The worldwide enterprise cloud computing sector is on track to achieve a remarkable milestone, with an anticipated revenue potential of $1.4 trillion by 2027. This surge is attributed to the prevailing positive sentiment towards IT investments among global enterprises, coupled with their ambitious endeavors in extensive automation and modernization of IT systems. These insights are offered by GlobalData, a distinguished leader in data analytics.
Sandeep Kolakotla, a distinguished Technology Lead Analyst at GlobalData, remarks, “The profound transformations triggered by the COVID-19 pandemic within enterprises, including the rapid adoption of remote work, automation of critical business processes, and the utilization of digital platforms for customer engagements, have substantially invigorated investments in enterprise cloud solutions throughout the last biennium. Looking ahead, the optimistic outlook on enterprise IT spending post-pandemic will play a pivotal role in fostering sustained growth within the cloud computing landscape.”
As substantiated by GlobalData’s recent ICT Decision Makers Survey, a resounding 81% of participants affirm an augmentation in their overall enterprise ICT budgets for the current year, 2023, as compared to the preceding year. More notably, in the context of cloud computing, approximately 76% of respondents validate a surge in their enterprise cloud computing allocations for 2023 in comparison to the previous year. These statistics bode exceedingly well for the promising expansion trajectory of the cloud computing market.
The forthcoming period holds considerable promise for the cloud computing market, primarily owing to enterprises expediting their initiatives in modernizing IT infrastructure. This trend positions cloud computing as a major beneficiary, given its inherent capacity to empower organizations with enhanced scalability, agility, resilience, and the ability to harness DevOps practices for both infrastructure and software evolution.
The ascent of use cases involving the Internet of Things (IoT), further catalyzed by the rapid advent of 5G networks, is set to lend substantial impetus to the enterprise cloud computing arena throughout the projected timeline. This is underscored by the multifaceted role of cloud computing, which not only provides a robust platform for storage, processing, and administration of IoT-generated data but also facilitates remote accessibility, monitoring, and management of IoT devices, interconnected manufacturing units, and associated data streams.