Technology

Cloud Computing Market to Grow by USD 404.7 Billion from 2024-2028, as Cost-Cutting Drives Adoption with AI Driving Market Transformation – Technavio

Published

2 weeks ago

November 8, 2024

NEW YORK, Nov. 8, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global cloud computing market size is estimated to grow by USD 404.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 15.19% during the forecast period. Increased inclination toward cloud computing for cost-cutting is driving market growth, with a trend towards increased inclination for private cloud for enhanced data security. However, system integration issues poses a challenge. Key market players include Adobe Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., Citrix Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., NetApp Inc., Nutanix Inc., Oracle Corp., Rackspace Technology Inc., Red Hat Inc., Salesforce Inc., SAP SE, Tata Consultancy Services Ltd., and VMware Inc..

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Cloud Computing Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 15.19%

Market growth 2024-2028

USD 404.7 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

12.86

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 48%

Key countries

US, China, Canada, UK, and Germany

Key companies profiled

Adobe Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., Citrix Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., NetApp Inc., Nutanix Inc., Oracle Corp., Rackspace Technology Inc., Red Hat Inc., Salesforce Inc., SAP SE, Tata Consultancy Services Ltd., and VMware Inc.

Market Driver

The security and compliance concerns surrounding public cloud solutions have hindered their adoption among organizations, particularly those in regulated industries like finance and healthcare. Strict regulations, such as the GDPR, restrict data storage locations. Private clouds, on the other hand, offer greater security and control by providing cloud resources to a single enterprise and keeping data within their network. The benefits of private clouds, including security and control, have led to their increasing use by various industries and government agencies. Microsoft’s Azure Government is an example of a private cloud solution catering to government agencies. The global private cloud services market is expected to grow due to these factors and partnerships between organizations.

The cloud computing market is experiencing significant growth, with companies like Amazon, Microsoft, Google, and IBM leading the way. Technologies such as Artificial Intelligence, Machine Learning, and Big Data are trending in this space. Cloud storage and computing services are becoming essential for businesses due to their flexibility, cost-effectiveness, and scalability. The use of technologies like Containerized Computing and Virtual Machines is increasing, allowing for more efficient use of resources. Additionally, the integration of AI and ML in cloud services is enabling advanced analytics and automation capabilities. The future of cloud computing looks bright, with continued innovation and expansion expected in this dynamic market.

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Market Challenges

Cloud computing market growth is influenced by enterprises adopting cost-effective IaaS, PaaS, and SaaS solutions. However, challenges arise during system integration. Monolithic applications pose difficulties due to interwoven functionalities. Data migration from various formats is complex, causing interoperability issues. Choosing the right integration tool for hybrid connectivity is essential but challenging. These factors can hinder market expansion.The cloud computing market is experiencing significant growth, with various organizations adopting this technology for its numerous benefits. However, challenges persist in implementing and managing cloud services effectively. Security is a major concern, with the need to protect sensitive data and prevent unauthorized access. Cost management is another challenge, as organizations must optimize their cloud usage to avoid unnecessary expenses. Additionally, ensuring compatibility with existing systems and applications can be complex. Furthermore, the dependence on internet connectivity and potential downtime can impact business operations. Lastly, the choice between public, private, and hybrid cloud models adds to the decision-making process. Addressing these challenges requires a cloud strategy and effective implementation and management.

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Segment Overview

This cloud computing market report extensively covers market segmentation by

Deployment 1.1 Public cloud1.2 Private cloudService 2.1 SaaS2.2 IaaS2.3 PaaSGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Public cloud- In the financial services industry, public cloud computing has become the market leader due to globalization and IT sector growth. SMEs in developing economies drive the demand for business insights solutions. Financial institutions heavily rely on IT infrastructure for optimal performance, security, and connectivity. Vendors offer cloud infrastructure to various industries for data collection and analysis. However, the public cloud segment faces high cyberattack risks, including denial-of-service attacks. These factors contribute to the growth of the global cloud computing market.

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Research Analysis

The Cloud Computing Market is experiencing significant growth due to the increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies in various industries. Big Data analytics is another key driver, as businesses seek to gain insights from vast amounts of data in real-time. Edge computing and 5G technologies are enabling the processing of data closer to the source, reducing latency and increasing efficiency. The market caters to both large enterprises and private deployment segments, offering Cloud infrastructure services for various applications such as Images and Videos processing, Video-on-Demand, and Real-time analytics. Industrial solutions and Internet of Things (IoT) are also benefiting from the advancements in Cloud computing, with 5G set to further accelerate the trend. Public cloud services continue to dominate the market, providing scalability and flexibility for businesses.

