Around 25% of Global Cloud Computing Market Revenue to be contributed by the BFSI Industry, Forecasts Fact.MR
Published : 15 Feb 2022 Industry: Technology
A recently published Fact.MR report on the global cloud computing market estimates that the industry is expected to secure a value of US$ 1,949 Bn by 2032 while expanding at a CAGR of 15% in the forecast period from 2022 to 2032. Rapid digitization of workplaces and the growing demand for SaaS-based solutions are further broadening prospects.
From 2015 to 2021, sales of cloud computing solutions flourished at a CAGR of 12%. The outbreak of COVID-19 further encouraged adoption of cloud computing, as work from home directives were issued by enterprises. For instance, the number of Microsoft Team platforms increased to 44 million due to the high demand for collaboration solutions. In addition, the growing usage of platforms such as Apple TV, Netflix, Hulu, and Amazon Prime has played a salient role in driving the market.
As business operations continue to expand, business entities are looking to leverage the most economical yet highly effective information storage and assimilation capabilities. Hence, there is extensive reliance on IaaS, SaaS and PaaS based solutions, providing significant impetus to market growth for cloud computing.
Key Takeaways from the Market Study
- The global cloud computing market to secure a value of US$ 482 Bn in 2022
- Cloud computing solutions to accumulate 40% of global revenue in North America
- Asia Pacific to exhibit a CAGR of 18% with regard to cloud computing solutions
- By enterprise size, large enterprises to accumulate 55% revenue in 2022
- Cloud computing solutions for the BFSI industry to emerge strongest, procuring 1/4th of global revenue
“The growing digitization of various end-user sectors such as; health, BFSI, and others, is likely to boost the market. Further, the outbreak of COVID-19 has posed a significant opportunity of expansion to the market.”- says an analyst at Fact MR.
The players of the global cloud computing market adopt various strategies to secure a prominent position in and enhance their influence in the global market. Some of the recent developments among the key players are:
- In January 2020, IBM Corporation launched the Advertising Accelerator with Watson. It is a predictive solution that utilizes AI and helps Watson by providing campaigns that could aid marketers and advertisers in understanding the customers’ behavior.
- In February 2022, IBM disclosed its plan to team up with SAP to provide technology to clients to adopt a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
- In October 2020, Microsoft Corporation disclosed its partnership with ZEISS Group to offer advanced care to patients and develop manufacturing quality through data solutions. According to the partnership, ZEISS Group adopted Microsoft Azure as its cloud platform to offer digital experiences to its German counterpart.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global cloud computing market, presenting historical data from 2015 to 2022 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of enterprise size (large enterprises and small & medium enterprises), end use (BFSI, IT & telecom, retail & consumer goods, manufacturing, energy & utilities, healthcare, media & entertainment, government & public sector and others), deployment (public, private and hybrid) and service (IaaS, PaaS and SaaS) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Fact.MR’s Domain Knowledge in Technology
Our technology consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the technology sector. Our expertise in recognizing the challenges and trends impacting the global technology industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant – Technology