Cloud Computing is the usage of hardware and software to provide a service over a network to procedure, store and manage data. It is a communal storage space in which all data can be retrieved simultaneously. An example is Google's Gmail. Cloud computing is optimized in games software and several other software utilized by offices and institutions. Throughout the covid-19 pandemic, the cloud computing market is on the increase as it enhances the capability of enterprises to examine significant data to ensure developed responses. It also augments the proficiency of online marketing, web designing, editing, engineering, and back-office work. The lockdown in numerous countries has obstructed the cloud market as employees are functioning remotely with companies utilizing the robust two-way tools in order to run functions smoothly which has assured the immovability of web-based platforms and services.
According to the report analysis, ‘The Impact of Covid-19 on Cloud computing market By Deployment mode (private, public and hybrid cloud); By Technology (software as a service (SaaS), infrastructure as a service (IaaS) and platform as a service (PaaS)); By Vertical (banking financial services and insurance, healthcare and life sciences, IT and ITeS, retail and consumer goods, telecom, energy and utilities, government and public sector and manufacturing); By organization size (large enterprises, small and medium-sized enterprises) and Region –Analysis of Market Size, Share and Trends for 2014 – 2019 and Forecasts to 2030’ states that during 2019, the impact of COVID-19 on the cloud computing market increased at USD 233 billion and is projected to increase at a CAGR of 19.4% throughout the forecast duration. Major aspects affecting the growth of this market comprise the offices and enterprises contributing in IT infrastructure for cloud service providers, internet service providers, and accomplished to hosting providers. The augment in the requirement for cloud-based services and the suitability of a public cloud environment is the greatest suited for the present pandemic scenario. Organizations have enhanced the level of innovation and with the epidemic of COVID-19 a majority of functions have been compromised; as a result, several organizations have to operate in a non-optimized manner.
Whereas dependent on the deployment model, the market for cloud computing has been sectored into private, public, and hybrid clouds. The public cloud sector is projected to augment a CAGR of 20% by 2030. Vertical it can be further classified into banking financial services and insurance, healthcare, and life sciences, IT and ITeS, retail and customer goods, telecom, energy and utilities, government and public segment, and manufacturing. The retail sector is to show the greatest growth throughout the forecasted duration. Retailers are uploading their IT infrastructure to take benefit of the collaborated workforce in order to augment entire productivity. They are moving towards the commercial websites as online shopping is obtaining attraction throughout the pandemic.
Although, Cloud computing has become essential owing to the covid-19 pandemic, from games to office software. E-commerce is obtaining popularity amidst the coronavirus lockdown as food selling and other important supplies delivery is moving online. Online retailers are utilizing cloud hosting solutions that do not disrupt the business. This market is on an augment throughout the pandemic as it enhances the capability of the enterprises to examine suitable data and ensure an enhanced response. Cloud computing also delivers enhancements in productivity for the function that is not ideal with telecommuting. Skype, ClickMeeting, Slack are also trusting in this market which is a foremost driver in the growth of the sector.
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Ankur Gupta, Head Marketing & Communications