Cloud-Enabling Technologies Market Size, Share, Growth, and Industry Analysis by Type (Cloud Automation and Compliance Management) By Application (Virtualization, A&M Solutions and SOA Solutions), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Cloud-Enabling Technologies Market REPORT OVERVIEW

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The global cloud-enabling technologies market size was USD 31930 million in 2022 and market is projected to touch 59188.2 million by 2031, at a CAGR of 7.1% during the forecast period.

Plans for digital transformation are subject to financial constraints, and cloud elasticity aids in business transformation by allowing firms to monitor unnecessary expenses and reduce excessive expenditures. Multiple automation processes may be built using the many automation options provided by cloud computing, which also provides access to everything-as-a-service. The deployment of robots for warehousing units, customer streaming, and the opening of new cloud quick-service restaurants are just a few examples of how digital transformation demands well-planned IT infrastructure. The cloud is also the driving force behind every new business opportunity. In order to connect current and old systems and build highly resilient business models, firms need to take advantage of the cost-effective and innovative options provided by cloud computing. Enhancing the value of their enterprises is the goal of expanding the use of cloud computing.

COVID-19 Impact: Health Industry’s Digital Transformation to Accelerate the Market

The COVID-19 pandemic has also accelerated the market revenue growth for cloud-enabling products. Cloud computing has helped throughout the pandemic to facilitate communication, teamwork, and crucial internet services. With the help of its effective services, cloud computing has been instrumental in the move to the work-from-home paradigm brought about by COVID-19. Cloud computing has further assisted nations in reducing infection by providing online services. Technologies that enable the cloud also aid in forecasting the COVID-19 virus's potential future effects. Cloud computing technologies have greatly aided the healthcare industry's digital transformation during the pandemic by enabling it.

LATEST TRENDS

"Rise in Demand for SaaS, IaaS and PaaS to Drive the Market Growth"

During the projected period, the market revenue growth is anticipated to be driven by the rise in demand for cloud services such Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platforms-as-a-Service (PaaS). As part of the Internet of Things, IaaS provides customers with access to computing, networking, and resource storage, which has increased demand for cloud storage that holds huge data (IoT). Users of SaaS receive software whereas those of PaaS receive a platform on which to run their applications and need IT infrastructure to do so.

Cloud-Enabling Technologies Market Segmentation

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• By Type Analysis

By type, market is segmented into cloud automation and compliance management. The cloud automation segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into virtualization, A&M solutions and SOA solutions. The virtualization segment will lead the global share through 2031.

DRIVING FACTORS

"Low Operational Cost to Propel the Market Demand"

The expansion in market revenue is being driven by the surge in demand for cloud-based services because of their cheap maintenance and operating costs. The bulk of cloud solution providers charge reasonable monthly prices for their services. For businesses without sufficient personnel to support IT departments, cloud solutions are great for removing third-party hardware maintenance costs. Users may avoid spending money on software and services they are not using thanks to cloud-enabled technologies' pay-as-you-go pricing models. Due to their better security, lower cost, and sustainability, advances in various organizations across industries have considerably raised the use of cloud-enabling technologies, fueling the market's revenue growth. Compared to traditional internal systems, cloud hosts are more effective at maintaining security. The access of hackers and other unauthorized parties to user data is limited via data encryption. Additionally, dependent on the users, many cloud-based services provide varied security settings.

"Rising Hybrid Cloud Demand to Impel the Market"

Specialty hardware or configuration requirements for private clouds are in great demand. A private cloud environment is the best option when the workload calls for virtual machines with non-standard Random-access Memory (RAM), Central Processing Unit (CPU), and operating systems that are not supported in the public cloud. Organizations are encouraged to employ private cloud due to the rise in security awareness. During the projected period, it is anticipated that rising hybrid cloud demand would be the primary factor driving market revenue growth.

RESTRAINING FACTORS

"Security Issues to Impede the Market"

The vulnerability to attack, lack of control, and flexibility are only a few of the challenges limiting the market revenue growth for cloud-enabling technology. Since every component of cloud computing is online, it is susceptible to data breaches and other internet dangers. The public cloud is open to all users, which raises the danger of an attack. Users have very little influence over cloud infrastructure because it is fully managed and owned by service providers. Only the internet is used to operate cloud computing. Service providers therefore have difficulties in rural locations with weak internet connections.

Cloud-Enabling Technologies Market REGIONAL INSIGHTS

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"North America to Hold the Largest Market Share"

The North American market for cloud-enabling technology accounted for the biggest revenue share. The expansion of investments in IT infrastructure and cloud services is responsible for the market expansion in North America. This region's advanced healthcare industry encourages the implementation of cloud-enabling technology, and this feature has a significant positive impact on market revenue growth. Additionally, the existence of a number of market competitors, including BMC Software, Inc., IBM, and Oracle, as well as their ongoing technological advancement, fuels the expansion of the industry's income in the area.

Throughout the projection period, market revenue in Europe is anticipated to expand steadily. The expansion in this region's market revenue is being driven by the surge in demand for digitalization across sectors. One major reason fueling the market's expansion is the government's growing involvement in a variety of cloud computing programs. In order to increase the use of cloud computing among public sector enterprises, the U.K. government and Amazon Web Services, Inc., recently inked a deal. Also anticipated to contribute to market revenue growth in Europe during the projected period are the rise in popularity of hybrid cloud computing and the existence of several cloud data centers.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• BMC Software (U.S/)
• Broadcom (U.S.)
• Citrix Systems (U.S.)
• HPE (U.S.)
• IBM (U.S.)
• Microsoft (U.S.)
• Oracle (U.S.)
• Dell (U.S.)
• Adaptive Computing (U.S.)
• Brocade Communications Systems (U.S.)
• Fujitsu (Japan)
• Huawei Technologies (China)
• Infosys (India)
• NEC (Japan)
• Puppet (UK.)
• Red Hat (U.S.)
• SAP (Germany)
• ServiceNow (U.S.)
• Tata Consultancy Services (India)
• Veeam Software (U.S.)
• Wipro (India)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.