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Cloud Computing Market 2020 with COVID-19 Impact Analysis | Upcoming Trends & Forecast Till 2027

The global cloud computing market size is projected to reach USD 760.98 billion by 2027, exhibiting a CAGR of 18.6% during the forecast period. Rising preference for omni-cloud systems will prove highly beneficial for the growth of this market, states Fortune Business Insights™ in its report, titled “Cloud Computing Market Size, Share & Industry Analysis, By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), By Industry (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government, Consumer Goods and Retail, Healthcare, Manufacturing, Others (Energy and Utilities, Education, Media and Entertainment etc.)), and Regional Forecast, 2020-2027”. Omni-cloud computing is a cloud solution that allows multiple cloud services to smoothly integrate and streamline their data on a single platform. The omni-cloud system is being increasingly preferred over the multi-cloud system owing to its multiple advantages and leading the cloud computing market trends. For example, an omni-cloud tool makes possible accessing real-time information from any location. In a departmental store, for instance, whenever there is an inventory shortfall, the cloud will send notification to the authorities, who will then take the necessary action. Similarly, storage of data on a unified platform also enables efficient analysis, enhances productivity, and elevates the quality of services. These, along with a few other benefits, are widening the applicability of omni-cloud computing across a variety of industries.

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Regional Analysis

Strong Presence of Tech Bigwigs to Augment the Market in North America

North America is home to some of the biggest technology companies such as Google, Microsoft, and IBM and this factor has enabled the region to boast a market size of USD 61.59 billion in 2019. Moreover, the regulatory and research environment in the region is extremely favorable for development and adoption of advanced cloud technologies based on Artificial Intelligence (AI) and Machine Learning (ML). As a result, North America is slated to dominate the cloud computing market share during the forecast period. Increasing penetration of the internet and rising usage of smartphones will aid Asia-Pacific register a high CAGR, while rapid deployment of 5G will favor market growth in Latin America and Middle East & Africa.

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Industry Developments:

  • October 2019: SAP SE, the German software company, launched SAP HANA, the company’s integrated cloud service with advanced data and analytics capabilities. The service comprises of the SAP Data Warehouse Cloud solution to enable efficient warehouse management.
  • July 2019: Bahrain became the first country in the Middle East where Amazon Web Services (AWS), Amazon’s cloud computing division, introduced its cloud solutions. The company aims at tapping the technological potential of businesses in the Middle East through the launch of its services in the region.

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