Global Cloud Service Market was valued at around ~$300 Bn in 2022, and is eyeing to become a $ 600 billion industry by 2027. Here are some of the major factors suggesting the same.
1. Software as a Service (SaaS) drives explosive growth in the Global Cloud Service Market.
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Software as a Service (SaaS) has become a key driver for the global cloud Service Market, with businesses of all sizes leveraging SaaS Solutions to optimize their operations, reduce cost and improve agility. According to a survey, 73% of the enterprises say that nearly all of their application will be SaaS by 2021. Overall, the affordability, ease of adoption, flexibility and scalability of SaaS solutions are driving the popularity in the Global Clouds Service Market.
2. Billion Dollar Bet – Microsoft, Google and Amazon increase investment in the Cloud Service Market.
In 2020, Microsoft announced that it would invest $1 Billion in OpenAI, an artificial intelligence firm, to develop new AI capabilities for Azure. Similarly, Amazon announced that it would invest $2 Billion in India to expand its cloud services business. Furthermore, Google also announced to invest $10 billion in India over the next 5 to 7 years to expand its cloud service business in the country. Venture Capitalists are also investing in the cloud services. For instance, in 2020, snowflake, a cloud-based data warehousing company, went public and raised $3.4 billion in its initial public offering. This was one of the largest IPOs for a cloud service company in the history.
3. The Boundary Between Public and Private Clouds is Blurred with Hybrid Cloud
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Today, major cloud providers such as Microsoft, Amazon, and IBM are extending their use of “hybrid” models that combine the best of both worlds (Private as well as Public). Data that must be accessible quickly and frequently, such as by customers, can be stored on public AWS or Azure servers and accessed via tools, apps, and dashboards. Data that is more confidential or mission-critical can be stored on private servers with access controlled and processed using proprietary programs. According to a survey by IDG, more than 90% of respondents reported using some form of hybrid cloud infrastructure. Hybrid Clouds are fueling growth in global cloud service market as they very agile, easily scalable and cost effective.
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