Cloud Computing: a $ 411 billion market in 2020 according to Statista

Cloud computing will generate $ 411 billion by 2020, according to a study published by CenturyLink and Statista. The adoption of this technology is rising sharply, but several obstacles remain.

The cloud computing market is booming, and the trend is not about to reverse. According to a new study published by CenturyLink and Statista, the market could reach a value of 411 billion dollars in 2020.

Currently, PaaS, SaaS, and IaaS cloud services generate approximately $ 180 billion in revenue. The market should, therefore, meet an annual growth of 24% until 2020.

Still, according to this study, companies that take advantage of cloud services are growing 19.6% faster than others. Also, 57% of European companies perceive cloud services as “very important” for digital transformation.

By 2020, cloud services could generate $ 20.4 billion in Germany alone. In France and Germany, there are many growth opportunities as the adoption rate is meager: only 11 to 12% of companies use cloud services.

Cloud Computing: many benefits, but adoption barriers still present

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The main reasons for using the cloud technologies cited by the companies surveyed are increased availability and resilience, as well as increased agility and responsiveness, and accelerated innovation.

Another interesting point highlighted: companies are more numerous to use more than one cloud provider. Today, 85% of companies opt for a multi-cloud strategy.

However, despite a rising cloud adoption around the world, some hurdles remain to be overcome. 80% of IT managers are concerned about performance and scalability in a cloud environment. 70% of cybersecurity professionals believe that it is harder to secure sensitive data in a cloud environment.

Similarly, cloud migration is still perceived as a barrier by 33% of the companies surveyed. Be that as it may, it’s likely that companies that have not yet adopted the cloud have no choice but to get around these barriers to align with their competitors.

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Ruchi Singla
An enthusiast writer with years of experience, who loves to create beautiful thoughts into words. She writes with a zeal and enjoys reading vogue with a good cup of coffee when not writing. Ruchi is working as a content writer for many businesses, helping them gain an extra edge over their competitors. As a content writer, she is responsible for enhancing engagement and traffic on the blog by brainstorming exciting content ideas.

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