Cloud computing market size to grow by USD 429.6 billion from 2022 to 2027, vendor lock-in and operational complexities is expected to hinder the market growth – Technavio

 

NEW YORK, Nov. 2, 2023 /PRNewswire/ — The cloud computing market size is expected to grow by USD 429.6 billion from 2022 to 2027. The growth momentum of the market will accelerate at a CAGR of 17.32% during the forecast period. Factors such as vendor lock-in and operational complexities will challenge market growth. Vendor lock-in occurs when a customer cannot transition easily to another vendor’s product or service. This makes it difficult to switch to a public cloud service provider from a private cloud platform. Moreover, each vendor may support different languages, libraries, APIs, architecture, or OS. The process of switching can be time-consuming, labor-intensive, and expensive. It may even result in rebuilding or altering an application to fit the new platform. Thus, vendor lock-in can hinder the growth of the global private cloud services market during the forecast period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Download our sample report!

Key market challenges

The increased use of containers will boost the adoption of the cloud, which will drive the cloud computing market growth. Containers and microservices are alternative solutions to virtual machines (VMs). Containers are lighter than VMs and can package applications and all OS dependencies in a single package. They provide a high level of visibility toward application performance. Moreover, container and microservice architectures allow rapid scaling. These factors will drive the market’s growth during the forecast period. 

Few companies mentioned with their offerings

Adobe Inc. – The company offers Creative Cloud service with apps, web services, and resources.Alibaba Group Holding Ltd. – The company offers multi-model cloud-native databases and distributed cloud services.Alphabet Inc. – The company offers a wide range of cloud computing services.Amazon.com Inc. – The company offers a wide range of cloud computing services.Cisco Systems Inc. – The company offers cloud-neutral solutions and full-stack observability with its cloud To gain access to more vendor profiles with their key offerings available with Technavio, download a sample report.

Market segmentation

The cloud computing market report is segmented by deployment (public cloud and private cloud), service (SaaS, IaaS, and PaaS), and geography (North America, APAC, Europe, South America, and Middle East and Africa). North America will be the leading region with 50% of the market’s growth during the forecast period. The US and Canada are the key markets for cloud computing in North America.

For additional insights into the contribution of all the segments and regional opportunities, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download our sample report 

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Table of contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio