The global cloud computing market is expected to reach $791.5 billion (£578.8bn) in size by 2028, more than three times its current 2021 valuation of $250 billion (£182.8bn).
Charting the market’s expected growth, Fortune Business Insights found in its report, titled “Cloud Computing Market, 2021-2028”, that the period will see a 17.9% compound annual growth rate (CAGR).
The report profiles major international corporations involved in cloud computing, such as Alibaba, Amazon Web Services, IBM, and Microsoft, whilst also considering the role of government projects and investments.
Government interest in cloud solutions is projected to centre around the US, UK, China, and India, with the growing implementation of cutting-edge tech such as AI and machine learning enhancing this transition globally.
In terms of regions, North America is expected to maintain its dominant hold over market share across the entire period, although what was a 35.7% share of the market in 2020 will diminish as the playing field levels.
Asia Pacific is anticipated to see the greatest surge in growth as demand for cloud-based solutions increases, especially in industries such as manufacturing and healthcare.
One key factor that may restrain the global cloud market’s growth this decade is data security and privacy concerns, which if not effectively addressed could damage the revenue of healthcare, telecoms, and other sectors.
The Fortune report also includes individual forecasts on the cloud market based on type, which provides analysis across private, public, and hybrid systems, as well as service, which looks at software, platform, and infrastructure respectively.
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