COVID-19 Impact on Cloud Computing Market - Exclusive Report by MarketsandMarkets

CHICAGO, April 27, 2020 /PRNewswire/ -- Post COVID-19, the report "COVID-19 Impact on Cloud Computing Market by Service Type (Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS)), Vertical and Region - Global Forecast to 2021", size is expected to grow from USD 233 billion in 2019 to USD 295 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. Over the years, organizations have enhanced the level of innovation; and with the outbreak of COVID-19, a majority of operations have been compromised. This has forced organizations to function in a non-optimized manner, as a result of which they are looking for innovative areas that can improve their revenue by a small percentage.

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09 – Tables
24 – Figures
63 – Pages

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IT and ITES to witness growth during the forecast period within the global cloud market

Coronavirus has pushed a majority of the IT enterprises to adopt the work from home model. IT and ITES enterprises have enabled mobile workforce, adopting enterprise mobility tools & services. Thus, there is an increased demand for cloud communication and collaboration services across the globe.

Digital productivity and collaboration tool providers such as Microsoft and Zoom are witnessing massive upticks in usage across China, Italy, and the US because of coronavirus. Therefore, there will be continuous growth in the demand for cloud infrastructure services and spending on specialized software, communications equipment, and telecom services. This spending will be focused on remotely working employees and educators, as firms are encouraging employees to work from home, and schools are moving to online courses.

Cloud is helping to tackle disaster recovery situations using distributed cloud IT systems. Owing to the lack of on-site IT personnel amidst the lockdown, enterprises are leveraging cloud capabilities to check, maintain, and monitor their server and storage installations in data centers. Businesses are using the cloud effectively to create resilient and disaster-averse systems anywhere across the globe to cater to a remote workforce and protect data and business application integrity as well.  IT enterprises are highly adopting managed data center services to enhance security, avoid network downtime, and achieve operational efficiency. Leading players such as DataBank, along with the help of managed service teams, has started preparing a COVID-19 response plan to assess the continuity of operations.  Thus, the increasingly mobile workforce due to lockdowns, and growing need for disaster recovery and security to avoid high network downtime costs have fueled the demand for cloud managed services across the vertical globally.