Net-Zero Energy Buildings Market Size Worth $78.79 Billion By 2025

The global net-zero energy buildings (NZEBs) market is projected to reach USD 78.79 billion by 2025, according to the new report by Grand View Research, Inc. Net-zero energy buildings are those buildings where ideally 100% of their energy is generated and met with onsite renewable energy sources, thereby reducing the energy consumption over a span of time. ZNE (Zero Net Energy) buildings include ZNE emerging and ZNE verified buildings.

ZNE verified buildings are those buildings that meet the net energy consumption through onsite renewable energy technologies over a course of time. The energy is produced from onsite renewables instead of fuels such as electric, natural gas, and steam. Whereas ZNE emerging buildings have specified targets for achieving nearly-zero energy but are yet to meet the goals as per the definition of ZNE verified buildings. Such emerging buildings are usually in the planning or designing phase or under construction with less than one year of operation.

Technological advancements coupled with stringent policies and programs are expected to considerably propel the demand and adoption of NZEBs. ZNE projects are targeting buildings such as schools, institutional buildings, corporate offices, and public buildings across the globe. The market is expected to gain traction over the forecast period on account of specified targets and regulations laid down by organizations striving to achieve sustainability and reducing carbon emissions. The U.S. consists of relatively more verified and emerging ZNE buildings than other countries. Projects are being undertaken to convert the districts into nearly-zero energy buildings and green buildings.

The regional laws, authorities, bodies, organizations, concerned government departments are working with regional architects, designers, builder & contractors, equipment manufacturers, and material suppliers to promote self-energy sufficient buildings. The large number of successful projects with the use of current technologies and design approaches have created awareness among the population regarding how realistic and achievable the net-zero energy goals are.

The industry is gaining momentum and is predicted to exhibit robust growth, creating lucrative opportunities for equipment producers, material suppliers, and service providers. HVAC systems are one of the most important and energy-consuming parts in the entire building structure. The HVAC systems segment accounted for the largest market share and is anticipated to continue dominating the market over the forecast period.

The consulting & designing services segment is expected to grow at a notable rate and generate healthy revenue over the estimated duration. Furthermore, local and regional organizations are shifting their focus on the residential sector, which is also expected to drive the segment growth. The European region is likely to project a robust growth rate owing to the rising concerns for environment protection, stringent policies, building codes, and sustainability goals stated by the governments of the countries in this region. Large investments made by regional manufacturers and keen emphasis by the monitoring authorities on the adoption of net-zero energy buildings are the major influencing factors for the regional market’s substantial growth over the forecast period.

In addition to the analysis of global net-zero energy buildings market trends, the report highlights the opportunities and barriers involved in achieving net-zero energy targets. Moreover, it provides a review on the investor opportunities with key questions answered from an investor’s perspective. It also explains the significance of green buildings in improving a business.

Owing to the potential opportunities of the regional market, the energy performance and requirements for different climatic zones, particularly in the European region, is explained in the report. The U.S. accounted for the largest market share in 2016 on account of the large number of ZNE buildings in the country. As such, a list of ZNE verified buildings is provided so as to understand the country’s pattern of adopting the technological concept along with its future demands for net-zero emerging buildings.

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https://www.grandviewresearch.com/industry-analysis/net-zero-energy-buildings-nzebs-market

Further key findings from the report suggest:

The net-zero energy is achievable globally with appropriate building codes, regulations, and monitoring irrespective of the climatic conditions and zones.
The ecological sustainability concept of NZEBs is applicable for almost all building types and sizes, including institutional buildings, university buildings, corporate offices, high-rise and low-rise apartments or bungalows, and manufacturing plants.
Upcoming U.S. projects to convert districts into net-zero energy buildings are expected to lead the country to capture a large market share over the forecast period.
The growing emphasis on converting or refurbishing existing buildings into self-sustainable ones is predicted to drive the market considerably.
The private sector is expected to witness wide opportunities from the globally increasing demand for ZNE infrastructure.
The residential buildings segment is expected to exhibit robust growth over the forecast period.
The walls & roofs segment is anticipated to grow considerably owing to the increasing upgrades and improvements carried out in walls & roofing products.
The European region is projected to exhibit robust growth and generate healthy revenue in the coming years, followed by Asia Pacific region, which is also predicted to grow considerably over the forecast period.
Prominent players in the industry include General Electric, Johnson Controls, Schneider Electric, SunPower Corporation, and Autodesk, Inc., among others.

