December 23, 2019
As per the latest study titled ‘Europe Cloud Computing Market Size By Service Type (Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS)), By Organization Type (Large Enterprises, SMEs), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Application (IT & Telecom, BFSI, Government and Public Sector, Healthcare, Retail, Manufacturing, Education) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026’ available with Market Study Report LLC, Europe cloud computing market is anticipated to cross US $75 billion by the year 2026.
For record, cloud computing platforms enable the enterprises to store and access their data online, hence eliminating the need for IT infrastructure. Increasing adoption of cloud computing in order to reduce capital and maintenance costs, along with infiltration of global cloud vendors across Europe are augmenting the market outlook. The cloud service providers offer pay-per-use business models with resources such as networking, storage, and applications. This flexibility enables enterprises to scale up or down based on their requirement. Numerous initiatives taken by federal agencies to support cloud adoption and to promote local cloud service providers will propel the growth of Europe cloud computing market.
As per the type of service, SaaS (software as a service) segment dominated Europe cloud computing market with 65% share in 2018, owing to high flexibility and scalability offered by these solutions. SaaS is extensively used for CRM (customer relationship management) applications and is being integrated with AI and ML which will further boost the segmental demand.
Speaking of organization type, Europe cloud computing market from large enterprises segment is projected to grow with a CAGR of 13% through the year 2026. Shifting preference of large enterprises towards incorporating cloud-based ERP and CRM systems over conventional IT infrastructure, fierce competition, and need for fast service delivery will contribute positively towards the market trends.
Based on deployment model, public cloud segment held over 50% market share in 2018. Various startups and SMEs across Europe are adopting this model as it enables cost-saving by resource sharing among enterprises.
In terms of application spectrum, Europe cloud computing market from retail segment is presumed to witness accelerated growth over the forecast period, on account of rising incorporation of IaaS (infrastructure as a service) solutions to handle website traffic and improve online shopping experience. Centralized invoicing using cloud platform and integrated POS helps the retailers to improve business intelligence and offer seamless customer service.
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Considering geographical outlook, Germany held 18% share of Europe cloud computing market in 2018 and is expected to grow substantially in the forthcoming years, pertaining to increasing adoption of cloud computing for smart manufacturing across automotive sector, and established ICT infrastructure.
The key players functioning in Europe cloud computing industry are IBM Corporation, Hewlett Packard Enterprise Development LP, Google LLC, Fujitsu, Dimension Data, DigitalOcean, LLC, CloudSigma Holding AG, CenturyLink, Amazon Web Services, Inc., and Alibaba Group Holding Ltd. among others.
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