AI and ML Fuel Cloud Computing Market Surge: Projected to Reach $1,266.4 Billion by 2028
The cloud computing market is poised for substantial growth, projected to reach an impressive USD 1,266.4 billion by 2028, propelled by the integration of Artificial Intelligence (AI) and Machine Learning (ML). Cloud computing, encompassing services such as servers, storage, databases, networking, software, analytics, and intelligence delivered via the internet, eliminates the need for users to invest in and maintain physical infrastructure.
Anticipated to grow at a compound annual growth rate (CAGR) of 15.1%, the global cloud computing market is set to leap from USD 626.4 billion in 2023, driven by factors including increased demand across diverse verticals, accelerated cloud spending due to the COVID-19 pandemic, and the widespread adoption of transformative technologies like edge computing, 5G, big data, AI, and ML.
Key Trends Shaping the Cloud Computing Market:
Hybrid Cloud Emergence:
Hybrid clouds, amalgamating on-premises infrastructure, private, and public clouds, represent a pivotal trend. This model provides users with the best features of both public and private clouds, offering cost-effectiveness, scalability, and flexibility while ensuring control, security, and performance.
Cloud-Native Applications Expansion:
Cloud-native applications, developed using cloud computing principles and tools like serverless architecture, microservices, containers, and DevOps, are gaining prominence. These applications leverage cloud features such as agility, scalability, resilience, and portability to the fullest extent.
Edge Computing Implementation:
The rise of edge computing, a distributed paradigm, involves moving processing and data storage closer to where they are needed, enhancing security, privacy, and reliability. Edge computing reduces transmission latency, bandwidth, and costs, offering advantages in various scenarios.
Major Players in the Cloud Computing Industry:
Amazon Web Services (AWS):
AWS offers a comprehensive suite of cloud services spanning networking, analytics, machine learning, computing, storage, databases, IoT, security, and more.
Microsoft Azure:
Microsoft Azure provides a wide range of cloud services, including computing, networking, analytics, machine learning, storage, databases, IoT, security, and more.
Google Cloud:
Google Cloud offers diverse cloud services, covering computing, networking, analytics, machine learning, storage, databases, IoT, security, and more.
Alibaba Cloud:
Alibaba Cloud delivers numerous cloud services, including computing, storage, database management, networking, analytics, machine learning, IoT, security, and more.
IBM Cloud:
IBM Cloud provides cloud computing, storage, databases, networking, analytics, machine learning, IoT, security, and various other services.
As AI and ML continue to drive innovation, the cloud computing landscape is set for dynamic advancements, shaping the future of digital infrastructure and services.