Cloud Enabling Technology Market Size, Share & Growth [2031]

Report Description

The global cloud-enabling technology market is projected to register a robust CAGR during the forecast period, between 2021 and 2028. Cloud computing enables businesses to manage, store, and process essential data by utilizing distant servers located on the Internet. The usage of computing resources given to customers using the Internet is referred to as cloud-enabling technology. It especially refers to a shared storage space from which all network devices can access data at the same time.

Cloud computing technologies are expanding in a variety of industries including energy & power, buildings & construction, oil & gas, communication, transportation, and so on. The usage of cloud-enabling technology not only saves money but also makes programs available to all network devices at any time and from any location.

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Market Trends, Drivers, Restraints, and Opportunities:

• Increasing adoption of automation across multiple verticals to improve productivity is a major driver driving the market's demand for cloud computing.
• Growing volume of data generated in websites and mobile apps as well as the increased emphasis on creating customer-centric applications to drive customer satisfaction, are projected to drive market expansion.
• Rising need for data consumption, storage, analysis, and security, cloud-enabling technologies are projected to fuel the market growth.
• Increasing return on investment, combined with reducing storage and infrastructure costs, is a key driver of the market.
• The need to fulfill regulatory and legal policy requirements as well as issues concerning to users privacy violation are major restraining factors that can hamper the market growth.
• Growing consumption of hybrid cloud computing among a large scale of small and medium business organizations are likely to create considerable growth opportunities for the market during the projection period.

Scope of the report:

The report on the global cloud-enabling technology includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Cloud-enabling Technology Market Segment Insights:

Hybrid segment is projected to hold significant market share

Based on deployment types, the cloud-enabling technology market is segregated into hybrid, private, and public. The hybrid segment is projected to hold significant market share owing to increasingly implementing cloud-based solutions among medium-sized and small enterprises (SMEs) to enhance productivity and reduce their operational expenses. On the other hand, the public segment is expected to register a substantial growth rate in the coming years. The growth can be attributed to digital transformation, increased penetration of connected devices, and more automation among SMEs. It is a multi-tasking environment in which computing resources are shared with other customers. Organizations all across the world are increasingly scheming to utilize public cloud computing.

Infrastructure-as-a-Service (IaaS) segment to account for a substantial share

On the basis of service types, the market is fragmented into Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS). The IaaS segment is anticipated to account for substantial share of the market due to the growing popularity of hybrid cloud platforms and the rising demand for business data storage and security solutions. These are the kinds of online services that give high-level APIs for accessing different low-level elements of underlying network infrastructure such as physical computing resources, location, data partitioning, scaling, backup, security, and others.

Broadband networks & internet architecture segment to expand at a robust pace

In terms of technology types, the cloud-enabling technology market is segmented into broadband networks & internet architecture, multitenant technology, data center technology, web technology, and virtualization technology. The broadband networks & internet architecture segment is expected to expand at a robust pace during the forecast period. The Internet's largest resolution networks are developed and deployed by ISPs and are linked using a core router. The growing adoption of automation across multiple verticals to improve productivity is a major driver driving the segment's demand for cloud computing.

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Telecom & IT segment to register a healthy growth rate in the near future

Based on end-users, the market is divided into BFSI, telecom & IT, energy & utilities, manufacturing, healthcare, media & entertainment, government & public sector, retail & consumer goods, and others. The telecom & IT segment is anticipated to register a healthy growth rate in the near future owing to the increasing adoption of cloud-based solutions for data management and storage across IT businesses. Furthermore, cloud solutions enable the IT and telecom sectors to implement secure storage, improved efficiency and productivity, and dependability.

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Asia Pacific is expected to dominate the market

In terms of regions, the cloud-enabling technology market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market due to the increasing availability of skilled labor and keen focus provided by large enterprises and SMEs to enter their operations in this region. Notably, as organizations seek to improve their digital initiatives, public cloud services have acquired significant popularity in the region. With the need to attain better business agility and customer satisfaction, cloud technology has become the foundation of how many firms function today. Organizations are aiming to improve both application performance and customer experience.

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