, with large-scale financial and non-financial damages resulting from cyberattacks. The report also highlights recent market developments, including new data and analytics capabilities introduced by Google LLC for its data cloud during the company's virtual user conference in September 2022.

Market Segmentation:

The cloud computing market is segmented based on type, service, organization size, industry, and geography. Types of cloud computing include private, public, and hybrid clouds. The services offered include Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and Infrastructure-as-a-Service (IaaS). The market is further categorized by organization size into large enterprises and small and medium enterprises. The industry segments covered include Communication and Technology, BFSI, Manufacturing, Healthcare, Government, and Others.

Regional Insights:

North America is expected to hold the highest market share in the cloud computing market, being an early adopter of cutting-edge technology like AI, VR/AR, ML, big data analytics, and IoT. The region's enterprises have increasingly focused on adopting digital technology to improve operations and reduce costs, driving the uptake of cloud computing services. North American powerhouses like IBM, Oracle, Google, Apple, etc., have significantly enhanced the expansion of the cloud computing business in the region.

Key Players:

The report profiles major players in the cloud computing market, including:

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/k817pd

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Artificial Intelligence and OTT Platforms Drive Growth in Global ... - GlobeNewswire