Market Research Overview

Cloud Computing Market refers to the global industry that provides on-demand delivery of computing resources over the internet, including servers, storage, databases, networking, software, analytics, and more. This technology enables businesses and organizations to access and use technology resources without the need for physical infrastructure or hardware. The Cloud Computing Market is growing rapidly due to the increasing demand for flexibility, scalability, and cost savings. The market is segmented based on deployment models (Public, Private, and Hybrid), service models (IaaS, PaaS, and SaaS), and regions. The market is driven by factors such as the increasing adoption of digital transformation, the need for business continuity and disaster recovery, and the growing trend of remote work. The market is also facing challenges such as security concerns and data privacy issues. Despite these challenges, the Cloud Computing Market is expected to continue its growth trajectory in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentPublic CloudPrivate CloudServiceSaaSIaaSPaaSGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Bernard Looney Appointed Chairman of the Board of Directors at Prometheus Hyperscale

Published

5 hours ago

November 24, 2024

Global energy executive joins Prometheus Hyperscale to accelerate sustainable data center growth and provide strategic counsel on $10B flagship project in Evanston, Wyoming

HOUSTON, Nov. 24, 2024 /PRNewswire/ — Prometheus Hyperscale, a leading developer of sustainable hyperscale data centres, is delighted to announce the appointment of Bernard Looney as Chairman of the Board of Directors.

Mr. Looney, former CEO of BP, brings to the role more than three decades of energy sector expertise – from the frontline to the boardroom. He will provide strategic guidance on the development of the company’s growth plans, including its $10B flagship data center in Evanston, Wyoming, which will be among the largest facilities of its kind in the world when completed.

The announcement of Mr. Looney’s appointment comes as societies and large technology companies grapple with how to power the explosive growth in artificial intelligence (AI). The International Energy Agency (IEA) estimates that by 2026 data centers globally will use over 1,000 terawatt-hours (TWh) annually, around the same as Japan uses today. Against this backdrop of soaring demand and squeezed supply, Prometheus is pioneering new standards in hyperscale data center operations.

These approaches include harnessing a variety of energy sources to power its data centers, including renewables, natural gas and possibly nuclear at a later date through our strategic partnership with Oklo. Prometheus aims for its data centers to not impact grid customers.

Another key challenge is the enormous amount of power and water used to cool data centers to prevent the servers from overheating. Prometheus Hyperscale uses a unique liquid cooling system that dramatically outperforms traditional air-cooling methods, reducing energy consumption by up to 50%. This system also utilises deep underground water reservoirs and captures the waste heat to reuse or sequester it. It’s believed that Prometheus Hyperscale’s flagship project will be the first hyperscale data center in the United States to combine liquid heat transfer and heat reuse technologies.

Founded by Trenton Thornock, an experienced leader in energy, finance and infrastructure, Prometheus Hyperscale’s flagship project in Evanston, Wyoming, promises to be the most advanced sustainable data center in the United States, and one of the largest in the world, when it becomes operational in 2025/26. The 1GW-capacity developed site will cover an area of 640-acres (one square mile), making it approximately three quarters the size of New York’s Central Park. Four further sites are currently earmarked across Arizona and Colorado.

As Chairman, Mr. Looney will ensure the successful execution of Evanston as well as Prometheus’s broader business goals. His appointment comes following the recent announcement that Trevor Neilson, a renowned climate technology entrepreneur and philanthropist, will serve as the company’s President.

It’s estimated that $1 trillion will be invested in the U.S. in data centers in the next five years – with an additional $1 trillion internationally.

Trenton Thornock, Founder and CEO of Prometheus Hyperscale commented: “Having Bernard Looney join as Chairman is a tremendous step forward for Prometheus. Bernard’s track record and transformative leadership in the energy sector aligns perfectly with our vision for the future of data centers. His insights, as well as his extensive operational and project delivery experience, will be invaluable as we bring our flagship project in Evanston, Wyoming to life and set new benchmarks for sustainable digital infrastructure.”

Trevor Neilson, President of Prometheus Hyperscale, commented: “Bernard is the perfect person to guide Prometheus as we form partnerships across the energy sector to access low-carbon electrons that will power the future of AI. His extensive industry experience and leadership will be instrumental as Prometheus establishes itself at the forefront of sustainable data center operations.”

