Global Cloud-enabling Technologies Market: Introduction
Cloud-enabling technologies enable the use of computing resources that are delivered to customers with the help of the internet. They majorly include Broadband networks and internet architecture, data center technology, virtualization technology, web technology, and multitenant technology. Data center technology and virtualization technology are estimated to expand at a healthy CAGR in the next five years.
Global Cloud-enabling Technologies Market – Dynamics
Increase in Adoption of Cloud-based Service
Demand for the cloud-based services has been increasing across the globe in the last few years. Major reason for the adoption of cloud service is low operational and maintenance cost. In the current market scenario, more than 90% of SMEs are using cloud services across the globe. Amazon Web Services, Alibaba Cloud, Microsoft Azure and Google Cloud were market leaders in the cloud services by the end of 2019. North America leads the cloud technologies market due to large-scale adoption by SMEs in the U.S.
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Lack of Compatible Network Infrastructure is Hampering Cloud-enabling Technologies Market
Cloud-enabling technologies depend considerably on the internet and communication services for their functionality. Consequently, they require a high speed internet connection such LAN and WAN. Several countries across the globe face network as well as internet connection issues due improper network infrastructure within their respective countries. Weak network infrastructure, especially in developing regions such as Asia Pacific, is likely to hamper the market.
North America to Dominate the Global Cloud-enabling Technologies Market
In terms of region, the global cloud-enabling technologies market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the cloud-enabling technologies market during the forecast period due to strong adoption of next-gen technologies and other advance technologies by small & medium enterprises in the region.
COVID-19 Impact on the Global Cloud-enabling Technologies Market
The COVID-19 pandemic is expected to impact new investment in the global cloud-enabling technologies market in the short-term. Enterprises are highly skeptical about new investment in advanced technology; however, a shift toward remote working has also boosted the demand for cloud services across the globe. The impact of the COVID is projected to be for the shot-term in nature and post vaccination, the market is expected to be back on track in first quarter of 2024.
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Global Cloud-enabling Technologies Market – Competition Landscape
- In January 2024, customer experience technology provider Genesys and Microsoft Corporation expanded their partnership to simplify enterprise cloud adoption. Genesys Engage, which is a Gensys’s omnichannel customer experience platform, would be available on Microsoft Azure from late 2024. Microsoft Corporation said that it is likely to enhance security and scalability throughout the customer journey.
Microsoft Corporation
Incorporated in 1993, Microsoft Corporation is a technology company that develops, licenses, and supports a range of software products, services and devices, which enables digital transformation through intelligent cloud and intelligent edge. The company’s segments include Productivity and Business Processes, Intelligent Cloud and More Personal Computing.
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