Carry Cases Market Size Worth $9,011.3 Million By 2025

The global carry cases market size is estimated to reach USD 9,011.3 million by 2025, registering a CAGR of 5.9% from 2019 to 2025, according to a new study by Grand View Research, Inc. The increase in the level of disposable income has enabled consumers to spend on gadgets such as notebooks and tablets. Furthermore, the growth of the e-commerce industry has stimulated the sale of accessories such as backpacks, sleeves, and other carry cases.

The introduction of multiple models of laptops is expected to promote the market growth since devices of different sizes and designs require different cases. Moreover, the introduction of smart cases is expected increase customer adoption as it improves the functionality of the cases. For instance, carry cases are available that are made of special material that blocks RFID signals to protect credit cards and passport from wireless identity theft.

The market is lucrative in developing regions such as Asia Pacific due to emerging businesses that implement BYOD. The adoption of BYOD improves work flexibility in terms of flexibility of employee work hours and work access from anyplace. Moreover, it helps increase productivity and reduce operation costs for the organization. Thus, it increases the usage of wireless connected devices such as tablets and laptops, which in turn increases the usage of products such as sleeves and messenger bags. Furthermore, innovative product design is expected to enhance the aesthetic value and protection capability of carry cases, thereby, increasing their adoption.

The usage of backpacks and sleeves for marketing and promotional purposes is expected to increase the scope for commercial applications at educational institutions and workplaces. Furthermore, the recent trend of customization whereby customers can get their names printed on the cases or get personalized designs is expected to boost the demand for carry cases.

The market comprises a large number of players including local manufacturers and authorized retailers. The market competition is high and mainly price-based. The presence of counterfeit products is expected to restrain the market growth and affect the profitability of market participants.

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https://www.grandviewresearch.com/industry-analysis/carry-cases-market

Further key findings from the report suggest:

The introduction of various electronic devices such as tablets and laptops are anticipated to foster the growth of the global carry cases market.
Carry cases serve to protect devices and are widely adopted for their aesthetic value and functionality.
The commercial segment is the fastest-growing consumer type segment with a CAGR of 9.1% over the forecast period.
The sleeves segment is the fastest-growing product segment, registering a CAGR of 7.3% over the forecast period owing to increasing demand for slim and compact personal computers that are convenient to travel.
The key industry participants include Targus, Torg, Fabrique Ltd., Lenovo, Swissgear, Thule Group, AsusTeK Computer Inc., Case Logic, North Face, and Incase Design Corp., among others.

Insurance Fraud Detection Market Size Worth $9.7 Billion By 2025

The global insurance fraud detection market size is expected to reach USD 9.7 billion by 2025, registering a CAGR of 13.7% over the forecast period, according to a new report by Grand View Research, Inc. Detecting and preventing fraudulent activities is a global challenge for insurers. However, the emergence of advanced solutions such as the use of automated business rules, self-learning models, text mining, predictive analytics, image screening, network analysis, and device identification is expected to deliver actionable insights to improve claims processes. As a result, insurance organizations are adopting fraud detection solutions that not only recognize the genuine claims process but also reduce the number of false positives.

