Cloud computing market set to double by 2028
NEW YORK, UNITED STATES — The cloud computing market is projected to rise from US$58 billion in 2023 to US$1.24 trillion by 2028 at a compound annual growth rate of 16.40%.
In its latest report, tech firm ReportLinker said that the market’s growth will be propelled by artificial intelligence (AI), big data, and machine learning breakthroughs. Additionally, the emphasis on consumer-centric solutions further fuels this expansion.
Businesses are rapidly embracing cloud technology for its flexibility. Platforms like Microsoft’s Azure Arc seamlessly connect various data centers, enhancing operations. Notably, IBM’s adoption of SAP S/4HANA® underscores this shift across multiple business sectors.
The COVID-19 pandemic underscored the importance of cloud computing. Beyond facilitating remote work, it was crucial in delivering healthcare services during lockdowns.
Yet, such growth isn’t without challenges. The data breach at Flagstar Bank, affecting 1.5 million customers, highlights pressing security concerns in the field.
North America is forecasted to lead the cloud computing industry in the next five years, with giants like Microsoft, Oracle, and IBM steering the course. American firms, specifically, will champion digital transitions in the market.
