The US Cloud Computing Market is expected to grow

GmiiRResearch 1/17/2023 6:49:36 AM

The US Cloud Computing Market is expected to grow at a promising CAGR over the forecast period (2021-2028).

The factors driving growth of the US Cloud Computing Market includes rise in the volumes of data generated in mobile applications and websites, growing popularity of video streaming platforms such as Netflix, Amazon Prime and Apple TV, increased focus by companies on meeting regulatory compliance and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Blockchain, Internet of Things (IoT) and Artificial Intelligence (AI), emerging concept of Work from Home (WFH) and cloud services reduces infrastructure complexities, enhances business efficiency, and mitigates risks, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading companies on research and development, rise in the launch of innovative products, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.

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However, growth of the US Cloud Computing Market is hindered due to rising concerns related to data security and privacy.

Based on Service, the SaaS segment is predicted to dominate the market during the forecast period

Software as a service model helps in monitoring data use and is increasingly used in manufacturing, retail, and by government agencies, are some of the factors pushing segment’s growth.

Based on Enterprise Size, the Large Enterprise segment is projected to lead the market over the forecast period

Cloud computing services are increasingly adopted by large enterprise because it enhances collaboration, improves flexibility, and reduces operational costs, are some of the factors propelling growth of the segment.

Based on End Use, the BSFI segment is anticipated to capture the largest market share during the forecast period

Cloud computing services secures storage, facilitates services such as services such as payment gateways, online fund transfer and digital wallets, enhances business efficiency and provides 24*7 uptime, are some of the important factors augmenting the segment’s growth.

Key Developments

  • In 2021, Vodafone Idea partnered with Google Cloud to provide SMB plans. Vi Business Plus customers can mix and match plans to access various features such as real-time collaboration and communication, editing, preventing data loss, data security, and seamless sharing of files digitally sign and encrypt Gmail messages.

  • In 2021, Salesforce developed Health Cloud 2.0., which uses various modules such as Dreampass and Contact Tracing, which facilitates the delivery enhances safety to the employees and customers of the company.

Market Segmentation

Segmentation by Service

  • SaaS

  • IaaS

  • PaaS

Segmentation by Enterprise Size

  • Large Enterprise

  • Medium Enterprise

  • Small Enterprise

Segmentation by End Use

  • BFSI

  • Manufacturing

  • Media & Entertainment

  • Healthcare

  • IT & Telecom

  • Retail & Consumer goods

  • Energy & Utilities

  • Others

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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