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(MENAFN - GetNews) As per the World Economic Forum, the fourth industrial revolution will be characterized by a fusion of technologies such as artificial intelligence, internet of things, and cloud computing. AI and cloud computing will complement each other along with IoT to improve technology and catalyze growth. Organizations across various verticals are proactively integrating cloud computing with these evolving technologies.

The globalcloud computing marketsize is expected to reach USD 765.6 billion by 2027 , expanding at a CAGR of 14.9%, according to a new study conducted by Grand View Research, Inc. Cloud services are being increasingly adopted by businesses, due to their cost-effectiveness, service-related flexibility and real-time service catering nature. It is also making its mark in medium and small enterprises and is experiencing more demand due to increasing number of these small-scale enterprises all over the world. Moreover, technologies such as artificial intelligence, machine learning will complement cloud services to boost the organizational growth across industries.

COVID-19 Effect

COVID-19 has affected the work culture in a big way. There is a general shift towards work from home culture due to lockdown situations all around and it has proved to be a novel boosting factor for the cloud computing market. Also, nowadays, companies are looking at cloud technology as something that can boost their efficiency while lowering their cost of running the business. Although these two factors have provided a big push to adoption of cloud computing, security issues are something that are considered an obstacle. With rising adoption of cloud services and work from culture, security issues have also increased and companies are striving towards reducing its occurrence and minimizing the losses. New technologies and firewalls are coming up to make online services safer and more secure, which will ensure healthy online environment for the businesses.

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At present, cloud services have been utilized across various industries and most of the organizations are relying on IT resources to conduct their day to day work. In fact, governments are also making a move towards cloud services and helping generate growth for the market. Some of the important sectors the cloud computing market caters to are:

Infusion of Big Data is something that is extremely important to foster market growth as it will lead to replacement of traditional data warehouses by cloud computing technology, due to their incapability to manage and analyze the volume, veracity and variety of Big Data. This will help in creating a good demand in the market, leading to higher growth rate.

Cloud computing market report highlights:

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Major Market Players:

Some Recent Developments:

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Cloud Computing Market Worth $765.6 Billion By 2027 | Grand View Research Inc. - MENAFN.COM