The global cloud computing market is estimated to grow at a CAGR of more than 25% during the forecast period (2019-2025). Rapid increase in the demand for cloud computing services in retail sector is boosting the market growth. Rapid growth in automation and agility in retail and e-commerce for delivery of enhanced customer experience is attributing to the adoption of cloud-based services. This enable-businesses to automate processes that change the way it serves their customers and deliver an automated and seamless experience to the retail customers.
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As a result, retailers uses cloud server for automatic synchronization of product inventories across several offline and online stores, which in turn, provides customers with viable alternatives for their shopping. Additionally, cloud computing supports the management of retail services, including vouchers, pricing structures, stock and e-marketing that can offer a tailored shopping experience to the customers. The bad shopping experience may result in the loss of a customer and therefore, the retailers are adopting cloud computing platforms to enhance their business efficiency and customer experience. Furthermore, increased focus on cost reduction and high return on investment by the use of cloud computing services are other factors that are supporting the growth of the global cloud computing market.
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The cloud computing services enables to minimize capital expenditure of the organizations by eliminating or reducing the cost of IT infrastructure. Moreover, there are several benefits offered by cloud computing services, such as it involves no upgrading or installing functions. The service providers itself handle these functions, therefore, reducing the unnecessary efforts of the IT staff. By the use of these services, the data is well distributed with the cloud and is accessible to everyone subscribed. For instance, e-mail services require considerable resources as the service is distributed to a large number of users, hence, the public cloud of a quality service provider such as Google app can be utilized for e-mail services.
Hybrid clouds are being significantly adopted to address increased user and resource mobility. The industries that prioritize compliance, security, and customer experience are rapidly adopting hybrid clouds. Major cloud vendors are focusing on improving their presence in hybrid cloud space. For instance, in October 2018, IBM Corp. acquired Red Hat, an IT solution provider company. This acquisition is intended to address the clients’ demand for hybrid multi-cloud adoption. This acquisition will facilitate their clients to create cloud-native business applications faster, drive greater portability and security of data and applications across multiple public and private clouds along with consistent cloud management.
Some crucial players in the global cloud computing market include Microsoft Corp., Google LLC, SAP SE, IBM Corp., Oracle Corp., and Hewlett Packard Enterprise Development LP. These players are actively adopting growth strategies such as mergers and acquisitions, partnerships and collaboration to increase their dominance over competitors. Technological innovation and new product launches are the core strength of key market players in the global cloud computing market. For instance, in May 2019, Hewlett Packard Enterprise Development LP acquired Cray, a supercomputer manufacturing company based in the US. This acquisition is aimed at establishing a comprehensive end-to-end portfolio across cloud computing, storage, software and services in rapidly growing high programming computing.
Cloud Computing Market Segmentation
By Deployment Model
- Private Cloud
- Public Cloud
- Hybrid Cloud
By Component
- Hardware
- Software and Services
By Verticals
- Government
- Military & Defense
- BFSI
- Telecom & IT
- Healthcare
- Retail
- Others (Energy and Utilities, Media and Entertainment)
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