Global Cloud Computing Market Size, Share & Trends
Analysis Report By Forecast, 2022-2028
The global cloud computing market is anticipated to grow at a substantial CAGR of 15.6%
during the forecast period. Cloud computing involves the delivery of hosted services, such as
software, servers, storage, analytics, intelligence, and networking over the internet. Cloud
computing services are divided into three classes, such as Software-as-a-Service (SaaS),
Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). The major factors
boosting the growth of the market include the rising adoption of cloud-based services and the
rising number of small and medium enterprises across the globe. Growing adoption of the cloud
platform is attributed to the faster deployment of new capabilities. Cloud-based platform is
adopted by the enterprises across the globe as an effective medium for storing and
management of the data. With the increasing amount of data generated through IoT, many
enterprises have shifted their data to the cloud storage by choosing service providers such as
Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
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computing-market-size
Furthermore, in the European Union, the demand for cloud-based services among enterprises
has been growing significantly. According to the Eurostat, 41 % of EU enterprises used cloud
computing in 2021, mostly for e-mail and storage of files. Compared with 2020, the use of cloud
computing in the EU increased particularly in the retail trade in 2021. New product
developments and launches by market players are further aid in market growth. For instance, in
December 2021, Kyndryl signed a new global strategic partnership with Google Cloud to bring a
joint offering around artificial intelligence, data, and infrastructure modernization, as well as train
the employees around Google technologies. The partnership aims to provide customers with
cloud-based access to managed