A new report examining the European cloud computing market predicts its valuation will pass $140 billion by 2028.
The data, collected by Global Market Insights, suggests that rapid growth will likely be due to government support for promoting cloud adoption in Europe.
Increasing the use of cloud technology among multiple organisations to ensure “business continuity and adaptability to market changes” and to maintain a “competitive advantage” over rival firms is likely to be another driver of industry growth.
As the world becomes more digitally connected, an interest in shifting to cloud-based services is increasing, which is also a factor in the boost for European cloud computing market demand.
Leading firms say they are beginning to focus on “emerging technologies,” such as mobile cloud computing and edge computing, to “develop innovative solutions and services” for their customers.
SMEs are expected to hold a market share of over 30% by 2028. The growth is attributed to the increasing adoption of cloud technology by SMEs for improving business capabilities.
The companies said they intend to secure their networks for safe data accessibility, as well as “migrating their core businesses” to digital platforms to safeguard their business.
Recent research has shown that 71% of CISOs believe a large number of flaws in cloud software are “going unnoticed” due to the switch from traditional on-premise storage infrastructure to cloud computing platforms.
Increased adoption of cloud architectures, DevOps and agile methodologies has supposedly “broken” traditional approaches to application security.
- Cloud First 2021 Virtual Summit | Just two weeks to go!
- Brits spend more time online than European counterparts in 2020
- Criminals caught after using FBI-run messaging service ANOM
The report stated that “Cloud computing benefits, such as remote computing, reduced costs, and availability of on-demand computing resources, are major factors behind the adoption of cloud computing by SMEs throughout Europe”.
In 2020, Europe’s cloud computing market size exceeded $35bn and is expected to grow at a 15% compound annual growth rate (CAGR) between 2021 and 2028.
According to Global Market Insights: “Increasing demand for the digital transformation of various industries across the region is likely to drive the industry demand.
“Various government agencies across the EU have invested heftily in cloud computing initiatives, augmenting the adoption of cloud-based services in the region.”
According to the report, the UK dominated the European cloud computing market last year. The British Government put a strong focus on ‘cloud-first’ policies which has aided in the market growth. Additionally, spending on UK cloud infrastructure has doubled within the last five years to harness the “economic potential” of cloud computing.
Join the Debate: Cloud First Summit
The changing cloud landscape will be a key discussion point at the upcoming Cloud First Virtual Summit on June 23rd.
The conference will bring together senior technologists, cloud architects and business transformation specialists to explore new advancements and best practice.
Register your free place now at: https://www.cloudfirstsummit.com/