Cloud Analytics Market Size, Share, Growth Analysis, By Service Model(SaaS, IaaS, PaaS, Data Management), By Type(Managed Services, Professional Services), By Deployment Model(Private Cloud, Hybrid Cloud, Public Cloud), By Region - Industry Forecast 2024-2031

Drivers 

• Rising Concern Regarding Data Security and Privacy 

Data privacy and security are some of the primary concerns of organizations, but the storage and transmission of data or information must be digitally secured. Most of the business-sensitive data or information that are stored on hard drives are insecure. Cloud vendors offer various solutions to secure data, like authorization management, access control, data encryption, cloud integration, monitoring & auditing, and communication security. For example, companies like Microsoft Corporation, Google LLP, and Amazon.com Inc. offer 99.9% uptime. This releases the organizations from the load of maintaining and developing recovery facilities and backup infrastructures.  

• Growing Adoption of Cloud Computing in Small and Medium Enterprises 

Many SMEs are adopting cloud computing because its services are helping in improving business functionality by enhancing productivity and reducing operational expenses. As investments in cloud-based computing in several dependable operating systems are growing, the small size businesses can also profit by improving their operational efficiency with less IT expense. Therefore, small and medium enterprises are creating many opportunities for cloud computing, resulting in the expansion of the cloud service market.  

Restraints 

• Data Security and Privacy Concerns 

One of the major restraining factors for the global cloud service market is the concern related to data security and privacy. Nowadays, businesses are heavily dependent on cloud services for storing and processing confidential information. The risk of data breaches and unauthorized access has become a vital problem. Irrespective of advancements in cybersecurity, incidents of data leak and cyberattacks are persisting, making companies doubtful in implementing cloud solutions.  

• Lack of Technical Knowledge 

Companies need technical people for implementing, processing, analyzing, and protecting cloud services. Furthermore, IT professionals require more technical capabilities, particularly in cloud computing. Due to such a lack of skilled workforce, businesses are losing out on the benefits of growing technologies and clouds, leading to a reduction in market share. Several issues like quick hiring processes and high pay scale of skilled cloud workers are hindering the growth of the market. More issues like difficulty in finding people who fit with the company’s culture are also creating problems for hiring managers to find qualified applicants.