Community Cloud Market to Reach $82.9 Billion, Globally, by 2032 at 33.6% CAGR: Allied Market Research
The growth of the global community cloud market is driven by rise in demand for infrastructure with high performance and increase in need to reduce the number of servers.
Portland, OR , Oct. 09, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Community Cloud Market by Component (Hardware, Software, and Services), Application (Cloud-based Storage, Cloud Backup and Recovery, Cloud Security and Data Privacy, High-Performance Computation (HPC) and Analytics, and Web-based Applications), End User (BFSI, Gaming, Government, Healthcare, Education, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032” According to the report, the global generated $4.7 billion in 2022, and is estimated to reach $82.9 billion by 2032, witnessing a CAGR of 33.6% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
A community cloud, a kind of cloud infrastructure, meets the requirement of a particular community or group of organizations by allowing them to share resources and services based on common operational and regulatory requirements. Organizations can choose to host their own data centers and split the cost and responsibilities to set up a community cloud.
Drivers, Restraints, and Opportunities-
Factors such as rise in demand for infrastructure with high performance and low latency, increase in need to reduce the number of servers and increase green computing, and rise in demand for security, compliance, and data redundancy, primarily drive the growth of the community cloud market. However, governance and trust issues hamper the market growth to some extent. Moreover, rise in collaboration and information exchange between corporations is expected to provide lucrative opportunities for the market growth during the forecast period.
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Report coverage & details:
|Market Size in 2022||$4.7 Billion|
|Market Size in 2032||$82.9 Billion|
|No. of Pages in Report||310|
|Segments covered||Component, Application, End User, and Region.|
|Drivers||Rise in demand for infrastructure with high performance and low latency.
Increase in need to reduce number of servers and increase green computing.
Rise in demand for security, compliance, and data redundancy.
|Opportunities||Rise in collaboration and information exchange between corporation|
|Restraints||Governance and trust issues|
- The community cloud market has been significantly impacted by the COVID-19 pandemic, due to rise in digitalization around the world.
- The need for scalable and secure cloud solutions grew as companies and organizations were compelled to move towards remote work and digital operations. Community clouds, which concentrate on particular sectors or industries, gained even more importance as businesses looked for specialized solutions to address their particular demands during this crisis.
- In addition, the pandemic highlighted the significance of data security and compliance, particularly in sectors such as healthcare and banking. Community clouds provide organizations handling sensitive data with a managed and secure environment that satisfies industry-specific standards and gives organizations peace of mind.
- During the outbreak, organizations relied more on digital platforms for communication and data exchange, which boosted the need for community clouds as they aimed to protect the privacy and integrity of their data.
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The hardware segment to rule the market-
By component, the hardware segment held the major share in 2022, garnering nearly half of the global community cloud market revenue, owing to particular needs of community cloud environments, such as storage systems, high-performance servers, and networking hardware, which propels the market growth significantly. The software segment would also showcase the fastest CAGR of 36.1% during the forecast period, owing to enable smooth integration, interoperability, and data sharing among various community cloud participants as more businesses and organizations use community cloud solutions.
The cloud-based storage segment to rule the market-
By application, the cloud-based storage segment held the major share in 2022, garnering ore than one-third of the global community cloud market revenue, owing to reduce storage costs by sharing resources and dividing expenditures propels the market growth significantly. The cloud security and data privacy segment would also showcase the fastest CAGR of 37.6% during the forecast period, owing to create and provide cutting-edge security solutions, such as encryption, access controls, and threat detection systems, that are precisely suited to the requirements of communities or businesses.
The BFSI segment to dominate by 2032
By end user, the BFSI segment accounted for nearly one-third of the global community cloud market share in 2022, and is expected to rule the boost by 2032, owing to rapid digital transformation as businesses adopt cloud-based solutions in greater numbers to boost operational effectiveness, simplify procedures, and enhance customer experience. The education segment would also display the fastest CAGR of 38.3% throughout the forecast period, owing to large amounts of data, such as student records, course materials, and administrative papers, are produced and managed by educational institutions.
North America garnered the major share in 2022
By region, North America garnered the highest share in 2022, holding nearly two-fifths of the global community cloud market revenue in 2022, and is projected to retain its dominance by 2032, owing to a significant emphasis on technological improvements, an established IT infrastructure, and a high level of digitization. The Asia-Pacific region would also portray the fastest CAGR of 38.2% during the forecast period, owing to fast growing economy, large population, and increasing digitization. Moreover, rise in demand for scalable and affordable IT solutions is one of the major factors propelling the growth of the community cloud.
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Leading Market Players-
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Cisco Systems, Inc.
- DXC Technology Company
- Amazon Web Services, Inc.
- Atos Se
- Akamai Technologies
- VMware, Inc
The report analyzes these key players in the global community cloud market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player..
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