Exploring the Cloud Computing Market Share Projections for 2022
Cloud computing has revolutionized the way businesses function and is expected to continue to do so in the coming years. According to research conducted by Gartner, the global public cloud service market is estimated to reach $331.2 billion in 2022, up from $242.7 billion in 2019. In this article, we will explore these projections and what they mean for the cloud computing market.
The Hybrid Cloud Market is Expected to Grow
The hybrid cloud market is expected to witness significant growth in the coming years. The hybrid cloud offers a mix of public and private cloud services, offering businesses greater flexibility and control. In 2022, the hybrid cloud market is estimated to reach $128.01 billion, up from $44.6 billion in 2018, at a compound annual growth rate (CAGR) of 22.25%. This increase is primarily due to the growing adoption of hybrid cloud solutions by businesses of all sizes.
The Infrastructure as a Service (IaaS) Market is also Projected to Expand
IaaS is a cloud computing service that provides virtualized computing resources over the internet. This service enables businesses to scale their IT resources quickly and cost-effectively. The IaaS market is expected to grow from $33.1 billion in 2019 to $81.6 billion in 2022, at a CAGR of 28.21%. This growth is due to the increasing demand for IaaS in various industries, including healthcare, retail, and banking.
The Software as a Service (SaaS) Market Will Continue to Dominate
SaaS is a cloud computing service that provides access to different software applications over the internet. The SaaS market is expected to grow to $117.7 billion in 2022, up from $85.1 billion in 2019, at a CAGR of 13.10%. The SaaS market already dominates the cloud computing market, and this trend is expected to continue due to the increasing demand for software applications in various industries.
The Bottom Line
The projected growth of the cloud computing market highlights the significant role it plays in modern business operations. Businesses are increasingly adopting cloud computing solutions to reduce costs, increase efficiency, and improve flexibility. With the market projected to grow, businesses that have yet to adopt cloud computing technologies must do so soon to remain competitive. The cloud computing market is evolving rapidly, and it’s essential to keep up with the latest trends in cloud computing to make the most out of its offerings.
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