Market Trends of North America Cloud Computing Industry
Robust Shift Towards Digital Transformation Across North America
- North America's cloud computing market is experiencing substantial growth, driven by a strong push towards digital transformation. As industries undergo digital transformation to maintain competitiveness, cloud computing is a pivotal technology facilitating this transition. Cloud platforms provide flexibility, scalability, and cost efficiency, bolstering digital initiatives and fuelling their widespread adoption.
- Digital transformation frequently entails integrating advanced technologies such as machine learning, artificial intelligence, the Internet of Things (IoT), and big data analytics. These technologies demand significant computing power and data storage, which are efficiently provided by cloud computing. By harnessing cloud services, businesses can process vast amounts of data, derive actionable insights, and automate processes, boosting operational efficiency and fostering innovation.
- Further, cloud-based computing driven by 5G facilitates real-time data streaming and storage, promoting virtual business operations and reinforcing productivity through uninterrupted data flow. The US and Canada have made impressive progress in deploying 5G nationwide despite differences in the spectrum bands they have used. Today, around 59% of North American smartphone subscriptions are 5G. 5G penetration and high population coverage make the region fertile ground for technological innovation.
- The surge in remote work, catalyzed by the COVID-19 pandemic, has signified the necessity for universally accessible digital tools and platforms. Cloud computing facilitates smooth collaboration, data sharing, and application access among dispersed teams, solidifying its role as an essential element of today's digital workplaces. Also, the cloud's role in facilitating agile development and deployment practices, including DevOps, empowers organizations to innovate and adapt to market shifts swiftly. This underscores the prominence of cloud services as a pivotal component of digital transformation strategies in North America.
- In August 2024, Cloudelligent, a cloud technology solutions provider, unveils its upgraded Cloud Migration Services. These services are designed to propel digital transformation for businesses spanning multiple sectors. This latest initiative underscores Cloudelligent's dedication to providing innovative solutions that streamline and hasten the journey to cloud environments.
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United States is Expected to Hold Significant Market Share
- In recent years, the United States has dominated the cloud computing market. US companies strongly emphasize digital transformation, frequently emerging as early adopters of advanced technologies. These include the Internet of Things, additive manufacturing, big data analytics, connected industries, artificial intelligence, machine learning, virtual reality, and the latest telecommunications advancements.
- US businesses are joining forces to broaden their operations and bolster their global footprint. As companies ramp up IT infrastructure and cloud services investments, the U.S. stands poised to seize even greater opportunities. Various industries are transforming digitally, with businesses increasingly turning to cloud services. This shift aims to modernize IT infrastructure, boost agility, and enhance customer experiences. The urgency of this transformation was underscored by the community panoramic, which hastened the transition to remote work and digital operations.
- The rise of data-intensive technologies, including artificial intelligence, machine learning, and analytics, is driving a surge in demand for cloud computing. These technologies necessitate significant computing power and scalable storage solutions, both efficiently provided by cloud platforms. Furthermore, the growing adoption of Software as a Service (SaaS) solutions is bolstering the market, especially as it benefits small and medium-sized businesses.
- In July 2024, Humana Inc., a health and well-being player, inked a multi-year deal with Google Cloud. This partnership aims to modernize Humana's cloud infrastructure and harness advanced AI capabilities, propelling innovation in healthcare. This agreement is an extension of the existing collaboration between Google Health and Humana, which centers on co-developing solutions for population health and integrating Google's premier AI technologies to benefit Humana's members and patients.
- In June 2024, CME Group, in collaboration with Google Cloud, is set to establish a new private cloud region and co-location facility in Illinois. This initiative aims to strengthen CME Group's futures and options markets offerings. Terry Duffy emphasized that the new private Google Cloud region will enhance CME Group's global trading capabilities, providing derivatives traders with access to "cloud-based, ultra-low-latency networking and high-performance computing."
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