Europe Cloud Computing Market Outlook 2021 – 2028 – Key Drivers, Industry Analysis & Forecast to 2028

The Europe cloud computing market is projected to record momentous gains up to 2028 owing to the growing need for cloud data centers, increasing demand of IoT devices, rising adoption of digital banking and higher demand for online learning platforms during the COVID-19 pandemic. The use of various online streaming platforms will also greatly contribute towards market growth. In fact, Netflix relies on cloud computing services to operate its video streaming service as well as its other business systems.
Cloud computing is basically the delivery of on-demand computing services, right from applications to storage as well as processing power, classically on a pay-as-you-go basis and over the internet. Cloud computing has in fact become the most suitable way to deliver enterprise applications and is one of the preferred solutions for firms spreading their infrastructure or launching novel innovations.
The Europe cloud computing market share is segmented in terms of service type, organization size, deployment model, application, and regional landscape. In terms of application, the industry is categorized into education, manufacturing, government and public cloud sector, healthcare, retail, BFSI, IT & telecom, and others.
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Among these, the market share from BFSI application segment is expected to grow at a CAGR of around 15% over the next few years. This growth is accredited to the rising adoption of digital banking services and use of banking applications on the smartphone.
The healthcare segment is anticipated to hold around 10% of the overall Europe cloud computing industry share by the end of the analysis timeline. Growing adoption of cloud technology across the hospitals will aid the technology development. Presently, numerous healthcare companies are utilizing cloud computing so as to provide more efficient care for patients.
The industry share from education application is likely to show around 10% CAGR through 2028. This growth can be chalked to the increasing demand for online learning platforms during the COVID-19 pandemic.
From a regional frame of reference, in 2020, the cloud computing market in Germany held a regional share of around 15% and is likely to register strong growth over the coming years. The growth is ascribed to the increasing use of IoT devices across the manufacturing sector. The consistent adoption of public cloud services especially in hospitals is likely to boost the regional market growth.
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Meanwhile, the Netherlands cloud computing market is poised to grow at a CAGR of 15% over the assessment time period. The growing penetration of cloud data centers in the country will aid regional industry trends.