Cloud Computing Market Size is Expected to Reach US$791.48 Billion by 2028

Rising internet and mobile devise adoption is the key factor driving cloud computing market size

Multiple tech companies are leveraging cloud computing making it a profitable investment for the tech-driven future. The global Cloud Computing Market Size is projected to reach US$791.48 billion in 2028, at a CAGR of 17.9% during the forecast period (2022-2028). The rising popularity of the latest novel technologies like artificial intelligence and machine learning and their rapid adoption in cloud computing is empowering the growth of the global cloud computing market.

The rising demand for the various OTT platforms such as Amazon Prime, Netflix, Disney+Hotstar, and Apple TV along with the increased adoption of online communication platforms like Microsoft Teams, Google Meet, Zoom, and Skype are the major factors that have contributed significantly towards the growth of the cloud computing market in the past few years. Rapid digitization has compelled various organizations to digitize and modernize their infrastructural landscape boosting cost efficiency and agility. Furthermore, the rising investments in the development of strong telecommunications and IT infrastructure are expected to further fuel the growth of the global cloud computing market during the forecast period.

Today, the majority of organizations and many government departments and agencies have shifted their databases onto the cloud to improve the efficiency and productivity of resources as well as bring down costs. Unfortunately, this move has exposed sensitive information to hackers, who have frequently launched cyber-attacks to retrieve and misuse data. For instance, the US-based Center for Strategic & International Studies (CSIS) revealed that in April 2020 hackers from Iran attempted to breach the personal files of World Health Organization (WHO) staffers while the world was reeling under the coronavirus pandemic. In February 2020, two Chinese hackers were persecuted by the US Department of Justice for performing cryptocurrency laundering activities for North Korean nationals. Such attacks are prompted by the availability of delicate data on cloud platforms and the constant threat of privacy infringement may hinder the cloud computing market growth in the upcoming years.