Press Release Description
Mobile Cloud Computing Market to Upscale with Worldwide Evolution of 5G Network
The Global Mobile Cloud Computing market is projected to grow at a CAGR of 22% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The growth of the market is attributed to several factors, including the increasing adoption of cloud services by companies for launching their applications. Cloud services provide companies with additional advantages like the ability to quickly & easily scale their applications & expand their resources to meet demand without requiring significant capital investments in infrastructure.
In addition, cloud services are generally more cost-effective than traditional on-premises solutions, especially for small- & medium-sized businesses. This has led to more companies opting for these services as they help reduce costs, improve flexibility, and enhance security. Therefore, the increasing inclination of companies toward cloud services is driving the growth of the market.
Furthermore, the growth is also driven by the rising rollout of 5G networks in countries such as China & the US. The deployment of 5G networks is significantly improving the speed & reliability of mobile internet connections, enabling new applications & their use across different industry verticals such as BFSI, IT & Telecom, and others.
Many countries have already partially built the infrastructure to launch the 5G network. According to the GMA association, in 2023, roughly 229 commercial 5G networks are currently present globally, and approximately 700 5G smartphone models are available to users. As a result, it is anticipated that more countries are likely to adopt advanced & reliable internet facilities in the coming years, encouraging market growth during the forecast period., further states the research report, “Global Mobile Cloud Computing Market Analysis, 2023.”
Rising Adoption of Cloud Services by the Banks & Financial Institutions to Promote Market Growth
Based on End Users, the market is further bifurcated into Gaming, BFSI (Banking, Financial Services, and Insurance), Retail & E-commerce, Healthcare & Life Sciences, IT & Telecom, and Government & Transportation, and Others (Education, Supply Chain & Logistics, etc.) Of them, the BFSI sector experienced significant growth in recent years as they adopted mobile cloud computing services to provide their customers with secure & reliable access to financial services through mobile devices such as smartphones & tablets.
By leveraging this technology, banks were able to enhance customer experience & reduce their operational costs. As a result, leading banks like JPMorgan Chase, Bank of America, and BBVA have embraced these solutions, contributing to the surge in BFSI's market share in the forecast years.
Highly Developed Cloud Infrastructure in North America Followed by Asia-Pacific to Boost the Market
The global mobile cloud computing industry has grown significantly, with North America leading the way due to the region's strong adoption of mobile devices, with a big proportion of the population using smartphones and tablets to access cloud-based services. Additionally, North America has a well-developed IT infrastructure & a strong focus on innovation & technological advancements. In 2022, Oracle Cloud Infrastructure launched new services & capabilities focused on giving customers in the region even more flexibility.
On the other hand, the Asia-Pacific (APAC) region is also likely to witness the highest growth in the market during the forecast period due to the increasing investments by government entities & initiatives aimed at promoting digital transformation & the adoption of mobile cloud computing solutions in the region.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP), Alibaba Cloud, Oracle Cloud, IBM Cloud (Kyndryl), Salesforce Inc., SAP SE, Red Hat, Inc., VMware Inc., DigitalOcean, LLC., Tencent Cloud, OVHcloud, Parse, Rackspace Technology, and Others (Lumen, Cloud Foundry, Inc., etc.) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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