CJ Arlotta| Talkincloud
A new study revealed that the community cloud market will be worth $2.49 billion by 2018. But just what is this so-called “community cloud market”? The IT research firm MarketsandMarkets that released the study said community cloud technologies are built around cloud computing and include various software and hardware technologies, professional services, verticals and regions.
According to the study, the cloud community market is estimated to grow from $566.1 million in 2013 to $2.49 billion in 2018, a compounded annual growth rate (CAGR) of 34.5 percent.
While hardware technologies may be taking the majortiy of market share at the moment, the firm stated in the report that software technologies will lead the way in 2018.
Additionally, the report highlighted growth for the following key markets:
- Business intelligence software
- Enterprise applications
- BFSI industry
- Government organizations.
Major forces driving this particular market include data security, regulatory compliance, economy of scale, high performance and low latency infrastructure, the report revealed.
With regards to revenue contribution, North America is projected to be the leader.