Impact Of Covid-19 Outbreak On Telecom Cloud Market
The global telecom cloud market is fragmented due to the presence of numerous small and big players in the market, as observed by Transparency Market Research. Several small and large-scale enterprises are investing in telecom cloud solutions and services as the market is possess huge potential to grow in the near future. Moreover, professional service providers and system solutions developers and integrators across industries are establishing themselves firmly in the telecom cloud market. Players are also putting efforts in research and development activities and working in product innovation to expand their market reach. Among the numerous players in the market, the report has mentioned some of the leading players such as Telus Corporation, AT & T Inc., Deutsche Telekom AG, China Telecommunications Corporation, Vodafone Group Plc., and Verizon Communication Inc.
According to TMR, the global telecom cloud market is projected to expand at healthy CAGR of 18.2% during the forecast period between 2018 and 2026. The global telecom cloud market was worth US$12.63 bn in 2017 and is estimated to reach US$55.29 bn by the end of 2026.
On the basis of cloud platform, the software as a service (SaaS) segment held major share in the market in 2017. Business continuity as a service (BCaaS) held the second position in the market. According to the report, over the forecast period infrastructure as a service (IaaS) is expected to expand rapidly. The rapid expansion of IaaS is because it helps in management and monitoring of remote data center infrastructure. Based on geography, North America held dominant share in market in 2017. Over the forecast period, the region is projected to rise at 18.1% of CAGR. In terms of revenue, the U.S. held the dominant share in the telecom cloud market in North America. However, in the forthcoming years, South America and Asia Pacific is expected to expand significantly.
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Increasing Use of Cloud Computing in BFSI Industry to Boost Market Growth
In past few years, numerous technological advancements have taken place in the telecom cloud market. Industries such as BFSI, transportation, retail, and media and entertainment extensively use telecom cloud technology. Thus, the telecom cloud market is projected to increase rapidly in the near future. In addition, the integration of cloud computing in the telecom industry helps in providing various services such as virtualization of storage, networks, and services. It also increases the use of existing system resources and decreases infrastructure cost. Moreover, increasing use of cloud service across various organizations worldwide has also fueled the global market for telecom cloud computing. BFSI industry uses cloud services and is expected to boost the demand in the telecom cloud market in the coming years.
High Risk Related to Data Security to Deter Demand for Telecom Cloud
Despite the growing use of cloud computing in various industries there are several factors that might deter the market from growing at its full potential. One such factor is high-risk related to data security and information loss persists by using cloud services. In addition to that, increasing demand for over the top (OTT) cloud services also pose sever challenge for the telecom cloud market. Growing sophisticated data theft and breaches have increased concerns for using cloud services.
The information presented in this review is based on a TMR report, titled “Telecom Cloud Market (Type -Solutions, Services; Cloud Platform – Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), Business Continuity as a Service (BCaaS), Infrastructure-as-a-Service (IaaS); Industry Vertical – Banking, Financial Services, Insurance (BFSI), Retail, Healthcare, Media and Entertainment, Transportation) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
