A report was recently published by market intelligence and research company Fior Markets. The primary area of focus for this report was the global Cloud Computing industry, its current standing and most importantly, the Cloud’s future outlook.
One interesting element of this research report is that its forecast period starts from the pre-pandemic time, which was back in the year 2018. In this respect, this report delivers a very unique perspective on how the global Cloud Computing market has taken off.
Although there is already a consensus among the global tech experts that the pandemic has acted as a catalyst for the global demand of cloud computing solutions, this report still helps us quantify this accelerated demand to quite an accurate extent.
As per the report, back in the year 2017, the size of the global Cloud Computing market stood at a modest US $270 BN. Given the current growth trajectory of Cloud Computing solutions, it is expected that this market will be worth US $712 BN by the year 2028.
This translates into a Compound Annual Growth Rate (CAGR) of over 18%, which is substantially higher as compared to the overall growth within the IT sector. Interestingly, during the full onslaught of the pandemic, global IT growth also went in the negative zone.
This was because of the global uncertainty, and severe disruptions of global supply chains. During the peak of the pandemic, enterprises across the globe found Cloud Computing as the most viable and effective technology platform for remote work.
Within the Cloud Computing segment as a whole, Software as a Service (SaaS) retained its place as the largest sub-segment. This situation is not at all likely to change for the entire forecast period of this report, which is from the year 2018 till the year 2025.
The report concludes by stating that as the enterprise world pivots towards Hybrid and Work from Anywhere (WFX) models, Cloud Computing will retain its place as the most viable, secure, reliable and scalable technology platform out there.