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:https://www.psmarketresearch.com/market-analysis/government-cloud-market
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, Salesforce.com Inc., Hewlett Packard Enterprise, VMware Inc., and Intel Corporation.
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Geographically, North America has been the largest eDiscovery market, accounting for more than 65% of the global revenue in 2016, whereas the sales in Asia-Pacific are expected to witness the fastest growth, during the forecast period. Various factors that have influenced the eDiscovery market in North America in the recent past include change in policies after the election of Donald Trump as the President, high-paced technological advancements, and various other policy changes related to antitrust law. The growth in Asia-Pacific market will be led by factors such as surge in digitalization within the legal sector, advancement in new data analytics and retrieving technologies by regional players, and the growth in investment in eDiscovery solutions.
Cloud Supply Chain Management (SCM) Market
Cloud SCM market has been growing at the highest pace in Asia-Pacific on account of surging industrialization in the region, and the growing adoption of automation among enterprises. Growing e-commerce market coupled with increasing focus on reducing the ownership cost are the other factors driving the cloud SCM market in the region. The regional governments have also been supporting the industrial growth, which is being translated into the growth of cloud SCM market in the region.
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