Published on: May 2022
Overview of the Report of Industrial Cloud industry
The global cloud computing market was valued at USD 368.97 billion in 2021, with a compound annual growth rate (CAGR) of 15.7 percent predicted from 2022 to 2030. Emerging technologies like artificial intelligence (AI) and machine learning facilitate cloud expansion by allowing businesses to tap into AI capabilities. The COVID-19 pandemic has emerged as a huge economic challenge for the world. Cloud computing can help businesses overcome the issues of business continuity posed by market mandates such as lockdown, work from home, social distancing, and others.
Regional Insights of the cloud computing market
In 2021, North America dominated the global market, accounting for more than 40% of total sales. Companies in the United States are known for being early adopters of next-generation technologies such as the Internet of Things, additive manufacturing, big data analytics, linked industries, AI, AR, ML, and VR, as well as the latest communications technologies such as 4G, 5G, and LTE. Businesses in the United States are continuing to embrace cutting-edge technology, which bodes well for future growth. The presence of multiple vendors such as Microsoft Corporation, Oracle Corporation, Amazon.com Inc., and International Business Machines Corporation, as well as a greater willingness to adopt new technologies, are predicted to aid this region in maintaining its market dominance.
Over the projection period, Asia Pacific is expected to be the fastest-growing region. The rapid rise of China and India, as well as regional companies such as Alibaba Group, enhanced regional market growth. Initiatives like Make in India have resulted in large investments in the manufacturing and IT sectors, increasing demand for cloud computing in the country. Furthermore, hyper-scale cloud providers like Microsoft Corporation, Amazon.com Inc., and Google LLP are building data centres in countries like Indonesia and Thailand to meet the governments' data sovereignty requirements.
Insights into Key Companies and Market Share
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. For example, Barco picked Salesforce in May 2021 to improve its partner, customer, and employee experiences, as well as prepare its operations for future development. Furthermore, Microsoft Corporation joined with ZEISS Group in October 2020 to provide better patient care and improve manufacturing quality through data solutions. ZEISS Group intends to use Microsoft Azure as its cloud platform as part of this cooperation to give digital experiences to its German manufacturers, respond quickly to changing market conditions, and boost overall productivity and efficiency.
In addition, product differentiation and upgrades, as well as service expansion, are projected to help organisations thrive in the market. For example, IBM Corporation announced the launch of Advertising Accelerator with Watson in January 2020, a predictive solution that uses AI and Watson to develop campaigns that can potentially assist marketers and advertisers in understanding their audiences' preferences and providing actionable insights.
About Industry Data Analytics, and why you should pick them
Industry Data Analytics is a major technology research and advising firm in the country. Their research and analysis focuses on emerging industry trends, providing actionable insights to assist organisations in identifying market opportunities and developing effective strategies to improve their market positions. Industry Data Analytics's research library contains more than 10,000 reports and counting, covering 500 technologies and spanning numerous countries, thanks to its team of over 500 experienced analysts. Their clientele includes a diverse range of businesses, including more than 30 Fortune 200 corporations. Industry Data Analytics's comprehensive coverage, deep research, and actionable market insights are relied on by this growing customer base to find opportunities in existing and new markets and assess their competitive positions in changing market scenarios. So, what are you waiting for?
Get your report now.