Cloud Computing Market revenue in Europe to exceed USD 75 Bn by 2026: Global Market Insights, Inc. – GlobeNewswire

Selbyville, Delaware, Nov. 28, 2019 (GLOBE NEWSWIRE) --

According to latest report Europe Cloud Computing Market by Service Type (Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS)), Organization Type (Large Enterprises, SMEs), Deployment Model (Public Cloud , Private Cloud, Hybrid Cloud), Application (IT & Telecom, BFSI, Government and Public Sector, Healthcare, Retail, Manufacturing, Education), Regional Outlook, Competitive Market Share & Forecast 2026, by Global Market Insights, Inc., the market valuation of cloud computing in Europe will cross $75 billion by 2026.

The European cloud computing market growth is attributed to the steady uptake of cloud computing platforms to lower IT infrastructure procurement and maintenance costs and rapid expansion of global cloud vendors within the European countries. For instance, in December 2018, AWS launched three data centers in Sweden, expanding AWS regional cloud availability in the country. The data centers helped AWS to gain a significant market share in the country as an increasing number of Swedish firms were migrating to cloud data storage. The cloud computing platforms enable organizations to store and access information over the web, referred to as the cloud, lowering operational costs. Cloud service providers offer on-demand computing resources including storage, networking, and applications based on the pay-per-use business model, enabling enterprises to scale up or down as per their requirements.

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Another factor leading to Europe cloud computing market growth is the supportive regulatory environment as the European government is taking initiatives to promote cloud usage in enterprises. For instance, in February 2019, the EU-funded project Open Clouds for Research Environments (OCRE) launched a tender to accelerate cloud adoption via the European Open Science Cloud. The tender includes Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS). The growing dependence on cloud providers based in the U.S. and data security concerns has also compelled government agencies in countries including France and Germany to implement a plan to reduce dependence on cloud providers such as AWS, Google, and Microsoft.

The SaaS cloud computing delivery model held the majority of Europe cloud computing market with around 65% share in 2018. This is attributed to the high scalability and flexibility offered by SaaS platforms. SaaS can be accessed anywhere through various platforms, such as mobile devices and web browsers, reducing the requirement for large-scale infrastructure. SaaS is witnessing a rapid market adoption due to its extensive use for delivering Customer Relationship Management (CRM) applications, enabling enterprises to leverage low-cost benefits through pay-per-use subscription models. Integration of new technologies including AI and machine learning will also strengthen SaaS market growth.

The large enterprises segment is anticipated to grow at a CAGR of over 13% from 2019 to 2026 due to surging demand for replacing legacy IT infrastructure. Large enterprises in European countries are witnessing a dynamic shift toward cloud computing platforms for leveraging the benefits of CRM and Enterprise Resource Planning (ERP) solutions on virtual infrastructure. Increasing investments in cloud computing technologies by large enterprises are expected to augment the deployment of cloud platforms for accelerating service delivery and ensuring business competitiveness.

The public cloud deployment model held over 50% of the Europe cloud computing market share in 2018 as this deployment model supports resource sharing by multiple enterprises to leverage economies of scale. SMEs and startups in European nations are increasingly adopting public cloud models for reducing IT spending and leveraging the scalability of these platforms to handle fluctuating workloads. According to the December 2018 data released by the Directorate-General of the European Commission for Statistics (EuroStat), public cloud adoption in start-ups was 11% more than large enterprises across the EU.

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The retail sector will witness a significant surge in the adoption of cloud computing due to the growing use of the IaaS model to handle website traffic and deliver seamless shopping experience through mobile platforms. The retail industry is rapidly adopting cloud computing technology to leverage customer data for enhanced business intelligence. Technologies, such as interconnected Point-of-Sales (POS) and centralized invoicing through the cloud platform, are assisting retail enterprises in delivering better customer service.

Germany held a significant market share of above 18% of the Europe cloud computing market in 2018 and is anticipated to exhibit lucrative growth over the forecast timeline. This is attributed to the robust ICT infrastructure and the increasing adoption of cloud computing by the German automotive sector for smart manufacturing. For instance, in March 2018, Daimler AG deployed Microsoft Azure cloud services for developing telemetry solutions and vehicle IoT apps. With the advent of Industry 4.0 and the growing use of SaaS by German enterprises, cloud computing usage in the country is expected to witness sustained growth over the forecast timeline.

Companies operating in the Europe cloud computing market are focusing on various business growth strategies including investments in data centers, strengthening partner network, and geographical expansion. Through such strategic moves, companies are trying to gain a broader market share and maintain their leadership in the market. For instance, in September 2019, Google announced the launch of a new cloud data center in Poland to extend its cloud revenues in the European region.

Browse key industry insights spread across 240 pages with 252 market data tables and 29 figures & charts from the report, Europe Cloud Computing Market Size 20192026 in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/europe-cloud-computing-market

Table of Contents (ToC) of the report:

Chapter 3. European Cloud Computing Market Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2015 - 2026

3.4. Evolution of cloud computing

3.5. Cloud computing architecture

3.6. Industry ecosystem

3.7. Technological and innovation landscape

3.8. Regulatory landscape

3.9. Industry impact forces

3.9.1. Growth drivers

3.9.1.1. Increasing demand for cost efficiency and return on investment

3.9.1.2. Strong government support for promoting cloud adoption

3.9.1.3. Presence of numerous cloud data centers in the European region

3.9.1.4. Growing popularity of hybrid cloud computing

3.9.2. Industry pitfalls & challenges

3.9.2.1. Threat of data breaches and cyber attacks

3.9.2.2. Performance issues and system downtimes

3.9.2.3. Shortage of skilled IT workforce

3.10. Growth potential analysis

3.11. Porters analysis

3.12. PESTEL analysis

Browse Complete Table of Contents (ToC) @

https://www.gminsights.com/toc/detail/europe-cloud-computing-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Cloud Computing Market revenue in Europe to exceed USD 75 Bn by 2026: Global Market Insights, Inc. - GlobeNewswire