Cloud-Based Computing Market
Cloud-based computing market size is valued at USD 1424.89 million by 2028 is expected to grow at a compound annual growth rate of 17.54% in the forecast period of 2021 to 2028.
Industry Analysis
Cloud computing is a type of internet-based computing which allows shared computer processing resources and data to computers and other devices on demand. It allows users and enterprises with a variety of capabilities to store and process data on either a privately-owned cloud or on a third-party server so as to make data accessing mechanisms ever easier and more reliable.
The rapid shift in the inclination of enterprises towards automation and agility is expected to influence the growth of cloud-based computing market over the forecast period of 2021 to 2028. Also the improved customer experience with personalization and collaboration and rise in the return on investments with Lower infrastructure and storage costs are also anticipated to flourish the growth of the cloud-based computing market. Furthermore, the high demand for remote workspaces with the COVID-19 outbreak and increase in the demand for cloud-based business continuity tools and services are also likely to positively impact the growth of the market. Moreover, the rise in the need for disaster recovery and contingency plan and the propagation of digital content and upsurge in internet usage are also expected to create a huge demand for speaker drivers as well as lifting the growth of the cloud-based computing market.
However, the limited technical expertise among enterprises along with the insufficient network bandwidth providers and dearth of access to high-speed internet are expected to act as the major limitations for the growth of cloud-based computing in the above mentioned forecasted period, whereas the compatibility Complexities with legacy systems and the rise in the need to manage regulatory and compliance policy needs can challenge the cloud-based computing market growth in the forecast period of 2021 to 2028.
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