Bernard Looney commented: “I am delighted to join Prometheus Hyperscale at this pivotal moment as the world grapples with the intersection of AI, Energy and Sustainability. Innovative power solutions are desperately needed to ensure that AI is unleashed to tackle some of the biggest global challenges including healthcare, economic growth, and the energy transition. We must work to find solutions that lead to Net Positive AI – where the benefits to our world outweigh any costs. The flagship Evanston project is one such solution and I look forward to lending a helping hand, working alongside Trenton, Trevor, and the entire Prometheus team to help bring this vision to life. I can’t imagine a more exciting challenge.”

Factsheet: Prometheus Hyperscale’s Flagship Project in Evanston, Wyoming

Prometheus’s site in Evanston, Wyoming, aims to redefine sustainable infrastructure in the data center industry, setting a new benchmark for operational excellence and environmental responsibility.

Key aspects of the project include:

Extensive Land and Power Capacity: The project encompasses a 12,000-acre ranch, including a dedicated 640-acre plot (about 1 square mile) for data center facilities. Prometheus has secured an initial 120 MW of grid power through Rocky Mountain Power, with plans for an additional 120 MW, ensuring robust power availability without curtailment risks.

On-Site Renewable and Low-Carbon Power Generation: With an on-site generation goal of over 1 GW, which will make it one of the largest data centers in the world, Prometheus is incorporating a mix of wind, solar and gas power sources. Additionally, the company has a strategic partnership with Oklo focused on next-generation fission-based nuclear power, delivering reliable, sustainable baseload energy to the campus.

High-Performance Fiber Connectivity: The Evanston site will connect directly to the Northern transcontinental fiber trunk, offering high-speed, low-latency connections between the East and West Coasts. With agreements for up to 400G of service and plans to scale up to 800G when commercially available, the project is poised to meet the rigorous connectivity needs of AI, cloud, and high-performance computing clients and to be one of the biggest data centers in the world.

Cutting-Edge Liquid Cooling Technology: Prometheus’s unique liquid cooling systems will be deployed to achieve unparalleled energy efficiency by capturing and reusing waste heat. This innovative solution is specifically engineered for high-performance computing environments and will play a critical role in reducing the carbon footprint of the facility.

Strategic Location and Access to Skilled Labor: Located 80 miles from Salt Lake City, Utah, the Evanston site benefits from proximity to a large, skilled workforce, bolstered by a regional Journeyman Lineman program focused on data center operations. This strategic location supports the project’s operational and expansion goals while reinforcing Prometheus’s commitment to regional economic growth.

For more information about Prometheus Hyperscale and its sustainability initiatives, please visit www.prometheushyperscale.com.

About Prometheus Hyperscale

Prometheus Hyperscale, founded by Trenton Thornock, is revolutionizing data center infrastructure by developing sustainable, energy-efficient hyperscale data centers. Leveraging unique, cutting-edge technology and working alongside strategic partners, Prometheus is building next-generation, liquid-cooled hyperscale data centers powered by cleaner energy. With a focus on innovation, scalability, and environmental stewardship, Prometheus Hyperscale is redefining the data center industry for a sustainable future.

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SOURCE Prometheus Hyperscale

Technology

Sixth Avenue Custom Millwork Launches Revamped Website to Enhance Client Experience

Published

5 hours ago

November 24, 2024

Sixth Avenue Custom, a premier provider of custom millwork services for both home and business owners, has launched a revamped website designed to offer a more streamlined user experience, showcasing their custom woodworking and millwork services.

FREDERICK, Md., Nov. 24, 2024 /PRNewswire-PRWeb/ — Sixth Avenue Custom, a leading provider of custom millwork services, has unveiled its newly revamped website aimed at enhancing user experience and better showcasing its wide array of woodworking services. The updated website highlights the company’s dedication to creating high-quality custom cabinetry, millwork, and architectural details for residential and commercial clients while offering a modern, easy-to-navigate platform for users. As an industry leader in bespoke craftsmanship, Sixth Avenue Custom’s redesigned site now makes it even easier for potential clients to engage with their work.

Sixth Avenue Custom, a leading provider of custom millwork services, has unveiled its newly revamped website aimed at enhancing user experience and better showcasing its wide array of woodworking services.

Six generations ago, Ezra Beachley began crafting high-quality furniture with unmatched precision and care. Now, his great, great, great grandson Ryan Beachley carries that same ethos forward with Sixth Avenue Custom, a company set on maintaining tradition while embracing the future. “Our model and process is not the ordinary way of doing things. It’s unique, it’s custom, it’s the Sixth Avenue Custom way,” said Ryan. This philosophy of blending old-world craftsmanship with modern tools and technologies is front and center on the newly launched website. The updated site offers an engaging, user-friendly experience and showcases the company’s vast portfolio of exquisite residential and commercial projects—from bespoke cabinetry to intricate architectural millwork.

