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The increasing demand of tailored services, rising demand to accelerate product release cycle time, and concept testing before making huge investments are driving the cloud engineering market
The cloud engineering market size is expected to grow from USD 4.73 billion in 2017 to USD 13.43 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period. The cloud engineering market is driven by factors, such as the need for business agility, the faster deployment and scalability, the increasing awareness about cloud among enterprises globally, and the reduced costs of ownership. However, enterprises face some obstacles with third-party services and while developing cloud-aware software development environment.
Cloud storage service is expected to have the fastest growth rate during the forecast period
Cloud storage allows enterprises to store, access, and share data over the internet, with the benefits of scalability, availability, durability and security. Engineered storage service offers cloud storage in accordance with lifecycle management policies and compliance requirements. The total cost of ownership, time-taken for deployment, and information management are the major benefits of using cloud storage.
North America is expected to hold the largest market share, Asia Pacific (APAC) to grow the fastest
North America is expected to hold the largest market during the forecast period, as organizations are shifting toward cloud-based services, with the increasing adoption of digital business strategies. Furthermore, organizations have invested hugely on advanced technologies to gain competitive advantage and improve business operations. The APAC region is in the initial growth phase; however, it is the fastest-growing region in the global cloud engineering market. The key reasons for the high growth rate in APAC include the positive economic outlook in the region, increased spending on Information Technology (IT) infrastructure, and the tendency of engineered platforms to improve the operational issues.
The break-up profiles of primary participants are given below:
- By company: Tier 1 – 43%, Tier 2 – 35%, and Tier 3 – 22%
- By designation: C-level – 60%, Director level – 25%, and Others – 15%
- By region: North America – 44%, Europe – 25%, APAC – 21%, and RoW – 10%
The following key cloud engineering providers are profiled in the report:
1. Sogeti (France, Europe)
2. Aricent Inc. (California, US)
3. Trianz (California, US)
4. GFT Technologies SE (Germany, Europe)
5. Engineering Ingegneria Informatica SpA (Rome, Europe)
6. Rapidvalue Solutions Inc. (California, US)
7. ITC Infotech (Karnataka, India)
8. Nitor Infotech (Maharashtra, India)
9. Softcrylic LLC (Minnesota, US)
10. Calsoft Inc. (California, US)
11. Searce Inc. (Texas, US)
12. VVDN Technologies (Haryana, India)
The cloud engineering market has been segmented on the basis of service types, service models, organization sizes, deployment models, verticals, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews, services, key strategies, new service launches, partnerships, agreements and collaborations, business expansions, and competitive landscape associated with the cloud engineering market.
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the cloud engineering market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions.
- This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business.
- The competitive landscape section includes vendor comparison of top market players in the cloud engineering market.