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Explore the latest trends and actionable insights on the Cloud Computing market to inform business strategy and pinpoint opportunities and risks

Market Size of Cloud Computing as a Service (2019 - 2021, $ Billion)

Industry: Cloud Services
Current: Thematic Indicators

Cloud computing has made the use of local hard drives and private data centers obsolete
Between 2019 and 2021, the market size of cloud computing as a service increased at a CAGR of 13.5%
Cloud computing stores data on remote servers and then uses the internet to access it

Cloud computing has grown into a significant factor that transforms the IT industry. It is a technology that enables users to store data on remote servers and access the data using the internet. Cloud computing has made local hard drives and private data centers obsolete. This technology is also one of the major factors for the emergence of remote working. The work from home culture adopted globally after the outbreak of the COVID-19 pandemic became possible due to investments in the cloud in the last 10 years. Companies using cloud computing services require a shared IT infrastructure and services to create a dynamic and scalable IT environment. Cloud computing market was valued at $552.3 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 15.2% during 2022-2026.

Cloud computing offers several advantages over traditional computing. It decreases the managing and maintenance costs of IT systems; provides ease of accessibility of systems according to the need; and authorizes the use of IT systems from different locations. Consequently, businesses benefit from cloud computing in terms of higher speed, greater productivity, and improved performance.

In 2019, the market size of cloud computing as service was valued at $409.3 billion and it reached $527.0 billion in 2021, growing at a CAGR of 13.5%. Cloud computing has the following three categories of services:

Software as a Service (SaaS): Software as a Service is a model that delivers computing applications over the internet as a service through a third-party facility. The organization does not have to install and maintain software for that particular service. The third party that provides the software as service charges the organization for its use.
Platform as a Service (PaaS): Platform as a Service provides a development and deployment environment that allows developers to create, run, and manage applications in the cloud without creating and maintaining complex IT infrastructure. The developer delivers the application from simple cloud-based apps to sophisticated, cloud-enabled enterprise applications.
Infrastructure as a Service (IaaS): Infrastructure as a Service is a form of cloud computing that provides IT infrastructure to an organization over the internet. IaaS manages IT infrastructure such as virtualization, network, server, and data storage through the internet.

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