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WILMINGTON, DE, UNITED STATES, December 9, 2023 /EINPresswire / -- The community cloud market was valued at $4.7 billion in 2022, and is estimated to reach $82.9 billion by 2032, growing at a CAGR of 33.6% from 2023 to 2032.
A community cloud is a type of cloud infrastructure that enables companies to share data, resources, and services based on usual operational and legal standards. It is run and managed by local residents and independent contractors. As compared to a public cloud, community cloud is more affordable, adaptable, scalable, reliable, and secure.
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The use of cloud technology has significantly increased across various corporate sectors as a result of cloud computing's rise in popularity over the past several years. Industries manage and rely on huge amount of data for outstanding performance and services. In addition, a number of governments globally are making significant investments in the application of these technologies.
For example, the Australian Taxation Office (ATO) and the General Service Administration (GSA), are agencies and government organizations that have already started to invest in and use community cloud technology. Therefore, the adoption of community cloud technologies is expected to increase in upcoming years. Community cloud technologies are constructed using cloud computing technology.
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Additionally, rise in demand for infrastructure with high performance and low latency, increase in need to reduce the number of servers and increase green computing, and rise in demand for security, compliance, and data redundancy, primarily drive the growth of the community cloud market. However, governance and trust issues hamper the market growth to some extent. Moreover, rise in collaboration and information exchange between corporations is expected to provide lucrative opportunities for the community cloud market forecast.
On the basis of component, the hardware segment dominated the community cloud market size in 2022 and is expected to maintain its dominance in the upcoming years, owing to particular needs of community cloud environments, such as storage systems, high-performance servers, and networking hardware, which propels the market growth significantly. However, the software segment is expected to witness the highest growth, owing enable smooth integration, interoperability, and data sharing among various community cloud participants as more businesses and organizations use community cloud solutions.
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The community cloud market has been significantly impacted by the COVID-19 pandemic, due to rise in digitalization around the world. The need for scalable and secure cloud solutions grew as companies and organizations were compelled to move towards remote work and digital operations. Community clouds, which concentrate on particular sectors or industries, gained even more importance as businesses looked for specialized solutions to address their particular demands during this crisis.
The key players profiled in the community cloud industry analysis are Google LLC, IBM Corporation, Microsoft Corporation, Cisco Systems, Inc., DXC Technology Company, Amazon Web Services, Inc., Broadcom, Atos Se, Akamai Technologies, and VMware, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the community cloud industry.
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