The global cloud computing market size was valued at USD 368.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.7% from 2022 to 2030. The introduction of emerging technologies such as Artificial Intelligence (AI) and machine learning enables cloud growth by empowering companies to tap into AI capabilities. The COVID-19 pandemic has appeared as a significant challenge for the global economy. Cloud computing can support enterprises to survive the business continuity challenges presented due to the lockdown, work from home, social distancing, and other mandates affecting the market. However, as businesses, managers, and employees continue to opt for remote working due to the pandemic, remote working has emerged as the latest trend and is expected to continue in the long term.
The pandemic is expected to induce one of the most significant workplace transformations. It is transforming the way businesses leverage smart technologies such as mobile supercomputing, IoT, big data, and artificial intelligence to accelerate Industry 4.0, the fourth industrial revolution. The cloud-computing market accelerated the demand in Q3 2020 as organizations continued to migrate their workloads from traditional channels to digital formats. Numerous enterprises across various verticals have adopted the work from home model to maintain employee well-being and operational efficiency, increasing the demand for Software-as-a-Service (SaaS)- based solutions.
For instance, Microsoft Team platform users surged to 44 million globally owing to the high demand for collaboration solutions. While the standalone 8×8 Video Meetings cloud solution witnessed a more than 300% surge in registered users in the last week of February 2020 across 150 countries. There is a substantial increase in the demand for streaming platforms, such as Amazon Prime, Disney+, Twitch, Netflix, Hulu, YouTube, and Apple TV, as most people stayed at home due to lockdowns. This surge in Video-on-Demand (VoD) has augmented the demand for (IaaS) to tackle consumer demands.