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Government Cloud Market to Reach $71.2 Billion by 2027

Strategic Insights

— 1 min read

The global government cloud market, which stood at $27.6 billion in 2021, is expected to grow at a compound annual growth rate (CAGR) of 16.30% from 2022 to 2027, according to a report by ResearchAndMarkets.com. The market is driven by factors such as flexibility, security, compliance, cost efficiency, reliability, and scalability, with cloud-based solutions, artificial intelligence, and the Internet of Things (IoT) playing key roles in its growth.

Key Takeaways:

  • The global government cloud market is expected to reach $71.2 billion by 2027.
  • The market is driven by the widespread adoption of cloud-based solutions in various industrial verticals for accessing citizen data.
  • The integration of IoT, cloud-based solutions, and artificial intelligence is acting as a growth-inducing factor in the market.
  • The rapid adoption of identity and access management (IAM) across various industrial verticals is propelling the market growth.
  • The government's initiatives to strengthen infrastructure by implementing cloud-based solutions are creating a positive outlook for the market.
  • The key players in the market include Amazon Web Services Inc., CGI Inc., Cisco Systems Inc., Dell Technologies Inc., Google LLC (Alphabet Inc.), and International Business Machines Corporation.

Statistics:

  • The global government cloud market reached a value of $27.6 billion in 2021.
  • The market is expected to exhibit a CAGR of 16.30% from 2022 to 2027.
  • The market is expected to reach $71.2 billion by 2027.
  • The market is driven by factors such as flexibility, security, compliance, cost efficiency, reliability, and scalability.
  • Cloud-based solutions, artificial intelligence, and the IoT are key factors driving the market growth.
  • The integration of STEM education and skills development will be critical in addressing skills gaps and workforce retention.

Sources:

  • "Government Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report by ResearchAndMarkets.com (RDATE:11052022)
  • ResearchAndMarkets.com (https://www.researchandmarkets.com/r/fd3ske)

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