Global cloud computing market to reach nearly £600bn by 2028

Globalisation

The global cloud computing market is expected to reach $791.5 billion (£578.8bn) in size by 2028, more than three times its current 2021 valuation of $250 billion (£182.8bn).

Charting the market’s expected growth, Fortune Business Insights found in its report, titled “Cloud Computing Market, 2021-2028”, that the period will see a 17.9% compound annual growth rate (CAGR).

The report profiles major international corporations involved in cloud computing, such as...

Cloud computing market to reach £1.17 trillion by 2030

Clouds from space

The global cloud services market is expected to garner £1.17 trillion by 2030, a 398% increase over its 2019 value of £235 billion.

This is accoring to a report by Allied Market Research (AMR), which predicts a combined annual growth rate (CAGR) of 15.8% from 2021 to 2030.

One key takeaway from the report is that cost effectiveness is the most important factor driving the global cloud market. AMR claims that deployment of cloud services can cut more than 35% of...

Cloud account compromises costs organisations £4.5m annually

An open padlock.

The average cost of cloud account compromises reached $6.2 million (£4.5m) over a 12-month period according to more than 600 IT and IT security professionals in the US.

This finding is the most revealing of many from a new report on ‘The Cost of Cloud Compromise and Shadow IT’ released by Proofpoint, a cybersecurity and compliance company, and the Ponemon Institute, an IT security research organisation.

Of the respondents, 68% believe cloud account takeovers present...

Building trust will be “deciding factor in cloud service provider competition” in 2021

A cloud computing graphic.

Spend on cloud infrastructure services by US-based companies grew 29% in Q1 2021 to a record $18.6 billion (£13.10bn), after global cloud spend consolidated in 2020.

Total cloud expenditure in the US increased $4.2bn (£2.96bn) in the past year and $621 million (£437m) in the first quarter of the year, according to the latest Canalys data. Dollar for dollar, annual expansion was the highest in two years, indicating robust demand for cloud services. 

The trend of...

Gartner predicts the public cloud services market will reach $397.4bn by 2022: What you need to know

Worldwide end-user spending on public cloud services is forecast to grow 23.1% in 2021 to total $332.3 billion, up from $270 billion in 2020 Gartner predicts worldwide end-user spending on public cloud services will jump from $242.6bn in 2019 to $692.1bn in 2025, attaining a 16.1% compound annual growth rate (CAGR) Spending on SaaS cloud services is predicted to reach $122.6bn this year, growing to $145.3bn next year, attaining 19.3% growth between 2021 and 2022  

These and many other...

Transforma Insights crowns Microsoft as leading hyperscaler for enterprise digital transformation

A new report has attempted to dive deep into the key capabilities of the three leading hyperscalers - and concluded Microsoft as the overall technical leader.

The report, from analyst firm Transforma Insights, puts the Redmond giant, a clear second in public cloud infrastructure market share, just ahead of market leader Amazon Web Services (AWS). Google 'trails some distance' behind the two leaders.

The assessment comes from Transforma's 'universal rating system' for...

Gartner sees surge in public cloud spend as CIOs shed migration inhibitions

Global end user spending on public cloud services is forecast to grow to $332 billion in 2021 at a yearly growth of 23.1%, according to the latest figures from Gartner.

Software as a service (SaaS) continues to be the largest bucket, representing almost 37% of total spend in 2021. Infrastructure as a service (IaaS) represents almost a quarter, with platform as a service (PaaS) at 17.9% and business process as a service (BPaaS) at 15%.

In terms of growth, desktop as a...

Report warns of ‘dubious’ permissions gap for enterprise hybrid and multi-cloud

A new report has warned of a 'dubious' gap for permissions across enterprise hybrid and multi-cloud environments.

The study from CloudKnox Security, which is described as an industry first, polled more than 150 global organisations on their usage of Amazon Web Services (AWS), Microsoft Azure, Google Cloud, and VMware vSphere.

Overall, the standout finding saw more than 90% of organisations were using fewer than 5% of permissions granted. Each specific provider told a...

How cloud edge and IoT will improve pharma manufacturing

The global COVID-19 pandemic has accelerated changes in many industries. One of the most impacted was the pharmaceutical sector that had to reimagine business processes and rapidly adopt new technologies. It's yet another example where applying cloud computing had become a strategic imperative.

Today, next-generation pharma concepts are fueling ongoing innovation. In particular, the industry’s unique characteristics are driving investments in digital Transformation by...

Cloud Security Alliance serves up a needed shot of realism with sprawling remote cloud initiatives

Amid the continued acceleration and focus on cloud initiatives as remote working turns into a necessity instead of a nice-to-have, it is always nice to get a helping of realism to accompany the hype.

The Cloud Security Alliance (CSA), in association with cloud security management provider AlgoSec, has done just that in its latest report. The study, 'State of Cloud Security Concerns, Challenges, and Incidents', polled almost 1,900 IT and security professionals across a variety of...