The prevention and detection of fraud capabilities are increasing with the growing awareness of perpetrators and sophisticated crimes. Global concerns about the ever-increasing cases of insurance frauds coupled with sophisticated organized crime, have signaled a need for coherent action by all insurance companies. As per a research conducted by the Federal Bureau of Investigation (FBI), the total estimated cost of insurance fraud in the U.S. is expected to be more than USD 40 billion per year. As a result, in the U.S., it has led to an increased premium of approximately USD 420 to 700 per year for the average earning family. Similarly, according to the Association of British Insurers in the U.K., insurer unearthed more than 113,000 fraudulent claims and 449,000 dishonest insurance applications, valued at USD 1.3 billion. Thus, to curb fraudulent claims coupled with the various stringent regulations set by the government, enterprises are expected to adopt these solutions in the near future. These solutions are expected to enable an enterprise to identify fraudulent activities with higher speed and accuracy, thereby improving the consumer experience by realizing fast payouts.

In the insurance sector, fraudulent activities are primarily categorized as criminal and cultural. In criminal type, professional perpetrators habitually try to identify a weak system to attack. While in cultural type, a genuine claimant is opportunistic by exaggerating a claim. With the help of data analytics, insurance companies can analyze and detect the possibility of fraudulent activities. The user can enter data, and claim applications are automatically given a score to indicate the likelihood that scam has occurred. Thus, the use of predictive modeling can potentially produce a quantified score that helps a company to understand the propensity of a scam. Monitoring the arrived score through the use of advanced solutions is expected to show more accurate and effective results than that of traditional fraud detection methods. However, relying solely on technology for suspecting the fraudulent activities to be flagged is expected to be a key challenge for the insurers. Thus, to overcome such challenges, analysts are required to initiate immediate action and follow appropriate measures to help the company reduce losses.

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https://www.grandviewresearch.com/industry-analysis/insurance-fraud-detection-market

Further key findings from the report suggest:

Solutions segment held the leading market share in 2018 and is expected to continue leading over the forecast period
Managed services segment is anticipated to exhibit the fastest CAGR of 15.6% over the forecast period
Large enterprise segment dominated the market with highest revenue share in 2018
The Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period

Digital Experience Platform Market Size Worth $15.80 Billion By 2025

The global digital experience platform market size is projected to reach USD 15.80 billion by 2025, expanding at a CAGR of 10.9% from 2019 to 2025, based on a new study conducted by Grand View Research, Inc. The growing inclination of companies for developing customer centric strategies to deliver superior customer interaction is expected to drive the growth. Furthermore, the adoption of digital platforms by large Multi-national Companies (MNCs) and Small and Medium Enterprises (SMEs) as the primary channel for customer service and engagement is also anticipated to propel the adoption Digital Experience Platforms (DXPs).

The digital experience platform enables companies to design and deliver personalized user experience across multiple channels, touchpoints, and devices throughout the customer interaction and engagement process. DXP can be a single offering, however, in most of the cases, it usually consists of integrated set of technologies such as digital Content Management System (CMS), Web Experience Management (WEM), and related services. The capability of the DXPs to provide an architecture for companies to deliver connected customer experiences, digitize business operations, and gather actionable customer insight is expected to drive its adoption over the forecast period.

Due to the confluence of factors, such as digital transformation and disruption, many companies are now radically reengineering their business practices to be extremely customer oriented. Hence, the companies focus on digital experience platforms due to their omnichannel orchestrations and superior content customization and management capability. They leverage these capabilities to provide an integrated multi-channel experience spanning across applications, portals, websites, and devices. Due to the growing demand for DXPs across multiple end-use industries, the key solution providers in the digital experience platform market are aggressively focusing on acquisitions and new product development to establish a strong presence in the fragmented market.

