Rapid expansion of IT organizations and telecommunication industry acts as the key driving force of the global telecom cloud market. Furthermore, the major driver of this evolving market is the modernization of information technology.
The modernization process in the IT field represents optimum utilization of the resources and cloud services in reaping out the benefits in a modern and efficient environment. The advancements in the telecom cloud market outlook leads to the idea of more cost-saving methods and boost the idea of innovation.
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The private cloud segment is expected to emerge as the fastest growing segment, as several vendors within the Telecom cloud market are focusing on increasing the privacy standards. The private cloud Market has grown as a result of rapid technological advances.
The proliferation of internet services and applications, including social media, video streaming, and online payments has increased the need for secure data storage. Similarly, increase in data volume in the sectors such as BFSI, IT & telecom, healthcare, government, retail, and others has forced these sectors to adopt private cloud services.
Adoption of next-generational communication technologies such as 5G network deployments were ramped up in many parts of the globe and automation of services were prioritized.
According to a report published by the communications equipment and services provider Nokia, more than 64% of the communication services providers focused on improving the automation of operational services with the help of cloud technology. These trends helped the telecom cloud markets to prosper during the period.
Key Findings Of The Study
- By type, in 2020, the public cloud segment is estimated to be the major shareholder. However, the private cloud segment is expected to witness highest growth rate during the forecast period.
- On the basis of computing service, the IaaS segment accounted for the highest revenue in 2020; however, the PaaS segment is expected to witness highest growth rate during the forecast period.
- Depending on end user, the BFSI segment accounted for the highest revenue in 2020; however, the healthcare & life science segment is expected to witness highest growth rate during the forecast period.
- Region wise, the market was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the coming years.
Some of the key companies profiled in the telecom cloud industry are Microsoft, Aws, Google, Oracle, IBM, At&T, Verizon, Dell, Etisalat, and Telstra.
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