Europe Cloud Computing Market is poised to grow substantially till 2026

As per a recent research report by Global Market Insights, Inc., Europe cloud computing market is estimated to exceed $75 billion through 2026. Europe cloud computing market is set to record momentous growth on account of rapid expansion of cloud services vendors in the region. Citing an instance, in December 2018, AWS opened three data new centers in Sweden, increasing the regional availability of AWS in the country. Germany and France are increasingly working for this initiative. In fact, in October 2019, France and Germany together launched a new project called Gaia-X. This project intends to innovate a safe and secure data infrastructure for Europe. It would provide a sovereign platform to offer cloud computing services across Europe and lower the region’s reliance on American cloud providers. In fact, this move is expected to further reduce the dominance of U.S cloud companies in the region.

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With respect to application segment, the government sector is anticipated to majorly influence the market share between 2019-2026. The European government is increasingly taking new initiatives to promote adoption of cloud across enterprises. In fact, in February 2019, OCRE (Open Clouds for Research Environments), an EU-funded project unveiled a new tender to promote cloud adoption. The core objective of this tender was to boost cloud adoption through EOSC (European Open Science Cloud).

Apart from introducing these norms, the growing dependence of European companies on major cloud providers of the U.S. has forced government agencies to adopt a new plan to reduce the prevalence of U.S. cloud firms in the region.

Germany and France are increasingly working for this initiative. In fact, in October 2019, France and Germany together launched a new project called Gaia-X. This project intends to innovate a safe and secure data infrastructure for Europe. It would provide a sovereign platform to offer cloud computing services across Europe and lower the region’s reliance on American cloud providers. In fact, this move is expected to further reduce the dominance of U.S cloud companies in the region.

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The retail industry is also increasingly adopting cloud computing in order to leverage consumer information for improved business intelligence. New technologies like centralized invoicing and interconnected Point-of-Sales (POS) via the cloud platform are further assisting retail companies to deliver customer service that is better.

Citing an instance, in October 2018, a Germany-based retailer, Metro AG moved over 100 business systems on the GCP (Google Cloud Platform) and SAP S/4HANA. This move allowed the retailer to offer automated digital invoices to the customers while also enhancing its invoice processing system for wholesale consumers.

In terms of organization type, large enterprises in Europe are projected to witness major growth in the forecast timeframe. Major companies present in the region are experiencing a dynamic shift to cloud computing platforms to leverage the benefits offered by CRM and ERP (Enterprise Resource Planning) solutions through virtual infrastructure.

The segment is projected to grow at a healthy CAGR of more than 13% over the forecast timeframe. Rising investments by large enterprises in cloud computing technologies would likely augment the cloud service adoption in the region.

Browse key industry insights spread across 240 pages with 252 market data tables and 29 figures & charts from the report, "Europe Cloud Computing Market Size By Service Type (Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS)), By Organization Type (Large Enterprises, SMEs), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Application (IT & Telecom, BFSI, Government and Public Sector, Healthcare, Retail, Manufacturing, Education), Industry Analysis Report, Regional Outlook), Growth Potential, Competitive Market Share & Forecast, 2019 – 2026" in detail along with the table of contents:https://www.gminsights.com/industry-analysis/europe-cloud-computing-market

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