Global cloud computing market currently stands at $121 billion. It is expected to grow at a compound annual growth rate of 31.7% from 2016 to 2022. In 2022, the market is expected to reach $278 billion. Cloud computing is a way to store data via the internet or intranet. This allows data to be easily accessible from anywhere and can make it portable. Data centers are used for industrial purposes. These data centers are places where companies keep their data and other information needed in their applications. Cloud computing also reduces staff costs by reducing the need for monitoring systems and securing data.
Cloud computing is used by all industries and organizations that require IT resources to perform their daily work. These resources require significant investments and ongoing maintenance. This shifts the responsibility to vendors, allowing companies to simplify and optimize their big data operations.
Cloud computing’s growth is driven by its low cost services, ease of deployment, lower risk, and optimal tool. Cloud computing technology can help organizations save over 35% on their total operations costs. Security is the main limiting factor in the growth of the cloud computing market. Organisations feel that their data is safer in their own data centers than in a virtual cloud. Cloud computing is less popular among small and medium-sized organizations, who are more cautious about it. Lack of awareness regarding security is the biggest obstacle to adoption growth.
The global cloud computing market can be divided geographically into North America and South America, Central America, Europe and the Middle East, Africa, Asia Pacific. There are several countries that are investing heavily in cloud technology, including the U.S.A. China, India, Iran and Spain. APAC’s high potential growth is due to ongoing large investments in new solar industries and continuing large investments.
