Global COVID-19 Impact on Cloud Computing Market By Technology (SaaS, IaaS, and PaaS), By Vertical (Banking Financial Services & Insurance, Healthcare & Life Sciences, IT & ITeS, Retail & Consumer Goods, Telecom, Energy & Utilities, Government & Public Sector, and Manufacturing), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis, and Forecast till 2029

The increasing health disaster caused by the novel coronavirus has affected the industries in a very negative way. The dependence on technology for essential service areas such as healthcare, press, banking, pharmacy retailers, grocery, and suppliers has massively increased in order to continue their day to day operations. A huge world’s organized workforce has made a sudden shift to remote working. Governments and companies have had to ensure that the platforms being used for remote operations are secure, operate at the required network speed for home use, and at the same time facilitate co-workers to socialize remotely with each other. Companies providing cloud computing services and remote collaboration services have been at the forefront to reduce disruption. The global COVID-19 impact on the cloud computing market accounted for US$ 230 billion in 2019 and is estimated to be US$ 650.3 billion by 2029 and is anticipated to register a CAGR of 11.1%.

The healthcare systems require secured and scalable cloud infrastructure to maintain and manage patient information with high flexibility and speed. Currently, there is a high need for technologies such as cloud computing for the analysis of patients’ data, due to the outbreak of COVID-19 pandemic. As there is a growing need for electronic health records, healthcare providers are increasing the use of highly secure and scalable storage cloud solutions to cater to a large number of cases. Healthcare institutions and private doctors are providing online consulting amidst country lockdowns. Further, the requirement for mobile ambulatory services has increased due to the virus outbreak. These services and facilities need cloud-based communication and collaboration platforms to progress employee productivity and operational efficiency. Healthcare providers are emerging cloud-based applications to gain clinical insights on COVID-19 and evaluate resource needs, such as ventilators and ICU beds. Thus, high spending on cloud-based application development and ERP solutions coupled with increased data analytics and clinical insight requirements are creating revenue opportunities for cloud service providers.

Conversely, due to the COVID-19 crisis, the lockdown has been adopted by the countries to reduce the spread of the virus. This has led to a considerable lowering usage of energy resources such as oil and gas. Thus, the use of cloud services for IT service management has also weakened significantly. Moreover, due to interrupted supply chains, production is paused, and therefore, the necessity for technologies such as smart metering is decreasing day-by-day. This has decreased the overall usage of cloud services across the globe.

The global COVID-19 impact on the cloud computing market is segmented based on technology, vertical, and region.

On the basis of the technology, the global COVID-19 impact on the cloud computing market is segmented into SaaS, IaaS, and PaaS. Based on the vertical, the target market is bifurcated into banking financial services & insurance, healthcare & life sciences, IT & ITeS, retail & consumer goods, telecom, energy & utilities, government & public sector, and manufacturing.

In the region, the global COVID-19 impact on the cloud computing market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-pacific accounts for the highest growth rate over the forecast period for the cloud computing market. Also, technology spending in the Asia Pacific has improved over a period, however, the holdup due to the recent COVID-19 crisis is imminent. Cloud technology adoption is projected to grow in sectors where’ work from home’ initiative can help in supporting enterprise business functions. Those sectors include telecommunication, IT & ITeS, BFSI, and government. Other sectors such as travel, healthcare & life sciences, manufacturing, hospitality retail, etc. are anticipated to expand spending on public cloud services in the next coming years.

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029.  For the purpose of this study, has segmented the global COVID-19 impact on cloud computing market report based on technology, vertical, and region.

Global COVID-19 Impact on Cloud Computing Market, By Technology:

• SaaS
• IaaS
• PaaS

 Global COVID-19 Impact on Cloud Computing Market, By Vertical

• Banking Financial Services & Insurance
• Healthcare & Life Sciences
• IT & ITeS
• Retail & Consumer Goods
• Telecom
• Energy & Utilities
• Government & Public Sector
• Manufacturing

 Global COVID-19 Impact on Cloud Computing Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global COVID-19 impact on the cloud computing market include AWS, Microsoft, Google, SAP, Oracle, VMware, IBM, Rackspace, Alibaba, Salesforce (US), and Adobe. Players have undertaken several growth strategies, such as new service launches and partnerships, to improve their presence further in the impact of COVID-19 on the cloud market and widen their customer base. Rackspace is a cloud security solutions vendor and managed cloud services provider for Azure, AWS, and Google Cloud. They offer management capabilities for public, private, hybrid, and multicolor deployments depending on the customer’s needs and current cloud solutions. In March 2020, Rackspace is offering free OpenStack public cloud hosting resources for organizations participating in COVID-19 relief efforts. The vendor has pledged to offer US$10 million in cloud hosting resources to COVID-19 responders for free over the next six months to help them combat the virus.

Key Issues Addressed

• AWS
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Microsoft
• Google
• SAP
• Oracle
• VMware
• IBM
• Rackspace
• Alibaba
• Salesforce
• Adobe

“*” marked represents similar segmentation in other categories in the respective section