Press Release: October 15, 2020
Cloud hosting services have emerged as the saviors for organizations amid the ongoing pandemic. These services have effectively kept us connected with our co-workers and ensured business continuity while we are forced to work remotely. Thanks to cloud services, we could easily make the transition without any adverse effects on our productivity, which in turn resulted in a significant increase in the adoption of cloud services. Market reports suggest that the sudden demand for cloud computing resources due to COVID-19, led to a growth of 34% in the cloud infrastructure services spend.
The market size of the industry, too, is likely to see an upward trend in the near future. It is expected to grow at a CAGR of 12.5% to go from $233 billion in 2019 to $295 billion in 2021, says a report by Markets and Markets. The major factors that are impacting the growth of cloud services include the need for organizations to support remote working, rising demand for hosted tools and services for business continuity and the sudden uptick in the use of cloud hosted enterprise services for uninterrupted communication and collaboration.