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https://www.grandviewresearch.com/industry-analysis/digital-experience-platform-market

Further key findings from the study suggest:

Platform segment dominated the digital experience platform (DXP) market in 2018 and is also anticipated to emerge as the fastest-growing segment over the forecast period owing to increasing adoption of the component by organizations to deliver superior customer interaction and engagement
The cloud segment is expected to gain traction over the forecast period owing to the growing preference for cloud based DXPs due to the rapid deployment capability and reduced investments in physical infrastructure
Business-to-Consumer (B2C) application is anticipated to witness the fastest CAGR over the forecast period due to the increasing demand for content personalization to enable superior customer engagement
The retail segment is anticipated to witness significant growth over the next six years owing to the rapid growth of online B2C and B2B e-tailers and the increased focus on omnichannel marketing
Asia Pacific is expected to expand at the fastest CAGR from 2019 to 2025 owing to the growing consumer preference coupled with high adoption of web and mobile shopping applications in developing countries such as India and China
Key players operating in the market include Acquia Inc.; Adobe; CoreMedia AG; Episerver; IBM Corporation; Liferay Inc.; Oracle Corporation; Microsoft Corporation; SAP SE; Open Text Corporation; Salesforce.com, Inc.; and Sitecore among others

TIC Market Size Worth $404.7 Billion By 2025

The global testing, inspection, and certification market size is expected to reach USD 404.7 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 5.2% from 2019 to 2025. Testing, inspection, and certification (TIC) services are being adopted rapidly due to the strict implementation of testing, inspection, and certification regulations. The market incumbents cater to various range of industries and sectors across the globe with a variety of legislation and standards.

Owing to the increasing presence of international players in growing economies, such as India and China, governments are taking the help of these industry participants for regulating the quality of various products and services through third-party inspection services. Furthermore, with the gradual development of these economies, issues concerning food safety standards and environmental protection are anticipated to emerge over the forecast period. Consumer concerns related to health and safety issues arising from the use of consumer electronics, as well as the quality of consumer goods, has necessitated governments to regulate the quality of the products manufactured domestically.

Also, an upsurge in the volume of traded goods has a direct impact on the number of certifications and inspecting services. With globalization, supply chains are increasingly becoming more complex. Increasing end-user quality expectations and outsourcing have led to a rise in the demand for independent TIC services. Organizations are aiming to ensure that processes, infrastructures, and products meet the required regulations and standards in terms of social responsibility, environmental protection, health and safety, and quality, thus reducing the risk of accidents and failure. This includes services such as the inspection and testing of bulk carriers that might be carrying different types of commodities, such as livestock, grains, or petroleum.

The Asia Pacific regional TIC market is expected to witness steady growth over the forecast period, owing to the growing economic and regulatory factors. The governments of several countries in the region are promoting various development plans in multiple application areas such as manufacturing, infrastructure, automotive, agriculture, and food. Also, the role of TIC is expected to change with the emergence of digital technologies such as connected devices, connected vehicles, mobile payments, and artificial intelligence. With the penetration of such technologies in this region, the inspection and testing of software and software-based service would gain importance similar to that of hardware testing and inspection.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/testing-inspection-certification-market

Further key findings from the report suggest:

The rise in manufacturing, construction, and infrastructure sectors provides a higher number of growth opportunities for the testing, inspection, and certification (TIC) market
The increase in the outsourcing of testing, inspection, and certification services by major industries operating in the automotive, manufacturing, and consumer goods, is projected to boost the market growth
The government of different countries in APAC are promoting various development plans. For instance, the 13th Five Year Plan of China stated the development of green transportation solutions for the advancement of the transportation sector in China
Key market players are considering partnerships and acquisition of startups providing innovative products to expand their outreach in the market
The key competitors in the TIC market are ALS Limited; Applus+; Bureau Veritas SA; UL LLC; DNV GL; Eurofins Scientific; Element Materials Technology; Intertek Group plc; SGS SA; TÜV NORD GROUP; MISTRAS Group, Inc.; TÜV Rheinland; TÜV SÜD; and DEKRA SE.

Predictive Maintenance Market Size Worth $28.24 Billion By 2025

The global predictive maintenance market size is expected to be valued at USD 28.24 billion by 2025, expanding at a CAGR of 37.9% over the forecast period, according to a study conducted by Grand View Research, Inc. Growing demand for IoT and big data along with rising concerns in the organizations regarding asset maintenance and operational costs is expected to drive the growth. Moreover, deployment of predictive maintenance solutions can help organizations in reducing the downtime costs by accurately predicting asset failures.

The deployment of predictive maintenance solutions is not limited to the manufacturing sector. These solutions are now increasingly being deployed in energy and utilities, IT and telecommunication, and automotive and transportation, among others. Growing adoption of these solution in various sectors is anticipated to support the market growth over the forecast period.

Companies operating in the predictive maintenance market are also integrating sensor-based technologies with the predictive maintenance solutions to deliver an efficient solution to users. Additionally, the venders are also investing in R&D of remote maintenance solutions. The remote predictive maintenance solution is anticipated to support the maintenance activities in remote locations and also for unsafe working conditions.

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https://www.grandviewresearch.com/industry-analysis/predictive-maintenance-market

Further key findings from the report suggest:

A rise in deployment of customized predictive maintenance solutions is the key trend driving the growth of the integrated segment
Training and consulting services segment is expected to reach USD 1,991.8 million by 2025 owing to the growing need for skilled workforce for operating predictive maintenance solutions
Demand for cloud-based predictive maintenance solutions is likely to witness a rise owing to cost-effectiveness and easy maintenance of produced data through these solutions
Small and medium enterprise segment is projected to witness remarkable growth over the forecast period owing to reduce the operational costs associated with downtimes
Growth of the aerospace and defense segment is being driven by the growing demand for effective flight operation and avoidance of mishaps or accidents due to failure of any component within the airplane
Asia Pacific predictive maintenance market is anticipated to witness the highest growth owing to rising adoption of deep learning and artificial intelligence technologies in the region
Key players operating in the market include IBM Corporation; Microsoft Corporation; SAP ERP; General Electric Company; Siemens AG; Schneider Electric SE; Software AG; Accenture plc; Honeywell International Inc.; and Cisco Systems, Inc.

Payment Security Market Worth $43.76 Billion By 2025

The global payment security market size is expected to reach USD 43.76 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 12.3% during the forecast period. Rising need for PCI DSS (payment card industry data security standard) compliance and adoption of digital payment mode by consumers are likely to stoke the growth of the market. The payments industry is going through a movement of infrastructure transformation, which is essential to compete efficiently with non-bank trendsetters and address progressing customer requirements.

Over the past few years, major economies have modernized their payment infrastructures and many others are scheduling to upgrade. Digital payments aid merchants in maintaining continuous compliance with PCI DSS, which is further anticipated to bolster the growth of the payment security market. In March 2015, Worldpay noted over 133,000 fraudulent transactions reported, which interpreted stolen card details being used every 20 seconds. Thus, payment security providers help its customer’s systems to protect itself from threats and aim to provide secure businesses by getting them to comply with PCI DSS. Therefore, the payment security market is estimated to be driven by the adoption of PCI DSS compliance.

Fraud detection and prevention solutions hold the largest share in the overall market. These solutions provide various fraud analytics solutions such as big data and predictive analytics. Big data and predictive analytics helps to detect and avoid frauds.

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https://www.grandviewresearch.com/industry-analysis/payment-security-market

Further key findings from the report suggest:

The global payment security market had a valuation of USD 15.79 billion in 2017
Encryption platform emerged as the fastest growing segment over the forecast period
Large enterprises represented the leading segment in terms of organization in 2017 and are projected to generate revenue over USD 29.80 billion by 2025
The education market is poised to witness the highest CAGR of 13.4% over the forecast period
North America was the leading revenue contributor in 2017. Rising number of startups in the retail industry and presence of prominent payment security providers in the region is expected to drive the North America payment security market
Key players include Braintree, CyberSource, Ingenico, and Index among others. These players commanded the leading revenue share in the market in 2017.

Customer Relationship Management Market Worth $114.4 Billion By 2027

The global customer relationship management market is estimated to reach USD 114.4 billion by 2027, registering a CAGR of 14.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for novel ways to analyze information, capabilities to aggregate data, and transforming it into better consumer experience is driving the need of customer relationship management (CRM) solutions across industries. Moreover, the merging of CRM, big data, and AI-powered analytics are likely to bridge the gap between customer expectations and company strategies for a better consumer experience.

