A look at The USD 832.1 billion Global Cloud Computing Market

The demand for cloud computing solutions and services have surged like never before

The world has encountered one of its massive crises lately,  thanks to Covid-19. Despite the health sway, the pandemic has incited an enormous disruption to worldwide economic activity, supply chains and organizations. Therefore, big data, cloud computing, IoT and different technologies are seeing developing prominence as the end-to-end connections that they give across data points by means of widespread networks are paving the way for endless pools of data to be shared flawlessly across borders.

The global cloud computing market size is predicted to grow from USD 371.4 billion in 2020 to USD 832.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period.

Digital business transformation has entered a really difficult and direness-driven stage because of the COVID-19 pandemic. Top cloud providers are furnishing customers with cost-effective and beneficial digital solutions as each industry is financially hard-hit from the pandemic. The abrupt closures of workplaces, schools, and companies have expanded the demand for cloud computing solutions and services.

As indicated by a research by Gartner, 2021 will see an 18.4% growth in public cloud end-user spending, which is projected to reach $304.9 billion around the world. That is up from $257.5 billion in spending in 2020.

Application infrastructure services will witness the greatest spending margin increase in 2021, as indicated by Gartner's examination, projected to arrive at 26.6%. Software as a service ought to stay the biggest piece of the global cloud market with $117.7 billion in projected spending.

In the midst of this landscape, cloud service providers, for example, Amazon, Microsoft, and Alphabet are developing at an exemplary speed. In spite of their size, these organizations have exhibited potential for additional development because of their inclination to bear and emerge stronger from economic storms.

For example, Amazon's stock is up by 83% since the beginning of 2020 as its cloud computing company, Amazon Web Services (AWS), which remains its most profitable segment, saw a 29% growth in Q2 2020 sales to reach $10.8bn, altogether eclipsing its e-commerce segment.

In the interim, Microsoft's enormous exposure to key cloud organizations themed on digital engagement, virtual work and workflow planning, has assisted it with addressing a sizable market that is predicted to grow to $460bn by 2025. Microsoft is expected to accomplish double-digit annual revenue growth in this period.

The development of the public cloud is driven to some degree by the effort that went into repurposing the workforce to work from remote areas, including reinforcing security and setting up extra capacity to help remote collaboration. The possible bounce back from the pandemic may see new services ascend around the cloud technology, to oblige a changed operational landscape. A huge part of the virtual workforce won't get back to the physical office space, regardless of whether there is a vaccine and life gets back to business as usual.

The Society for Information Management (SIM) delivered an IT patterns study that shows in 2020 cloud computing was the top organizational investment for the first time in more than ten years, usurping lasting pioneer Analytics, Business Intelligence and Related Technologies.

While IT management issues and IT investments remained generally the same year-over-year as of 2019, the rising of cloud computing (counting software/platform/infrastructure-as-a-service services) as the top investment detailed by companies was one of a few eminent changes in that class.

Infosys Ltd is multiplying on investment in its cloud computing technology business as it observes a surge in demand, with customers picking remote working arrangements, new plans of action, and business continuity plans in the post-pandemic period. Infosys went into a definitive agreement to procure Europe-based GuideVision for up to €30 million to expand its Cobalt portfolio of cloud computing services and to additionally reinforce near-shore delivery presence in the European sector.

Cloud computing funding deals overall reached a three-year high of 97 during the second quarter, up from 76 during a similar period in 2019, as per market knowledge firm CB Insights. Financial backers emptied nearly $3 billion into those startup deals from April to June.

For example, Snyk Inc., got $200 million in venture funding recently. The five-year-old organization makes it simpler for software developers to incorporate security into their cloud-based applications so they can be assembled and deployed quicker while diminishing the burden on security teams.

Other enormous cloud computing investment deals incorporate data-management company Cohesity, which declared a $250 million in April, data center technology firm Innovium Inc., which reported $170 million in July, and enterprise database management firm Cockroach Labs, which reported $86.6 million in May.

In terms of countries, North America is the most full-grown market regarding cloud computing services adoption, because of a few elements, like the presence of numerous companies with cutting-edge IT foundation, and availability of technical expertise. APAC is predicted to offer critical growth opportunities for cloud computing companies during the figure time frame. Significant advances in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have driven numerous companies to embrace cloud computing services.

With new services, Genesys®, a worldwide innovator in cloud customer experience and contact centre solutions, is introducing new capabilities for Genesys Cloud™ in India by empowering organizations to keep their data located within the country. This is particularly critical for companies in highly regulated industries with severe compliance and security norms, like healthcare, financial services and government, which regularly have data sovereignty prerequisites. Presently, Indian organizations across areas can provide more customized digital-first customer experiences using Genesys Cloud.

Coronavirus has fostered the need to digitally change, and toward the day's end, that cloud computing transformation presents the requirement for new tools.