Global Market Insights has added a report on the European cloud computing market, which estimates market valuations to exceed $ 140 billion by 2028, with government support to promote cloud adoption across Europe.
Increasing use of cloud computing across multiple organizations to ensure business continuity and adaptability to market changes to maintain a competitive advantage over rivals drives industry growth May be done.
The growing trend of digitalization seen by organizations as they move to cloud-based services is also driving demand in the European cloud computing market. Leading companies are developing innovative solutions and services for their customers, focusing on new technologies such as mobile cloud computing and edge computing.
Steadily growing IaaS segment
The· IaaS The segment is expected to grow at a CAGR of over 15% from 2021 to 2028. Due to its flexibility and scalability, IaaS plays a key role in enterprise-level businesses and is well suited for changing computing workloads.
Enterprises are increasingly migrating to the IaaS model because of its ease of use, reduced computation time, and cost efficiency. The Pay-As-You-Go (PAYG) feature eliminates the cost of deploying your internal infrastructure and helps grow your IaaS model.
SMEs are expected to hold more than 30% market share by 2028.Growth is due to growth Adoption of cloud technology By SMEs to improve business capabilities. SME focuses on protecting networks for secure data access and migrating core businesses to digital platforms to protect their businesses.
The benefits of cloud computing, such as remote computing, cost savings, and availability of on-demand computing resources, are key factors behind the adoption of cloud computing by SMEs in Europe.
Private clouds are expected to witness exponential growth during the forecast period.Multiple organizations accept private Cloud for a high level of security And data privacy. Government agencies, BFSI companies, and organizations with critical data, such as military installations and nuclear power plants, employ private cloud solutions to gain control of their data and protect their critical data. This is expected to create many opportunities for private clouds.
The retail sector is set to account for more than 10% of the European cloud computing market in 2020. This growth is due to the growing demand for online shopping and the dynamic changes in consumer purchasing patterns. Digital transformation among retailers is gaining momentum, with retailers focusing on increasing IT spending to detect fraud and protect payment channels.
Italy grows significantly in European cloud computing market
Italy is projected to grow significantly in the European cloud computing market with a CAGR of over 15% during the forecast period. This growth is driven by increased adoption of cloud computing solutions and services by SMEs and other industries. The existence of multinational corporations and their large investments are expected to support the growth of the market. For example, in May 2020, Microsoft invested $ 1.5 billion in Italian cloud computing services. This investment is aimed at providing cloud services to SMEs and other business units.
Under a five-year strategic plan, the company will also provide access to local cloud services and launch digital skills, smart working and artificial intelligence (AI) programs for small businesses.
Companies operating in the market are focused on accelerating cloud adoption in collaboration with governments and public authorities. For example, in January 2021, CloudSigma announced Open Clouds for the Research Environments (OCRE) Business. This project aims to accelerate the adoption of the cloud in the European research community. This will also help the company expand its presence across Europe and generate new revenue streams.