Cloud Computing is the usage of hardware and software to convey a service over a network to procedure, store and manage data. It is a communal storage space in which all data can be retrieved instantaneously. An example is Google’s Gmail. Cloud computing is utilized in games software and other software optimized by offices and institutions. Throughout the covid-19 pandemic, the cloud computing market is on the rise as it advances the ability of enterprises to scrutinize important data to safeguard the improved responses. It also augments the productivity of online marketing, web designing, editing, engineering, and back-office work. The lockdown in numerous countries has impacted the cloud market as employees are functioning remotely with companies utilizing the robust two-way tools in order to run operations effortlessly which has assured steadiness 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 Trend’ states that during 2019, the impact of COVID-19 on the cloud computing market increased at USD 233 billion and is projected to augment at a CAGR of 19.4% throughout the forecast period. Foremost factors affecting the growth of this market involve the offices and enterprises contributing to 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 appropriateness of a public cloud environment are best suitable for the present pandemic scenario. Organizations have advanced the level of innovation and with the epidemic of COVID-19 a mainstream of operations have been compromised; as a result, several organizations have to purpose in a non-optimized manner.
Not only has this, but Cloud computing has also become indispensable owing to the covid-19 pandemic, from games to office software. E-commerce is obtaining popularity amidst the coronavirus lockdown as food selling and several other essential supplies conveyance are moving online. Online retailers are utilizing cloud hosting solutions that do not interrupt the business. This market is on an augment throughout the pandemic as it advanced the ability of the enterprises to scrutinize appropriate data and ensure an advanced response. Cloud computing also delivers improvements in productivity for operations that are not ideal with telecommuting. Skype, ClickMeeting, Slack are also trusting in this market which is a foremost driver in the growth of the segment.
Although, the existence of foremost players such as Cisco Systems Inc., Google Microsoft Corporation, IBM Corporation, and several others also add to the market power in the region. Around the APAC region through the technology, spending is augmented, the setback of the covid-19 is enormous and thus the cloud implementation is calculated to augment the work from home initiatives.
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Ankur Gupta, Head Marketing & Communications