The global cloud computing market size was USD 219.00 billion in 2020. The impact of COVID-19 globally has been exceptional and astounding, with cloud computing solutions witnessing a diverse demand across the region during the pandemic. Based on our research, the global market exhibited a substantial growth of 13.7% in 2020 compared to the average year-on-year revenue growth during 2017-2019. The market is projected to reach USD 250.04 billion in 2021 to USD 791.48 billion in 2028 at a CAGR of 17.9% during the 2021-2028 period.
The sudden COVID-19 pandemic outbreak has impacted the business of several industries across the globe as governments have undertaken lockdown measures and restricted the movement of people to contain the contagion. The closure of processing plants/units significantly affected the production of various food products in the initial months. Moreover, labor shortages, supply chain disruptions, trade restrictions, fluctuating logistics, transportation shortages, and others were observed in the lockdown period.
The report states that the worldwide market worth stood at USD 7.84 billion in 2020. It additionally gives the next:
- Unparalleled insights into the components driving and constraining the market progress;
- In-depth & piecemeal evaluation of the market segments;
- Exhaustive examination of the regional dynamics impacting the market; and
- Detailed profiling and research of the important thing market gamers and their methods.
- Skyrocketing Demand for Meals Worldwide to Propel the Market
The market growth is primarily driven by the growing implementation of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and the rising shift of enterprises towards cloud-based solutions. Also, increasing investments by countries such as the U.S., the U.K., China, India, and others, in various cloud-based development projects are anticipated to boost the market’s growth.
Listing of Key Gamers Coated within the Honey Market:
- Amazon Web Services (AWS) (Washington, U.S.)
- Oracle Corporation (California, U.S.)
- IBM Corporation (New York, U.S.)
- Alibaba Group Holding Limited (Hangzhou, China)
- Microsoft Corporation (New Mexico, U.S.)
- VMware, Inc. (California, U.S.)
- Alphabet Inc. (Google LLC) (California, U.S.)
- Rackspace Technology, Inc. (Texas, U.S.)
- SAP SE (Walldorf, Germany)
- Apple Inc. (California, U.S.)
Emphasis towards Innovative Cloud Computing Solutions by Key Players to Strengthen Competition
Major players such as Microsoft Corporation, Amazon Web Services, IBM Corporation, Alibaba Group Holding Limited, Oracle Corporation, and Apple, Inc. are focused on upgrading their existing product portfolio. These companies provide a complete suite of cloud-computing services such as Microsoft Azure, Google Cloud Platform (GCP), AWS Cloud, among others. Also, these companies are now developing and offering cloud-based solutions with innovative technologies such as AI, ML, and others to enhance their products and provide enriched solutions to their users.
- May 2020: Microsoft Corporation launched industry-specific Microsoft cloud for healthcare organizations, streamlining interactions and improving workflow efficiency. In addition, this includes data analytics for both unstructured and structured data.
- May 2020 –Microsoft Corporation launched 10 new cloud computing services across the U.K. The aim is to help organizations keep their data secure and enable innovation through IoT and bot technology.
- July 2019: – Amazon Web Services (AWS) completed the acquisition of E8 Storage for around USD 18.3 million. The purchase assisted Amazon in integrating its cloud computing capabilities with E8 Storage’s technology and enhanced the cloud-based service market globally.
North America is expected to dominate the market in terms of revenue during the forecast period. The rapid development and adoption of emerging technologies and key players such as IBM Corporation, Amazon Web Services, Apple Inc., and others are expected to drive the growth across the region.