Published on : Jun 30, 2016
Cloud computing is a technology that helps provide businesses and organizations with software, platform, and IT infrastructure services through a shared network. With the help of cloud computing, enterprises can access resources such as software and applications remotely. Cloud computing technology eradicates the need for making capital investments in expensive servers and storage devices, thus resulting in negligible operational costs for running data centers.
According to the latest report published by Transparency Market Research (TMR), a market intelligence company, the cloud computing services market which valued at US$79.60 bn in 2011 will expand at a CAGR of 8.39% and reach US$205.48 bn by 2018. However, with rising competition and saturation and technology limitations, the market may see a drop in CAGR, but still grow at a CAGR of 8.39% and reach USD 205.48 USD by year 2018.
Brief Snapshot of Scope of Cloud Computing Services Market:
- Among SaaS, IaaS, and PaaS, SaaS is expected to grow at the fastest rate, followed by IaaS.
- All three segments of SaaS (Cloud Security, Corporate and SMB SaaS Cloud services, and Mobile Corporate and SMB SaaS Cloud services) will be in demand.
- The cloud computing services market is currently driven by high demand from North America and Europe.
- Developing nations are yet to adapt the cloud computing services technology and hence will witness a sluggish growth.
- Due to lack of proper infrastructure and technical know-how, emerging economies will witness a restricted growth in the cloud computing services market.
- Major companies operating in the cloud computing services market include Amazon, VMware, Microsoft, IBM, 3Tera.
- Hybrid cloud will come under focus in the coming years.
- Database management system and software application will become popular cloud computing services that will soon gain momentum.