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In cloud computing, the data is stored, managed and processed in the remote servers located on the internet, instead of local servers. Cloud computing gives users the flexibility to access their data from remote locations at any time. The pay as you use model helps the organizations to decrease their operating costs. It is estimated that cloud computing helps in reducing the operational costs of a company by 30%-35%. Thus, cloud computing is becoming popular among mid-sized organizations due to its cost-effectiveness. Presently, the small and mid-sized organizations are preferring to adopt public and hybrid cloud.
Easy scalability, reduced operational costs, and low-cost maintenance are some of the factors that are driving the cloud computing market. In addition, the growing market for the AI and IoT based applications is, further, propelling the growth of the cloud computing market. However, data security concerns are hindering the growth of the cloud computing market.
At present, partnerships and acquisition are the key strategies of the players:
Some of the leading players of the cloud computing market are Amazon web services (AWS), Google, Oracle, IBM, Alibaba, SAP, VMware, Fujitsu, Rackspace, and Microsoft.
The cloud computing market is segmented based on the deployment model, service model, organization size, industry vertical and region. Based on the deployment model, the market is categorized into public, private and hybrid. Based on the service model, the market is segmented into Software as a service (SaaS), Platform as a Service (PaaS) and Infrastructure as a service (IaaS). Based on organization size, the market is classified into small and medium enterprises (SMEs) and Large Enterprises. By industry verticals, the cloud computing market is segmented into BFSI, healthcare, e-commerce, IT and Telecommunication, and others. Based on geography, the market is categorized in North America, Europe, Asia-Pacific and the Rest of the World.
Several recent developments have taken place in the field of cloud-based solutions in healthcare. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The “Cloud Computing Market” report features an extensive study of the current landscape of industry players. Amongst other elements, the report features: