Research Reports

Multi-Cloud Networking by Futuriom July2020

Information on multi-cloud networking, cloud network platform, cloud networking, cloud network security, cloud network operations

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Market Research Brief: Cloud Networking SD-WAN Growth Outlook 2 Intro: The Coming Multi-Cloud Networking Boom The Information Technology (IT) industry is in the midst of its largest shift in history -- the move to cloud, powered by the need to drive digital transformation initiatives. These initiatives are transforming all organizations, ranging from governments to large business enterprises and the consumer. The cloud has risen as the new IT platform for many reasons -- but the main reason is that it delivers a more flexible infrastructure adaptable to fast-changing demands of business applications. The enterprise transformation to cloud has become a C-Level business decision. Business leaders view moving to the flexibility and agility of cloud as the only way to fend off the existential threat of competitors who are now or will soon emerge leveraging the cloud. Well established, on-premises infrastructure and status quo application delivery is no longer a competitive edge. Worldwide spending on public cloud services and infrastructure is expected to double over the 2019-2023 forecast period, according to the latest update to the International Data Corporation (IDC) Worldwide Semiannual Public Cloud Services Spending Guide. With a five-year compound annual growth rate (CAGR) of 22.3%, public cloud spending will grow from $229 billion in 2019 to nearly $500 billion in 2023. There is evidence that this trend is accelerating and is still in the early stages of development. Amazon started the trend, growing revenue on its public-cloud Amazon Web Services (AWS) platform from zero in 2006 to nearly $40 billion in 2019. Now Microsoft has been catching up, reporting recent year-over-year growth rate of 62% on its Intelligent Cloud Platform, which had $10 billion in revenue in 2019. And Google is now also coming on strong, with a growth rate of 62% on its Google Cloud Platform (GCP) with revenue of $9 billion in 2019.

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