Community cloud demand is expected to grow at a CAGR of around 24% during the forecast period 2021-2031. Global demand for high performance with low latency infrastructure is a significant driving factor for community cloud industry.
Along with it, achieving economies of scale by use of shared cost model, shared concerns for data redundancy, security and compliance, and green computing initiative for reducing number of servers are some of the factors leading to the adoption of community cloud market.
The demand for cloud solutions has been surging over the past few years. Different industries are increasingly adopting cloud solutions to remain competitive by cutting down on information technology infrastructure costs.
Community cloud helps in further reduction of infrastructure cost as the cost incurred is shared among different stakeholders. Regulatory compliance, spending by governments towards community cloud solutions and demand arising from different industry verticals are some of the major factors propelling the growth of this market.
Additionally, huge spending by various governments has increased the pressure on organizations to comply with regulatory standards. Several organizations have already started adopting shared cloud model. This is estimated to further drive the adoption of community cloud model in the coming years.
Healthcare organizations have been steadily, but cautiously, transitioning to the cloud. In addition to frequent mergers and acquisitions demanding the consolidation of information, data sharing and collaboration are becoming increasingly important. Those with a vested interest in healthcare data are seeking ways to streamline the information sharing process, while protecting sensitive patient data.
Healthcare community cloud provides a solution for people at different endpoints to access this information conveniently and securely. Hospitals, physician groups, healthcare clearinghouses, health plan administrators, and other members of the healthcare community are revolutionizing the way they collaborate via the cloud.
Moreover, virtual health has revolutionized healthcare, extending provider networks, lowering costs, and satisfying patients. Technology can sustain these gains by ensuring seamless digital interactions, and reliable, secure access to remote data. These factors are thus expected to provide a seamless approach for the growth of community cloud sales over the next ten years.
U.S. community cloud is the largest market for hybrid and community clouds due to the technological advancements and early adoption of technology in North America. The presence of numerous vendors, such as Microsoft Corp., Oracle Corp., Amazon.com Inc., and IBM Corp., and the higher propensity to adopt new technologies are expected to help this region maintain its position in the market.
In the U.S., companies place a strong emphasis on digital transformation and are often considered among the early adopters of next-generation technologies, such as IoT, additive manufacturing, connected industries, big data analytics, Artificial Intelligence (AI), machine learning, AR, and VR, as well as the latest telecommunication technologies, such as 4G, 5G, and LTE.
The continued adoption of the latest technologies by enterprises in the U.S. bodes well for the growth of the community cloud market.
The market in East Asia is projected to provide significant growth opportunities during the forecast period. Notably, community cloud have gained huge traction in East Asia, as enterprises seek to enhance their digital initiatives. The increasing availability of skilled labor and keen focus provided by SMEs and large enterprises to enter and grow in this region are a few factors driving the adoption of cloud computing in this region.
Organizations are working on optimizing both application performance and ensuring good customer experience. With the pressure to achieve greater business agility and satisfy their customers, cloud computing has become the core of how many businesses operate nowadays.
Some of the leading providers of community cloud include
Partnerships, strategic mergers, and acquisitions are anticipated to be the most effective ways for industry players to gain quick access to emerging markets and enhance technological capabilities. Furthermore, product differentiation and upgrades, and service expansion are expected to pave the way for the growth of companies in the market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Explore Similar Insights
Community Cloud Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
