An increase in demand for cloud services and an upsurge in demand for cloud services due to the COVID-19 pandemic are factors driving market growth.
PORTLAND, OR, United States, September 12, 2024 /EINPresswire.com/: Allied Market Research published a new report, titled, “Registering 18.8% of CAGR | The Global Industrial Cloud Market Size Garner USD 352.6 Billion by 2031.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain a competitive advantage.
The global industrial cloud market size was valued at $67.4 billion in 2021 and is projected to reach $352.6 billion by 2031, growing at a CAGR of 18% from 2022 to 2031.
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An increase in demand for optimum resource utilization, a surge in demand for cloud services, and a rise in demand for cloud services have boosted the growth of the global industrial cloud market. However, an increase in concerns regarding data privacy and the dearth of IT infrastructure in underdeveloped countries hinder market growth. On the contrary, a surge in the adoption of cloud computing in SMEs would open new opportunities.
The industrial cloud market is segmented on the basis of offering, cloud type, enterprise size, application, and end user. On the basis of components, the market is bifurcated into solutions and services. The services segment is further divided into professional services and managed services. By professional services, the market is further classified into training & education, integration & deployment, and support & maintenance. By cloud type, the market is segregated into public, private, and hybrid. By type, the market is fragmented into IaaS, PaaS, and SaaS. By organization size, it is categorized into large enterprises and SMEs. By application, market is classified into asset management, customer relationship management (CRM), enterprise resource management (ERM), supply chain management (SCM), project & portfolio management, and others. By end user, the market is bifurcated into process manufacturing and discrete manufacturing.
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Covid-19 scenario:
● The industrial cloud market experienced stable growth during the pandemic, due to a surge in digital penetration during the pandemic and the implementation of strict lockdown and social distancing policies.
● The limited workforce availability and threat of spread of the virus forced companies to increase their dependency on the cloud and adopt the work-from-home culture.
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By application, the enterprise resource management (ERM) segment held the largest share in 2021, accounting for nearly one-third of the global industrial cloud market, as industrial cloud helps to optimize enterprise business functions and IT processes. However, the asset management segment is estimated to register the highest CAGR of 20.2% during the forecast period, as it provides a cost-effective and efficient solution for asset management.
By solution, the service segment is projected to manifest the highest CAGR of 18.9% from 2022 to 2031, due to surge in adoption of professional services for integration and deployment of cloud solutions. However, the solution segment held the largest share in 2021, contributing to nearly two-thirds of the global industrial cloud market due to the adoption of solutions by various industries for efficient work processes.
By type, the SaaS segment dominated the market in terms of revenue in 2021, accounting for nearly two-fifths of the global industrial cloud market, as cloud helps industries to quick access and easy implementation of software. However, the PaaS segment is projected to showcase the highest CAGR of 19.8% during the forecast period, due to the availability of a common platform to develop software projects.
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By enterprise size, the large enterprises segment held the largest share in 2021, contributing to more than two-thirds of the global industrial cloud market due to the increase in adoption of industrial cloud technology by various enterprises in energy and utilities for smooth operations. However, the SMEs segment is projected to register the highest CAGR of 19.5% during the forecast period, owing to the surge in adoption of cloud-based services as it provides cost-effective and efficient solutions for SMEs.
By region, the global industrial cloud market across North America dominated in 2021, accounting for more than two-fifths of the market, due to the rise in digital infrastructure and the presence of key players in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 21.0% during the forecast period, due to an increase in investments in cloud technologies and a rise in the number of SMEs in the region.
Some of the major players in the market are Alibaba Group Holding Limited, Amazon Web Services, Cisco System Inc., Dell Technologies, Google LLC, IBM Corporation, Microsoft Corporation, Honeywell Corporation, Siemens AG, Oracle Corporation, Hewlett Packard Enterprise, General Electric, Hitachi Ltd., PTC, Rockwell Automation, Crave Industry, and OptDyn. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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