Europe Cloud Computing Market Outlook
According to a new report by Expert Market Research titled, “Europe Cloud Computing Market Size, Share, Analysis, Report and Forecast 2024-2032″, the Europe cloud computing market attained a healthy growth in the historical period. Aided by the expanding digital ecosystem and the mounting need for efficient data storage and management solutions, the market is projected to further grow at a CAGR of 9% between 2024 and 2032 to reach a value of approximately USD 115.38 billion by 2032.
Cloud computing provides on-demand availability of system resources, especially data storage and computing power, without users having direct engagement with the physical infrastructure. European industries, both established and startups, have been increasingly leveraging cloud services, recognising its potential in driving efficiency, scalability, and innovation. These services range from Infrastructure as a Service (IaaS), Platform as a Service (PaaS), to Software as a Service (SaaS).
The robust expansion of the digital landscape in Europe, including the surge in e-commerce, online streaming platforms, and digital banking, is propelling the need for reliable and scalable cloud infrastructure, thereby, influencing the Europe cloud computing market outlook. The region’s thrust towards a Digital Single Market, focusing on harmonised digital regulations and policies, further augments the growth of the cloud computing sector.
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A key driver amplifying the adoption of cloud solutions in Europe is the emphasis on business continuity and disaster recovery. With the unpredictable nature of cybersecurity threats and the expensive aftermath of data breaches, European businesses are leaning towards cloud-based backup and recovery solutions. These solutions not only ensure data integrity and security but also allow for rapid recovery post any unforeseen disruptions.
As per the Europe cloud computing market analysis, with the evolution of Artificial Intelligence (AI) and the Internet of Things (IoT), the demand for real-time data processing and analytics is surging. Cloud platforms, with their distributed nature and vast computational capabilities, have emerged as the primary choice for managing these advanced technologies.
Another significant trend bolstering the Europe cloud computing market growth is the rise of edge computing. With data processing happening closer to its source, it reduces latency, making real-time processing more efficient. Especially for sectors like autonomous driving and telemedicine, which are rapidly gaining traction in Europe, edge cloud services are becoming indispensable.
Moreover, the European cloud landscape is witnessing increased collaborations and partnerships. Local providers are joining hands with global giants to offer tailored solutions catering to the unique needs of European businesses. These collaborations ensure data sovereignty, taking into account the region’s stringent data protection regulations.
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Europe Cloud Computing Market Segmentation
The market can be divided based on service type, deployment model, organisation type, application, and countries.
Market Breakup by Service Type
- Software-as-a-Service (SaaS)
- Infrastructure-as-a-Service (IaaS)
- Platform-as-a-Service (PaaS)
Market Breakup by Deployment Model
- Public Model
- Private Cloud
- Hybrid Cloud
Market Breakup by Organisation Type
- Large Enterprises
- SMEs
Market Breakup by Application
- IT and Telecom
- BFSI
- Retail
- Healthcare
- Government and Public Sector
- Manufacturing
- Education
- Others
Market Breakup by Countries
- United Kingdom
- Germany
- France
- Italy
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Europe cloud computing market. Some of the major players explored in the report by Expert Market Research are as follows:
- Oracle Corporation
- SAP SE
- RheoCube
- StorageOS
- Others
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