The cloud engineering market size is expected to be worth USD $13.43 billion by the year 2022.
That's according to a new report from MarketsandMarkets, Cloud Engineering Market by Service Type (Consulting and Design, Cloud Storage, Integration and Migration), Service Model, Organization Size, Deployment Model, Vertical, and Region - Global Forecast to 2022.
The report states the market will grow from USD $4.73 Billion in 2017 to USD $13.43 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.2%.
The research found growth in the cloud engineering market is driven by a number of factors, including concept testing before making huge investments, lower costs and greater efficiency than on-premises solutions and the growing demand for tailored services.
Moreover, an increase in the adoption rate of cloud-based technologies and the need for efficient scalable infrastructure in enterprises has also contributed to growth in the cloud engineering market.
According to the report, retail and consumer goods is one of the fastest-growing sectors due to the need for comprehensive cloud environment.
Cloud engineering allows retail businesses to seamlessly integrate multiple shopping channels while presenting a unique shopping experience to consumers, the report explains.
The need to improve sales, customer satisfaction, brand image, and to increase the data generation is forcing the retail and consumer goods sector to move from a traditional IT strategy to the cloud.
While North America holds the largest market share in 2017, Asia Pacific is projected to be the fastest growing region.
The report determined that North America is the most mature market in terms of cloud adoption due to a range of factors, such as standard regulation, advanced IT infrastructure, presence of large number of enterprises, and the availability of proficient technical expertise.
Some of the major vendors providing cloud engineering services in Asia Pacific are based in India, and include ITC Infotech India Ltd. (Karnataka, India), Nitor Infotech (Maharashtra, India) and VVDN Technologies (Haryana, India).