Cloud Computing Market To Reach USD 1,954.7 Billion By 2032 Says DataHorizzon Research
A Comprehensive Analysis of the Cloud Computing Market Report.
October 27, 2023 07:30 ET| Source: DataHorizzon ResearchFollow
Share
Fort Collins, Colorado, Oct. 27, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Cloud Computing Market was valued at USD 523.4 Billion in 2022 and is expected to have a market size of USD 1,954.7 Billion by 2032 with a CAGR of 14.2%.
Cloud Computing is the delivery of various services via the Internet. These resources include data storage, servers, databases, networking, and software. Instead of storing files on a proprietary hard drive or local storage device, cloud-based storage allows them to be saved to a remote database. Cloud computing saves money by removing the need for businesses to invest considerably in upfront infrastructure and maintenance. Businesses can utilize cloud services to scale resources up or down based on their needs, paying only for what they use. The pay-as-you-go strategy saves capital expenditures and helps organizations to more effectively deploy additional resources.
Several industries are undergoing digital transformation with projections to increase competitiveness and operational efficiency. Cloud computing enables digital transformation by offering the infrastructure, platforms, and software applications needed for creativity, agility, and collaboration.