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:
Access the full report on Cloud Computing market here.
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