In 2021, the market for cloud computing was estimated to be worth US$428.844 billion, and by 2028, it is anticipated to have grown at a CAGR of 16.32% to reach US$1,235.408 billion.
Cloud computing is the continuous use of computer resources, including software, servers (both physical and virtual), data storage, development tools, networking capabilities, and more, that are located in a distant data center and managed by a cloud services provider. The CSP offers access to these resources for a monthly subscription fee or on a consumption-based basis. Businesses may now leverage these technologies thanks to emerging technologies like artificial intelligence (AI) and machine learning, which encourages the spread of the cloud.
Because of the rapid uptake of cutting-edge revolutionary technologies like artificial intelligence and machine learning in cloud computing, the cloud computing industry is growing. The expanding significance of customer satisfaction, the rising desire for reducing operating expenses, and the rising necessity for controlling capital expenditure are some of the most important factors that are significantly fueling the expansion of the cloud computing industry.
The demand for various OTT platforms like Prime Video, Netflix, Hotstar, and others has grown significantly over the past few years, as has the use of online collaboration tools like MS Teams, Zoom, Zoho, and Skype. These are the main factors that have contributed significantly to the growth of the cloud computing market. Rapid digitalization has compelled businesses to modernize and upgrade their infrastructure setup in order to improve cost effectiveness and responsiveness. Additionally, it is projected that rising investments in the development of dependable telecom and IT infrastructure would further fuel the expansion of the cloud computing market during the forecast period.
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