Europe Cloud Computing Market size is estimated to surpass USD 140 billion by 2028 due to the government support for promoting cloud adoption throughout Europe, according to a new research report by Global Market Insights.
Increasing digitization pushes cloud computing
Growing usage of cloud computing among multiple organizations to ensure business continuity and adaptability to market changes for maintaining a competitive advantage over rival firms is likely to fuel the industry growth. The increasing digitization trend observed in organizations with their shift toward cloud-based services is also boosting the European cloud computing market demand.
Some major findings of the Europe cloud computing market report include:
- The increasing shift of enterprises from traditional on-premise infrastructure to cloud computing platforms for leveraging the scalability and flexibility of on-demand computing.
- Italy is anticipated to hold a significant market share for the European cloud computing market due to the increasing cloud spending within the last few years to harness the economic potential of cloud computing.
- The companies operating in the market are focusing on the integration of new technologies and portfolio expansion to cater to diverse customer requirements.
The IaaS segment is anticipated to grow at a CAGR above 15% from 2021 to 2028. IaaS plays an important role for enterprise-level businesses due to high flexibility & scalability and is suited for fluctuating computing workloads.
The SMEs are expected to reach a market share of over 30% by 2028. The growth is attributed to the growing adoption of cloud technology by SMEs for improving business capabilities.
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