Government Cloud Market to Reach $49.2 Billion by 2023

New York, New York, UNITED STATES

NEW YORK, March 26, 2018 (GLOBE NEWSWIRE) -- According to new market research report published by global government cloud market is expected to reach $49.2 billion by 2023, increased reduction in total cost of ownership (TCO) and rise in government inclination towards digital transformation are the major factors driving the growth of the market.

On the basis of solution, the government cloud market is categorized into product and service, where the market for products is estimated to generate higher revenue for government cloud, due to its high adoption owing to the increased awareness of its benefits. However, during the forecast period, the market for services is expected to exhibit faster growth. This can be attributed to the fact that the quality and delivery time of services are controlled by certain predefined service level agreements (SLA), which makes processes more efficient and transparent.

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The government cloud products are further categorized into storage, disaster recovery, identity access management (IAM), risk compliance management (RCM), and others. During the forecast period, disaster recovery solution is projected to witness the highest growth in the global government cloud market, with CAGR of 15.7%. This growth can be attributed to the mounting demand for applying the backup plans offered by disaster recovery, to prevent transaction and data losses in government agencies. Also, government agencies are increasing their focus on IAM, due to the rising need for top-notch cloud-based authentication procedures.

Browse report overview with 93 tables and 72 figures spread through 185 pages and detailed TOC on "Government Cloud Market" at: 

North America is estimated to contribute the highest revenue, accounting for nearly 34% to the global government cloud market in 2017 and is expected to generate a revenue of more than $15,000 million by 2023, driven by the high demand and huge investments in cloud-based solutions from government agencies.

With the growing pace of technology, ICT executives in the government sector have started looking for sophisticated network solutions that enable them to react quickly, smoothly, and efficiently, to public concerns and also at the same time keep growing pressures to minimum. Government cloud, helping such executives in adapting to changes with less troublesome and expense, is one of the major driving the government cloud market. The improved agility and adaptability through the adoption of cloud by government agencies, include further motivating factors such as virtualized resources, elastic services, faster deployment, and increased flexibility.

Some of the key players operating in the government cloud market are Google Inc., International Business Machine Corporation (IBM), Microsoft Corporation, Cisco Systems Inc., Oracle Corporation, Inc., Hewlett Packard Enterprise, VMware Inc., and Intel Corporation.

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