The demand for Cloud Computing services and solutions has been rapidly increasing for the past three years or so. Even before that, cloud adoption was progressing at a steady pace, but the global pandemic acted as a catalyst for the growth of Cloud solutions.
The interesting part is that the global Cloud Computing market is well poised to see even better days ahead. This was forecast by a recent study that was released by research company Fact.MR. The research digs deep into the underlying factors triggering the strong demand for Cloud Computing solutions, and the future outlook for these as well.
According to the research report, the size of the global Cloud solutions market is expected to touch US $482 Billion. The research points out that the global cloud solutions market has been on a strong growth trajectory since the year 2015. It is estimated that during the years 2015 and 2021, the global cloud computing market has been raking in a Compound Annual Growth Rate of (CAGR) of 12%.
This growth rate of 12% may not seem all that impressive on first sight, but the interesting bit is how cloud based services and solutions were able to maintain this steady growth rate consistently for a seven year timespan.
Fact.MR research goes on to forecast that by year 2032, the size of the global Cloud Computing market could reach a whopping US $1,949 Billion. This translates into a healthy CAGR of about 15%, consistently between the forecast period spanning years 2023 to 2032.
The report cites Banking, Financial Services and Insurance (BFSI) as the largest individual sector driving this strong growth. It is estimated that the global BFSI sector alone will account for 25%, or one-fourth of the global sales of cloud computing solutions.
In addition to this, the emerging digital technologies that will be driving the growth for Cloud Computing solutions include Big Data, Artificial Intelligence (AI) and Machine Learning (ML). These technologies, whether used individually, or in conjunction with each other, are presenting unique value and efficiency propositions for the deploying enterprises.
Organizations are finding the management of legacy, on-premise systems costly, in-efficient and susceptible to a wide range of cyber threats. In addition to providing operational agility and efficiency, Cloud Computing solutions are elevating the Data Protection, Disaster Recovery (DR) and Regulatory Compliance postures of the deploying enterprises.
Lastly, the report highlights some limiting factors that organizations may be faced with, once migrating to Cloud based solutions. The first restraint that was highlighted was the seamless integration of on-premise, legacy systems with state of the art cloud architectures.
The other limiting factor highlighted by the report was emerging cyber threats, to which organizations found themselves most vulnerable during the transition or migration phases. Migration of processes, and at times the need for interoperability could generate gaps within the cyber security framework of organizations, which could potentially be exploited by cyber miscreants.
The improved operational efficiency, agility, scalability and cyber security of Cloud Computing services and solutions will continue to drive strong growth and adoption for the years to come.
