Technavio reports that the global cloud computing market size is estimated to grow by USD 404.7 billion from 2024-2028, with a CAGR of 15.19% during the forecast period.
Market driver
Security and control benefits lead various industries and government agencies to use private clouds, driving the market's growth.
Trending technologies
Artificial intelligence, machine learning, big data, containerised computing, and virtual machines are the trends in cloud computing.
Businesses also take advantage of cloud storage and computing services' flexibility, cost-effectiveness, and scalability.
Integrating AI and ML in cloud services also enables advanced analytics and automation capabilities.
Market challenges
While enterprises adopting cost-effective IaaS, PaaS, and SaaS solutions influence market growth, they also face challenges such as monolithic applications, data migration complexities (which involve transferring data from one system to another), and interoperability issues (which refer to the ability of different systems to work together). These challenges can hinder the smooth adoption and operation of cloud services.
Technavio strongly advises organisations to choose the right integration tool for hybrid connectivity, which provides a clear path through the complex cloud landscape.
Moreover, security is a significant hindrance to effectively implementing and managing cloud services, necessitating the protection of sensitive data and preventing unauthorised access.
Further, organisations should consider a comprehensive cloud strategy and effective implementation and management to address issues like cost management, compatibility with existing systems and applications, dependence on internet connectivity, and possibly a more complex decision-making process.
The Technavio report analysed trends in the cloud computing space across five regions, including APAC.
