The new report by Expert Market Research titled, ‘Europe Cloud Computing Market Size, Share, Growth, Research, Outlook, Report and Forecast 2023-2028’, gives an in-depth analysis of the Europe Cloud Computing Market, assessing the market based on its segments like service type, organisation type, deployment model, application, and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 9.0%
- Forecast Market Size (2026): USD 68.8 billion
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The Europe Cloud Computing Market has grown in the historical period, owing to technological advancements in cloud computing apparatus, both hardware and software, fueled by growing preference of consumers for this market.
Europe Cloud Computing Industry Definition and Major Segments
Cloud computing is the on-demand delivery of computing resources like as storage, servers, apps, and networking over the internet to enable faster innovation and economies of scale.
Customers prefer cloud computing to traditional on-premise deployments because it allows them to pay directly for the resources they require while also allowing them to manage their technology more effectively. Its market is further divided into segments such as:
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Based on service type, the market is divided into:
- Software-as-a-Service (SaaS)
- Infrastructure-as-a-Service (IaaS)
- Platform-as-a-Service (PaaS)
With regards to organisation type, the market is bifurcated into:
- Large Enterprises
- SMEs
On the basis of deployment model, the market is segmented into:
- Public
- Private
- Hybrid
By application, the market is segregated into:
- IT and Telecom
- BFSI
- Retail
- Healthcare
- Government and Public Sector
- Manufacturing
- Education
The regional market for Cloud Computing includes:
- United Kingdom
- Germany
- France
- Italy
Europe Cloud Computing Market Trends
Globally, the UK secured a significant market share in 2020 as a result of strong government initiatives and a high rate of cloud adoption by UK firms. The UK government has made significant investments in cloud computing, more than doubling its spending in the last five years. In Germany, the SaaS service segment is expected to gain significant market share, owing to its increased acceptance among SMEs.
Rising demand for Customer Relationship Management (CRM) software is also assisting in the development of the SaaS model in Europe’s cloud computing market. Because of low subscription prices and hardware independence, SaaS has become a feasible solution for small and medium-sized businesses with limited financial resources.
In France, SME firms are positioned to experience strong expansion, fueled by the cost-effectiveness of cloud deployment strategies. The increased knowledge among SMEs about the various benefits of cloud computing, such as remote computing, lower costs, and the availability of on-demand computing resources, is propelling the country’s market expansion. In Italy, the hybrid cloud deployment paradigm is expected to increase significantly, owing to the combined benefits of scalability and data security. Enterprises can use a hybrid cloud approach in which data is stored in a private cloud and computational resources are provided by a public cloud. This offers great performance and solid security without the need for capital investment or IT equipment.
In the European cloud computing sector, large organisations will witness an increase in the use of on-demand computing services to speed up the supply of IT services. Large corporations utilised these facilities even more than small enterprises, preserving market stability and obtaining a strategic advantage over competitors.
The increased consumer desire for cloud computing to replace old, on-premise infrastructure has also fuelled cloud computing adoption in large companies. The consistent acceptance of cloud computing platforms to reduce IT infrastructure purchase and maintenance costs, as well as the rapid expansion of global cloud suppliers within European countries, are driving the cloud computing market’s growth, in the forecast period.
Key Market Players
The major players in the global market are Oracle Corporation, SAP SE, RheoCube, StorageOS, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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