2014-01-28 19:27:01 - Community Cloud Market: Global Advancements, Market Forecasts and Analysis 2013-2018 - a new market research report on companiesandmarkets.com
The global community cloud market is estimated to grow from $566.1 million in 2013 to $2.49 billion in 2018. This represents a Compounded Annual Growth Rate (CAGR) of 34.5% from 2013 to 2018. In the current scenario, government and BFSI vertical continues to be the largest adapter for community cloud deployment solutions. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution, while the European region is expected to experience increased market traction, in the due course.
In the recent years, there has been a substantial demand of cloud services in the marketplace across verticals. The demand had been surging in industries that relay huge amount of data for high performance computing applications
and services. Further, security services, reduced infrastructure and operational cost provided by the cloud leaders have increased cloud services demand. With potential opportunities in further reducing CAPEX and OPEX several organizations having similar requirements has adopted community cloud model. Moreover, investments are being done in the community cloud services through research and development by majority of the market players.
The global adoption trend towards cloud and rising demand for cloud-based services across industries such as government agencies, financial organizations, education industry, gaming industry and healthcare have induced a need of adopting community cloud solution as a next wave of cloud that will not only reduce total cost of ownership (TCO) but increase business productivity. Huge spending by various governments across the globe and increase in pressure for various communities to comply with regulatory standards will drive the growth of this market in the coming years. The community cloud technologies are built around the cloud computing technologies, with the main difference of its utility and usage based on various verticals having similar functionalities and compliance regulations.
Increasing IT budgets, technological advancements and economic conditions have lead enterprises and local governments, to look along the cost control measures in traditional IT network and maintenance. Hence, even though the adoption of the community cloud model is relatively slow due to trust and security issues between the organizations using cloud applications, these solutions are expected to grow steadily and have a pervasive existence across all major verticals, owing to the growing demand of high performance computation and low latency data network, on a real-time basis.
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