Today's Cloud Computing Market Dynamics
In todays technology driven world, there is more and more enphasis on easy access to information. Companies rely on data to make strategic descisions and perform business functions. A lot of traditional ways to store and transform data are antiquated. Cloud Computing has allowed for flexability and accessability to vital business information.
Global Cloud Computing Market
It is no secret that most enterprises, both large and small, are moving to the "Cloud". The global cloud computing market size is expected to grow from USD 371.4 billion in 2020 to USD 832.1 billion by 2025. This is forcasted with a compounded Annual Growth Rate (CAGR) of 17.5%. This market growth rate can be attributed to the focus on the need for increased automation and agility.
Enterprises are concerned about about the high costs of housing IT Infrastructure on-premises. Cloud Computing technologies allow for increased return on investment (ROI) and lower infrastructure and storage costs. The existing competition and global economic situations have accelerated the adoption of cost-effective measures to restructure business models.
The biggest concerns that orginizations have to keep in asses is the regulatory and compliance implications of restructuring business models. In recent years, the need for meeting regulatory and compliance needs is constantly increasing due to the change in business needs, increasing data breaches, and cyber-attacks. Compainess need to comply to aviod costly financail penalties and prevent revenue loss.
Major challanges include cyberattacks and data breaches. Cloud computing services help enterprises improve business efficiency and reduce costs. Cloud computing services/technology also affords companies advantages in flexibility, scalability, and agility. Though the cloud offers various security measures, the data stored on the cloud is prone to cyber-attack. This can cause data vulnerability.
Increasingly companies are adopting hybrid cloud services. Enterprises having their existing infrastructure are moving toward the adoption of cloud computing services/technology. Many enterprises, both small and large, are looking to obtain the major benefits of cloud computing. Companies are looking to secure flexability and scalebility. Thedata supports that this will contintue for the forseable future.