Cloud Application Industry: Future Prospects and Opportunities

Over the past few months, the COVID outbreak has toppled many lives and businesses. However, if there is one sector that has emerged stronger from this episode, it would be the cloud industry. Tech giants such as Amazon, Google and Microsoft derive significant revenue from their cloud based application and ecommerce services.  Now the companies from other sectors are starting to notice the benefits of cloud applications in business applications are likely to invest more into the IT and cloud services in future.

U.S. Cloud industry has grown tenfold in the last few years. The region has presence of major players of cloud services for example Amazon Web Services is the leading cloud vendor with a 32% share. Asia Pacific is the fastest growing region accounting highest CAGR. China has emerged as a global leader in data computing that includes Artificial Intelligence, IOT, Virtual Reality, E-commerce, Smart Cars and Online Payments. The credit for development of the cloud industry in China goes to the strong government initiatives. The development of cloud industry is major strategic priority for the central government and is highlighted in the country’s 12th and 13th Five-Year Plans. The Ministry of Industry and Information Technology and the National Development and Reform Commission have already established pilot cloud schemes in Beijing, Hangzhou, Shanghai, Shenzhen and Wuxi. In addition, China’s state-owned telecom companies plan to invest approximately USD 180 billion between 2015 and 2017 in fixed-line and wireless connectivity to support Internet access and cloud services. Growing enthusiast for on-demand video, mobile gaming and online content in China, content providers will need to invest in sophisticated computing services in order to provide uninterrupted service and fast download speeds. The growth, investment and adoption of the cloud in China will foster the cloud application market in the forecast period.

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