Customer relationship management solutions have managed to exhibit an impressive adoption and growth rate in the last of couple of years despite over 20 years of market presence. This growth trend is attributed to numerous benefits of CRM suites, including operational efficiency, reduced cost of marketing, and the ability to complete sales cycle ‘on the go.’ Companies are now demanding access to customer data in real-time owing to the rapid proliferation of cloud and mobile solutions. Moreover, owing to increasing penetration of internet and smart mobile devices across the world, service providers are offering Bring Your Own Device (BYOD) solutions, which are expected to boost the customer relationship management solutions in the sales and marketing domain.

Digital optimization to maximize current processes with the help of data and predictive/prescriptive-enabled technologies to develop next best action recommendations using machine learning are becoming two primary drivers of investment and innovation in CRM solutions. For instance, in 2016, Salesforce launched myEinstein services to enable developers and system administrators develop custom AI application. Moreover, the rise in social CRM and mobility has also been driving the growth of a new genre of customer services and relationship management. Many service providers today are offering integrated solutions with various social media platforms such as Facebook, Twitter, and LinkedIn.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/customer-relationship-management-crm-market

Further key findings from the report suggest:

Considering the COVID19 pandemic crisis across the globe, the value of leveraging technology such as CRM is likely to grow and thrive in the years to come
The CRM analytics segment is anticipated to register the highest CAGR in the coming years owing to the application of artificial intelligence and machine learning along with growing integration of business intelligence and analytics in CRM software
Cloud was the most preferred way of deployment of the technology in 2019 and is predicted to maintain its dominance over the next eight years. Connected devices will play a vital role in the changing industry as the demand for mobile applications is increasing
The Small & Medium Enterprise (SME) segment is expected to be the fastest growing segment in coming years owing to increasing number of SMEs worldwide and their need to identify, prioritize, and minimize their business challenges
Discrete manufacturing is expected to be the fastest growing segment with the highest CAGR from 2020 to 2027 owing to better sales projection, efficient supply chain, and improved customer services
The Asia Pacific regional customer relationship management (CRM) market is expected to experience the highest growth over the forecast period, which can be attributed to the presence of emerging economies such as India and China, who possess large customer base across industry verticals
Customer relationship management market comprises of some prominent players such as Salesforce.com; Microsoft; Adobe; SAP; Oracle; SugarCRM; Zoho; Netsuite Inc.; Insightly Inc.; and Creatio. Large vendors are observed acquiring other players to consolidate their market share, and expand their existing portfolio.

Micro & Mechanized Irrigation Systems Market Worth $33.4 Billion By 2025

The global micro & mechanized irrigation systems market is expected to reach USD 33.4 billion by 2025, according to a new study by Grand View Research, Inc. The low cost of micro and mechanized irrigation products is expected to fuel the market growth over the forecast period.

The cost-saving benefits associated with micro and mechanized irrigation systems, such as chemigation and fertigation, further contribute to the demand for these products, especially in emerging economies. These systems cater to the need for effective farming techniques and are subsequently gaining traction across the globe.

The increasing focus on sustainable agriculture techniques is accelerating the implementation of micro and mechanized irrigation systems such as drips and sprinklers. Furthermore, technological proliferation has enabled micro irrigation systems to be controlled through connected devices such as mobile phones and tablets.

