Cloud Computing Market Size, Share, Growth Analysis, By Service(Software As A Service ( Customer Relationship Management, Enterprise Resource Management, Human Capital Management, Content Management), By Deployment Mode(Private Cloud, Public Cloud, and Hybrid Cloud), By Enterprise Size(Large Enterprises, and Small & Medium Enterprise), By End-use(IT &ITES ( Devops, Big Data And Analytics, IT Security And Compliance, Others)), By Region - Industry Forecast 2024-2031

Cloud Computing Market Drivers

Merging of AI, Machine Learning, and Big Data with Cloud to enhance market advancement  

• The AI, Machine Learning, and Big Data's integration with cloud solutions translates into an extra benefit of enhancing the data visualization capabilities of organizations to make disparate data accessible and actionable. In the process of collecting data and training algorithms, large capacity of computing resources and storage capacity are needed which is cheaper and more easily procured as-a-service. Cloud providers are increasingly using AI for multiple tasks, such as handling extensive distributed networks necessary for the provisioning of storage services, optimizing power and cooling systems in data centres, and bolstering cybersecurity solutions that protect data. Businesses are adopting AI-based solutions to obtain the competitive advantage by automating the current practices, making strategic decisions and increasing productivity. AI can eliminate such repetitive and complex tasks, bringing the productivity to the highest level ever, and performing data analysis without any human participation. In this way, IT departments, with the help of AI, can monitor and supervise critical workflows accurately. In addition to the giants like Google, Amazon and Microsoft, the providers of cloud services begin to introduce artificial intelligence (AI) in their services. They strive to provide users with more efficient and cost-effective solutions. For instance, in August 2023, Microsoft announced the Microsoft Studio which is targeted at enterprises to expedite the AI and cloud movement. With this new product, Globant's well-developed knowledge and expertise matching Microsoft's proven computing and AI technologies capabilities are brought together. 

Increased Investment in Cloud Services  

• Companies are in an urgency to expand their businesses and to become the first in the market, they need to have every relevant data and easy to use operations. The cloud computing services have a great importance in the improvement of business functions because without time or location limitation one can access their information from any device. Along with businesses that align themselves with changing customer preferences, the demand for cloud computing services is getting more intense, and at the same, the availability and reliability of these services is improving. The further demand leads to the necessity to have larger, secure, reliable, and cost-effective resources away from the premises. 

Restraints 

Insufficient Technical Knowledge Hinders the Market Growth 

• Organizations necessitate personnel equipped with technical acumen to effectively deploy, manage, analyse, and safeguard cloud solutions. there exists a significant deficit in technical proficiency among IT professionals, particularly in cloud computing. This shortage of expertise is impeding companies from capitalizing on the advantages offered by the cloud and emerging technologies, resulting in a potential loss of market share and revenue. The challenges in sourcing suitable candidates include swift hiring procedures, elevated salaries for seasoned cloud professionals, and the difficulty in finding individuals who harmonize with the organizational culture.