Dublin, Nov. 18, 2022 (GLOBE NEWSWIRE) — The “Cloud Computing Platforms Market by Service Model (IaaS, PaaS and SaaS), by Deployment Model, Company Size, Industry Sector (BFSI, Retail and Consumer, Telecom, IT and ITeS and Manufacturing) and Region – Global Forecast to 2027” has been added ResearchAndMarkets.com Offer.
The global cloud computing platform market size is projected to grow from USD 545.8 billion in 2022 to USD 1240.9 billion in 2027 at a compound annual growth rate (CAGR) of 17.9% during the forecast period. Cloud computing is an on-demand delivery of a virtual environment that encompasses a pool of resources such as compute, storage, applications, database, and network, through usage-based pricing service models that allow organizations to host their workload.
According to the service model, IaaS is projected to grow at the highest CAGR over the forecast period
According to the service model, Infrastructure as a Service (IaaS) is estimated to have the highest compound annual growth rate (CAGR) of 22.5% in the cloud computing platform market. Cloud computing service models are further categorized into IaaS, PaaS, and SaaS. IaaS, or Infrastructure as a Service, is a type of cloud computing that provides customers with basic computing, networking, and storage on-demand over the Internet and on a pay-as-you-go basis. It describes a range of services including hosting, provisioning, hardware and the basic services required to run a cloud.
With this, a company can use this service to outsource servers, storage, hardware, server and network components and other equipment needed to support operations. Additionally, PaaS, or Platform as a Service, is an all-inclusive cloud development and deployment environment that has the tools needed to deploy anything from simple cloud-based applications to complex business systems. It consists of services for application infrastructure (middleware), such as application platforms, development tools, integration, business process management, business analytics/BI and database management services. SaaS refers to a cloud-based method of delivering software to users. Users subscribe to an application instead of buying and installing it once. Users can log into and use a SaaS application from any compatible device over the internet. The actual application runs on cloud servers instead of each user installing the software on their device. For large companies, updating software was a time-consuming process.
According to Platform as a Service, the analytics and reporting segments are projected to grow at the highest CAGR over the forecast period
According to PaaS, analytics and reporting is expected to develop at the highest CAGR of 23.4% during the forecast period, while the data management segment is expected to hold a larger market share based on platform-as-a-service. Analytics and reporting are data management solutions implemented in organizations to collect historical and current data while statistics and software are used to analyze raw information and provide insights for better future decisions. BI is the process of collecting, storing and analyzing data from business operations. It provides comprehensive, near real-time business metrics to support better decision making.
According to Software as a Service, the Supply Chain Management segment is expected to grow at the highest CAGR during the forecast period
According to SaaS, supply chain management is estimated to have the highest compound annual growth rate (CAGR) of 17.6% in the cloud computing platform market. Applications such as logistics, inventory and production planning are covered in the SCM segment. Improving supply chain operations for various capital-intensive industries requires explicit consideration, as the multidisciplinary nature of various sectors makes SCM practices more complex. Cloud-based SCM applications help reduce all of these challenges and improve the business processes associated with managing supply chain activities.
- Increased adoption of cloud computing services due to COVID-19
- Increasing demand for AI
- Personalized customer experience
- Need for disaster recovery and contingency plans
- Concerns about data security and privacy
- Lack of technical knowledge and expertise
- Increasing government initiatives
- Introduction of IoT and Connected Devices
- High complexity due to the adoption of the multi-cloud model
- Risk of vendor lock-in
Main topics covered:
2 research methodology
4 premium insights
5 Market Overview and Industry Trends
6 Cloud Computing Platforms Market by Service Model
7 Cloud Computing Platforms Market, by IaaS
8 Cloud Computing Platforms Market, by PaaS
9 Cloud Computing Platforms Market, by SaaS
10 Cloud Computing Platforms Market by Deployment Model
11 Cloud Computing Platforms Market by Enterprise Size
12 Cloud Computing Market, by Industry
13 Cloud Computing Platforms Market by Regions
14 competitive landscape
15 company profiles
16 Neighboring/Related Markets
- Alibaba cloud
- App Masters Inc.
- century link
- cloud helix
- cloud paths
- digital ocean
- JDV Technologies
- service now
- Tencent cloud
- Tudip Technologies
- Upland Software
- working day
For more information about this report, visit https://www.researchandmarkets.com/r/zhr220
Global cloud computing market