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The triumph of cloud computing: reaching $1,000 billion in revenues by 2027

July 19, 2023
Giulia Borgoni

The world of information technology and digital technologies is poised for a golden era, thanks to the soaring ascent of cloud computing. According to projections by Markets and Markets, the cloud computing industry's revenue is expected to reach a staggering $990 to $1,000 billion by 2027. This phenomenal growth is not a random occurrence but the result of a perfect alignment between technological innovation and the increasingly stringent demands of businesses. Particularly, small and medium-sized enterprises (SMEs) are driving the industry's growth as they seek advanced ICT solutions and accessible infrastructures to meet the challenges of the modern market.

The Impetus of SMEs and the Competitive Advantage

SMEs have come to realize that adopting cloud computing can be the true driver of their success. In search of a competitive advantage and the ability to access flexible and cutting-edge resources, businesses are increasingly investing in ICT solutions, especially cloud technology. The key to this choice lies in the fact that cloud technology enables them to enhance overall efficiency and business resilience, crucial elements for thriving in today's highly competitive market.

The Explosion of Cloud Infrastructures

The cloud infrastructure segment is set to grow at a dizzying pace, as confirmed by Synergy Research. The Infrastructure-as-a-Service (IaaS) mode has already recorded an impressive leap, with global revenues of $61 billion in the last quarter of 2022 and a total of $227 billion for the entire year. This positive trend is driven by the promise of gaining a competitive edge, responding swiftly to market needs, and improving overall operational efficiency for businesses.

Resilience in Uncertainty

Despite an uncertain economic and geopolitical landscape, the global ICT market has demonstrated remarkable resilience, with a growth of $47 billion in 2022 compared to the previous year. However, risks associated with rising inflation in Europe and Italy, the Russo-Ukrainian conflict, and supply chain disruptions continue to exert pressures on the global and Italian cloud computing market.

Italy: A Rising Market

Italy is proving to be a key player in the race for cloud computing. According to Statista, by the end of the year, the cloud segment is expected to generate revenues of approximately $6 billion in the country. A significant portion of this figure, $2.4 billion, will be attributed to the Software-as-a-Service (SaaS) sector. However, the real potential lies in the future, with an average annual revenue growth rate of +17.8% until 2027, propelling the cloud market value in Italy to an impressive milestone of $13.6 billion.

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