These devices enable remote access, thereby providing mobility and fostering user convenience. Large arable lands make the implementation of these systems more economical and profitable. The demand for these systems is high in the agricultural segment, gardens, public parks, and sports turfs.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/micro-mechanized-irrigation-systems-market

Further key findings from the report suggest:

The drip product segment dominated the overall market in 2015 and was valued at USD 2,878.3 million. Advantages such as cost effectiveness and low power requirements are significantly propelling the demand for drip irrigation products
Sprinkler products contributed remarkably to the industry growth and accounted for USD 2,060.4 million in 2015. The ability of sprinklers to displace water at large distances is boosting the adoption of these products
The agriculture application was estimated to be a key segment in 2015 and was valued at USD 3,346.6 million
Greenhouse is anticipated to emerge as the fastest growing segment with a CAGR of over 13% from 2016 to 2025
Orchard crops dominated the global crop segment and were valued at USD 2,873.6 million in 2015. These crops are widely grown in the Asia Pacific region and are exported in developed nations including North America and Europe
The landscape application segment was valued at USD 1,149.8 million of the micro and mechanized irrigation systems market in 2015
The key industry participants include Mahindra EPC Irrigation, Jain Irrigation Systems Ltd., Lindsay Corporation, Nelson Irrigation Corporation, Netafilm Limited, Rain Bird Corporation, Rivulis Irrigation, T-L Irrigation Co., The Toro Company, and Valmont Industries, Inc.

Cloud Computing Market Worth $765.6 Billion By 2027

The global cloud computing market size 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. Increasing adoption of cloud-first strategies by organizations to optimize their business models and drive revenue growth is expected to drive the market. In addition, cost effectiveness, boost in functional capabilities, and substantial increase in number of small and medium enterprises are other key factors driving the growth. Moreover, technologies such as artificial intelligence, machine learning will complement cloud services to boost the organizational growth across industries.

The critical factor anticipated to foster the market growth is the infusion of big data. Incapability of the traditional data warehouses to manage and analyze the volume, velocity, variety, and veracity of big data will be addressed by cloud computing technology. Moreover, economies of scale offered by the platform will allow privacy and security to be managed more efficiently. Besides, in the age of Bring Your Own Device (BYOD) culture adopted by IT companies, cloud technology will help people to access data anytime, anywhere and make companies more connected and global. The Coronavirus (COVID19) outbreak and the subsequent measures to contain it forced organizations to work remotely leading to higher adoption of cloud technology by enterprises.

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. These services initially needs considerable capital investment and regular maintenance. Government organizations are also adopting cloud services for storage, disaster recovery, risk compliance management, and identity access management applications. In October 2019, amidst corporate hostility, Microsoft Corporation was awarded the U.S Department of Defensecloud computing contract, Joint Enterprise Defense Infrastructure (JEDI) worth USD 10 billion.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/cloud-computing-industry

Cloud computing market report highlights:

Infrastructure as a Service (IaaS) segment is predicted to expand at the highest CAGR over the forecast period owing to increased adoption of multi-cloud, scalability, and fast data accessibility. Companies like Amazon.com Inc.; Microsoft Corporation; Alibaba Group Holding Ltd.; Google LLP.; and IBM Corporation are some of the key IaaS vendors in the market
Application development and testing is likely to be the fastest growing segment over the forecast period owing to the efficient and scalable development of applications on cloud platform. Moreover, compared to traditional development methods, app development time is likely to reduce by 31%, and quality assurance costs by 34%
Hybrid deployment is anticipated to be the fastest growing segment owing to growth of cloud and industrialized services and decrease in traditional Data Center Outsourcing (DCO). Moreover, flexibility to move workloads between private and public deployment as per the computing needs, hybrid segment will provide enterprises greater flexibility and more data deployment options in the long run
Small and medium enterprise segment is anticipated to be the fastest growing segment owing to reduced costs for IT hardware and software, improved processing capacity and elasticity of storage, and improved access to data and service. The growth of adoption of cloud technology among SMEs in developing regions is likely to boost the market growth over the forecast period
The manufacturing end-use segment is expected to expand at the highest CAGR over the forecast period. Owing to various functionalities, cloud computing aids manufacturers to utilize multiple types of production system ranging from High Performance Computing (HPC) and 3D printing to IoT and industrial robots
Asia Pacific is expected to emerge as the fastest-growing region owing to the increasing focus of SMEs and large enterprise to enhance their digital initiatives. Growth in IT services industry in the markets such as India, China, and other South Asian countries will also propel the market growth