Cloud Computing Market to Hit $947 Billion in 2026

A Nigerian based cloud service provider, Layer3cloud, has said cloud computing market will grow from $445.3bn in 2021 to $947bn in 2026.

In a statement, the Product Manager, Layer3Cloud, Mr Yusuf Abdulazeez, said that companies were beginning to realise the gains that the cloud could help achieve.

He added that companies were moving their data and workloads from on-premise information technology infrastructure to cloud environments.

Abdulazeez said, “About 60 per cent of corporate data is now stored on the cloud and 67 per cent of enterprise infrastructure is now cloud-based. Evidence for the sharp rise in demand for this technology may be seen in the expansion of the global market for it. The cloud computing market is set to grow from $445.3bn in 2021, to $947bn in 2026, this is a significant increase by any standard.”

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The company, he noted, offered numerous value to help organisations and customers move to the cloud with ease, flexibility, and speed.

According to him, “It enables team members to work on projects remotely and collaborate in real-time regardless of the distance between them. With it, businesses can quickly scale their digital resources, cut operational costs, keep their data safe and secure, and ultimately grow their revenues and profits.”

He said many businesses that wanted to switch to the cloud did not know how to go about it, adding that they were scared the process would be costly, cumbersome, and time-consuming.

Abdulazeez said, “They assume that the transition will require more from them than they are able to give. As a result, they choose to retain their data on older storage systems, despite the fact that they aren’t as efficient and flexible as cloud solutions.”