Cloud computing has been experiencing stellar growth, but the industry still has years of growth ahead of it.
A new report by BlueWeave Consulting says the global cloud computing market was worth $390 billion in 2021. What’s more, the industry is set to continue growing at a compound annual growth rate (CAGR) of 11% till 2028. This would put its value at $852 billion.
The industry’s growth is attributed to the widescale adoption of various technologies, such as as AI, machine learning, big data, and more, all of which are heavily reliant on cloud computing.
In addition, there is an uptick in cloud adoption by small and medium-sized enterprises.
Cloud computing is gaining significant traction among small and medium enterprises. The SMEs are utilizing cloud computing to expand their business along with keeping the cost low and boosting the overall productivity. Furthermore, cloud computing is also helpful in offering advanced data security, reduced downtime, flexible storage, better CRM management, etc. Cloud computing also proves to be cost efficient for SMEs as they only pay according to their size and financial capability. This is anticipated to drive the growth of the cloud computing market in the forecast period.
The global pandemic kicked cloud adoption into overdrive, but BlueWeave’s report shows there’s little sign of it slowing down anytime soon.