Dublin – The “Cloud Enabling Technologies Market Size, Share, Trends, By Deployment Mode, By Technology, By Application, By Solution Type, By Service Type, and By Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.

The global cloud-enabling technologies market size is expected to reach USD 63.63 Billion in 2030 and register a revenue CAGR of 8.3% over the forecast period, according to the latest report. The cloud-enabling technologies market is expected to grow owing to the rising need for efficient utilization of data center resources and enhanced operational capabilities. Additionally, the increasing adoption of cloud services among small and medium enterprises (SMEs) is anticipated to fuel market growth over the forecast period.

The cloud enabling technologies market comprises various software tools and platforms that enable an enterprise to develop, deploy, and manage its applications on the cloud. Cloud enabling technologies help enterprises in reducing their IT infrastructure cost and improving their operational efficiency.

Rising demand for cloud-based services and applications and the need for reducing operational costs are the major factors driving the growth of the cloud enabling technologies market. Majority of cloud solution providers are still in the early stages of adoption and are focused on providing basic cloud services. However, providers have started to offer new capabilities to enable enterprises to take advantage of cloud technologies for their digital transformation initiatives. These include DevOps automation, microservices-based application development, and serverless computing.

In addition, solution providers are also investing in research and development to create new cloud-based services and applications that can address the needs of enterprises across different industries. For instance, IBM has been investing in blockchain technology to create a decentralized platform that can be used by enterprises to streamline their operations.

Various features of cloud services including scalability, reduced IT cost, pay-per-use model, and others are fuelling the growth of the cloud enabling technologies market. The cloud enabling technologies market is expected to grow from USD Things like big data, gaming, and social media networks have been a major source of data. This has led to an increase in the demand for storage space on remote servers. Cloud services are being used to store and manage this data.

Deployment of cloud can reduce the overall IT cost by optimizing the data center resources. Capgemini’s research indicates that the use of cloud can lead to an 18% reduction in the total IT cost. Cloud enabling technologies can broadly be classified into four categories, namely, infrastructure as a service (IaaS), platform as a service (PaaS), software as a service (SaaS), and business process as a service (BPaaS).

IaaS includes solutions such as storage, servers, and networking, which can be delivered to the customers on demand over the Internet. PaaS solutions provide a platform for developing, testing, and deploying cloud-based applications. SaaS solutions are application oriented and are delivered to the customers on demand. BPaaS solutions help in automating business processes, such as human resource (HR) and customer relationship management (CRM).

Some Key Highlights From the Report

  • On 12 November 2021, Microsoft Corporation (NASDAQ: MSFT) announced that it had completed the acquisition of M12, Microsoft’s venture fund. The fund has now been renamed to Ignite and will be managed by a team within Microsoft Ventures. This move signals Microsoft’s continued focus on startups and their role in the company’s future.
  • Public cloud segment revenue is expected to register faster revenue growth rate during the forecast period due to the increasing adoption of public cloud services by small and medium enterprises (SMEs).The Asia Pacific cloud enabling technologies market is expected to grow at the highest CAGR during the forecast period due to the presence of a large number of SMEs in the region.
  • Multitenant technology segment accounted for the largest revenue share in 2021 due to the high demand for multitenancy in the cloud market. In addition, the segment is expected to grow at a CAGR of over 25% during the forecast period.
  • BFSI segment revenue is expected to register a steady growth rate during the forecast period due to the increasing demand for cloud-based banking and insurance applications among small and medium enterprises.
  • The healthcare sector is anticipated to grow at a significant pace owing to the rising adoption of cloud-based healthcare applications such as electronic health records (EHRs), enterprise resource planning (ERP), and patient management systems. The education sector is also expected to exhibit a significant growth rate due to the increasing adoption of cloud-based education applications and solutions among educational institutions.

Companies profiled in the global market report include BMC Software, Inc., HP Development Company, LP., IBM, Microsoft, Dell Technologies, Oracle, Citrix Systems, Inc., Broadcom, Parallels International GmbH, and SAP.

Source: Research and Markets