The updated website also introduces responsive design features, ensuring visitors can easily access the company’s portfolio and services across any device, from desktops to smartphones. In addition to a more polished look and feel, the website now offers smoother navigation, allowing users to browse through service offerings, explore more content about the company’s process, and quickly request consultations. By including a dedicated blog and expanded resource sections, Sixth Avenue Custom aims to educate clients about the nuances of custom millwork, giving them the knowledge they need to make informed decisions for their spaces.

If you’re looking for outstanding custom millwork solutions, visit Sixth Avenue Custom to view the newly enhanced website or schedule a consultation for your next project. The company’s dedicated team continues to push the boundaries of design and woodworking, ensuring each project exceeds client expectations. To learn more, explore the site at https://sixthavenuecustom.com or call Sixth Avenue Custom at 301-327-1504. Sixth Avenue Custom is located at 5907 Enterprise Court, Frederick, Maryland, 21703.

Media Contact

Mai-Lan Spiegel, 321 Web Marketing, 1 7038107557, mailan@321webmarketing.com, https://sixthavenuecustom.com/

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SOURCE Sixth Avenue Custom

Technology

Don’t Miss These Incredible AiRROBO Black Friday Deals – Unbeatable Prices Await!

Published

7 hours ago

November 24, 2024

HONG KONG, Nov. 24, 2024 /PRNewswire/ — Black Friday is here, and it’s your chance to grab the best deals of the year! Whether you’re looking to upgrade your home, simplify daily chores, or spoil your furry friends, we’ve got you covered with massive discounts on top-rated products. Check out these must-have items at unbeatable prices, available for a limited time only.

AiRROBO T20+ Robot Vacuum: Revolutionize Your Cleaning

Original Price: $499.99
Black Friday Price: $199

The AiRROBO T20+ isn’t just a cleaning device—it’s your new best friend. Featuring cutting-edge USLAM Air 5.0 & LiDAR Navigation, this robot vacuum efficiently maps your home for flawless cleaning. With its 3-in-1 sweeping, vacuuming, and mopping function, the T20+ handles everything from crumbs to tough stains.

Add the hassle-free self-emptying station, a powerful HEPA filter, and an impressive 180-minute runtime, and you have a device that takes care of your floors without breaking a sweat. Control it effortlessly via app, voice, or remote, and enjoy spotless floors every day.

AiRROBO P20 Robot Vacuum: Clean Smart, Live Better

Original Price: $129.99
Black Friday Price: $64.99
Discount Code: 9TNGZLDR

The AiRROBO P20 is perfect for budget-conscious shoppers who want smart cleaning. It delivers powerful suction to remove dirt, pet hair, and debris from hard floors and carpets. Compact yet efficient, the P20 is ideal for apartments or smaller homes. Don’t miss the chance to grab this deal and simplify your life for a fraction of the price!

AiRROBO PG50 Pet Grooming Vacuum: Pamper Your Pets

Original Price: $99.99
Black Friday Price: $49.69
Discount Code: 4YUDMHIJ

Say goodbye to the mess of grooming your pets at home. The AiRROBO PG50 combines grooming and vacuuming in one handy device, capturing pet hair and dander as you groom. This is the perfect gift for pet lovers who want to keep their homes fur-free while pampering their furry friends.

Why Shop This Black Friday?

Black Friday is the ultimate shopping event of the year, offering discounts you won’t find anywhere else. These exclusive deals are available only from November 21 to December 2, so act fast before they’re gone.

Massive Savings: Up to 60% off premium products.Convenience: Shop online and enjoy fast delivery to your doorstep.Perfect Gifts: Find practical and thoughtful gifts for loved ones—or yourself!

How to Grab These Deals?

Visit the AiRROBO Amazon store.Use the provided discount codes at checkout to secure the sale price.Hurry! Stocks are limited, and these deals won’t last.

This Black Friday, elevate your home and lifestyle without breaking the bank. Don’t let these deals slip away—shop now and enjoy cutting-edge products at unbeatable prices. Your future self will thank you!

For more information

For any giveaway campaigns or new feeds, please join AiRROBO on Facebook, Instagram, Twitter, YouTube and Gleam.io.

About AiRROBO

AiRROBO is a smart home appliance brand with a focus on AI-enabled technologies. Supported by world-leading AI and humanoid robotic company, UBTECH Robotics, AIRROBO is aiming to bring the most cutting-edge technology to more and more households around the globe, making smart home a new norm of life. Find out more at us.air-robo.com.

CONTACT: Kristy Luo, sihui.luo@ubtrobot.com

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SOURCE AiRROBO