Government cloud computing market to maintain 13% CAGR between 2018-2022
According to new research conducted by Technavio, the global cloud computing market in the government sector is forecast to maintain a compound annual growth rate (CAGR) of over 13% between 2018-2022.
According to the report, governments are increasingly looking to cloud computing solutions to improve their operational efficiencies through organization flexibility and data security, reducing the burden of the growing complication of IT frameworks.
“Cloud computing helps in storing, mining, and analyzing data, along with enhancing customer experience and reducing costs,” The analyst continued. “The advent of SaaS is also allowing companies and government organizations to implement cloud computing solutions tailored as per their requirements, thereby fueling the demand for cloud computing in businesses and government organizations.”
Further, the rising demand and capabilities of internet speed and connections from network providers is resulting in a significantly higher amount of data generation, leading to rising storage across the world, with this set to be driven further by the imminent launch of 5G.
“Globally, the demand for big data and analytics is anticipated to rise in the market owing to an increase in the IoT spending,” said a Senior Analyst at Technavio. “The need for a cloud-based solution has increased due to the rapidly growing Internet usage on handheld devices like smartphones and tablets.”
In terms of region, the Americas dominated the global cloud computing market in the government sector. For more information, see the full Global Cloud Computing Market in Government Sector 2018-2022 report.
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