The cloud computing market is expanding as SMEs and start-ups increasingly adopt cloud solutions, with SaaS and hybrid models leading the charge.
While the pandemic has induced one of the most influential workplace transformations of all times, it has also changed the way businesses have been operating and leveraging smart technologies. As more companies decide migration of their workload from traditional channels to the digital formats, cloud computing is expected to witness an upswing in demand. The global cloud computing market report by Fairfield Market Research, an ongoing study, suggests that the upsurge in adoption of cloud computing solutions will predominantly be driven by the growing consumerisation of IT, evolving requisites of IT, firming up of emerging technologies, and rising awareness among businesses regarding the potential benefits of embracing cloud. The market will also gain significantly from the flourishing start-up ecosystem worldwide, especially across the developing Asian economies.
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SaaS Remains Preferred as a Flexibly Priced Cloud Model
In terms of cloud services in demand, Software as a Service (SaaS) is likely to remain the top revenue generating segment, which the report clearly attributes to its superior convenience quotient in terms of deployment, and maintenance. Flexible costs are also a crucial factor pushing SaaS demand in global market. As far as the deployment of cloud is concerned, private deployment continues to be the most popular choice among end users. The hybrid model however has been recently emerging highly lucrative in the market as more number of businesses are showcasing interest around the benefits of implementation of hybrid cloud.
An exploding drive for Big Data, and machine learning (ML) is making the immediacy, and scalability of cloud computing more desirable for businesses. A staple at a considerably high number of large, and medium enterprises, cloud computing has been marking the prominence across a growing number of small-sized enterprises as they increasingly seek more agile operations.
Cloud to Spread its Roots Faster across Small Enterprises
Cloud demand will further proliferate with more enterprises registering demand for integrated platforms with an objective to achieve enhanced collaboration between the multiple business disciplines. Although large enterprises tend to capture the lion’s share in overall cloud computing market valuation, research points to the rapidly growing rate of cloud demand coming in from small and medium enterprises (SMEs). SMEs will continue to present the maximum opportunistic potential for market growth, says the report.
The best advantage of cloud that it provides enterprises with the most convenient pay-as-you-go model remains the prime factor boosting consumption of cloud services. Moreover, recently, there has been a remarkable increase in the number of vendors providing enterprise cloud computing solutions, which promises a strong growth outlook for the market. A diverse range of deployment-, and subscription-based models that have emerged to suit the varied need of businesses is also expected to significantly support market growth.
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North America Leads; Asian Markets Unlock Lucrative Opportunities
Regional analysis indicates continued dominance of North American market clearly because of the strong presence of globally leading vendors like Microsoft Corp., Amazon.com Inc., Oracle Corp., and IBM Corp. The region also remains the top cloud adopter owing to a greater number of enterprises placing emphasis on next-generation technology adoption. The report however also reveals that the maximum growth opportunities reside in Asia Pacific as the region has been witnessing a number of small, medium, and large enterprises sprawling over the recent past. An excellent start-up environment rapidly developed across fast-developing Asian economies is expected to provide a strong fertile ground to cloud computing services and solutions providers.
Key Market Players in Cloud Computing
Google Cloud, Amazon Web Services (AWS), IBM Cloud, Microsoft Azure, Oracle Cloud, SAP, Dell Technologies/VMware, Alibaba Cloud, Hewlett Packard Enterprise, and Cisco are some of the topmost cloud providers, driving competition in the global cloud computing market.
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The article discusses the growth of the cloud computing market driven by SMEs and start-ups adopting cloud solutions.
SaaS is popular due to its convenience in deployment and maintenance, along with flexible pricing.
While North America leads in cloud adoption, Asia Pacific is seeing significant growth opportunities.
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