SELBYVILLE, Del., June 8, 2021 /PRNewswire/ — Global Market Insights Inc. has recently added a new report on the Europe cloud computing market which estimates the market valuation will cross $140 Bn by 2028 due to the government support for promoting cloud adoption throughout Europe.
Growing usage of cloud computing among multiple organizations to ensure business continuity and adaptability to market changes for maintaining a competitive advantage over rival firms is likely to fuel the industry growth. The increasing digitization trend observed in organizations with their shift toward cloud-based services is also boosting the European cloud computing market demand. The leading companies are focusing on emerging technologies, such as mobile cloud computing and edge computing, to develop innovative solutions & services for their customers.
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The IaaS segment is anticipated to grow at a CAGR above 15% from 2021 to 2028. IaaS plays an important role for enterprise-level businesses due to high flexibility & scalability and is suited for fluctuating computing workloads. Enterprises are increasingly shifting toward IaaS models due to the ease of use, quick computing times, and cost-efficiency. The Pay-As-You-Go (PAYG) feature eliminates the expenses of deploying in-house infrastructure, aiding in the growth of IaaS model.
The SMEs are expected to hold a market share of over 30% by 2028. The growth is attributed to the growing adoption of cloud technology by SMEs for improving business capabilities. The SMEs are emphasizing on securing their networks for safe data accessibility and migrating their core businesses to digital platforms to safeguard businesses. Cloud computing benefits, such as remote computing, reduced costs, and availability of on-demand computing resources, are major factors behind the adoption of cloud computing by SMEs throughout Europe.
The private cloud is projected to witness an exponential growth over the forecast period. Multiple organizations are embracing the private cloud to gain high level of security and data privacy. Government agencies, BFSI enterprises, and organizations with critical data, such as military facilities and nuclear power stations, are adopting private cloud solutions for ensuring control over the data and safeguarding critical data. This is anticipated to create numerous opportunities for private cloud.
The retail segment is set to hold over 10% of the cloud computing market in Europe in 2020. The growth is attributed to the increasing demand for online shopping and dynamic shift in the purchasing patterns of consumers. The digital transformation amongst retailers is gaining traction and retailers are focusing on increasing their IT spending to detect fraudulent activities and safeguard their payment channels.
Italy is projected to grow significantly in the European Cloud Computing market with over 15% CAGR over the forecast period. The growth is attributed to the increasing adoption of cloud computing solutions & services by SMEs and other business verticals. The presence of multinational companies and their hefty investments are anticipated to support the market growth. For instance, in May 2020, Microsoft invested USD 1.5 billion in Italian cloud computing services. This investment aimed to provide cloud services to SMEs and other business sectors. Also, under a five-year strategic plan, the company will provide access to local cloud services and launch digital skilling, smart-working, and Artificial Intelligence (AI) programs for small and medium enterprises.
The companies operating in the market are focused on collaborating with government and public organizations to accelerate cloud adoption. For instance, in January 2021, CloudSigma was selected by Open Clouds for the Research Environments (OCRE) project. This project aims to accelerate cloud adoption in the European research community. This will also help the company to expand its presence across Europe and generate a new revenue stream.
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Some major findings of the Europe cloud computing market report include:
- The increasing shift of enterprises from traditional on-premise infrastructure to cloud computing platforms for leveraging the scalability and flexibility of on-demand computing.
- Italy is anticipated to hold a significant market share for the European cloud computing market due to the increasing cloud spending within the last few years to harness the economic potential of cloud computing.
- The companies operating in the market are focusing on the integration of new technologies and portfolio expansion to cater to diverse customer requirements.
Partial chapters of report table of contents (TOC):
Chapter 3 Europe Cloud Computing Industry Insights
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Impact by region
3.3.2 Impact by competitive landscape
3.3.3 Impact by value chain
3.4 Evolution of cloud computing
3.5 Cloud computing architecture
3.6 Industry ecosystem analysis
3.6.1 Cloud service providers
3.6.2 Cloud carriers
3.6.3 Cloud brokers
3.6.4 Cloud auditors
3.6.6 Vendor matrix
3.7 Technology & innovation landscape
3.7.1 Mobile Cloud Computing (MCC) and mobile cloudlet
3.7.2 Technological advancements in multi cloud computing (Polynimbus)
3.7.3 Proliferation of blockchain security in cloud computing
3.8 Regulatory landscape
3.8.1 General Data Protection Regulation (EU)
3.8.2 Data Protection Authority (DPA) Orientation guide on Cloud Computing 2011 (Germany)
3.8.3 Digital Agency of Italy (AgID) Circular No 2/2018 and Circular No 3/2018 (Italy)
3.8.4 The Data Act 1973 (Sweden)
3.8.5 Payment Card Industry Data S ecurity Standard (PCI DSS) version 3 1 (Global)
3.9 Industry impact forces
3.9.1 Growth drivers
22.214.171.124 Increasing demand for c ost efficiency and return on investment
126.96.36.199 Strong government support for promoting cloud adoption
188.8.131.52 Presence of numerous cloud data centers in the European region
184.108.40.206 Growing popularit y of hybrid cloud computing
3.9.2 Industry pitfalls & challenges
220.127.116.11 Threat of data breaches and cyber attacks
18.104.22.168 Performance issues and system downtimes
22.214.171.124 Sh ortage of skilled IT workforce
3.10 Growth potential analysis
3.11 Porter’s analysis
3.11.1 Threat of new entrants
3.11.2 Supplier power
3.11.3 Buyer power
3.11.4 Threat of substitution
3.12 PESTEL analysis
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Cloud Computing Market size in Europe to hit $140 Bn by 2028
Europe Cloud Computing Market size is estimated to surpass USD 140 billion by 2028, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights Inc.