China Cloud Computing Market to Show Prolific Growth: Forecast to Grow at a CAGR of 30.3% by 2027
Published | 11 October 2021
China cloud computing market is growing at a high CAGR because of the increasing adoption of advanced technologies like artificial intelligence (AI) and machine learning (ML) and increasing investments of Chinese enterprises towards the adoption of cloud-based solutions…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that China cloud computing market was worth USD 13.0 billion in 2020. The data yielded by the study reveals that the market is estimated to grow at a CAGR of 30.3%, earning revenue of around USD 83.8 billion by the end of 2027. Among the factors driving the growth of the China cloud computing market are the adoption of advanced technologies such as artificial intelligence (AI) and machine learning (ML) and the increasing investments of Chinese enterprises towards adopting cloud-based solutions. Additionally, the growing culture of remote working, especially after the COVID-19 pandemic, and the need for remote data access and business expansion are propelling the growth of the China cloud computing market. However, cyberattacks are making companies hesitant to implement cloud computing, which could hamper the market’s growth.
Increasing Construction of Data Centers Expected to Boost the China Cloud Computing Market
The Chinese government and private organizations are significantly investing in data centers to handle and process large amounts of data generated every day in the country. Data centers are very crucial for the efficient working of cloud computing. Hybrid deployment of cloud computing opted by organizations need data centers to function. As a result, with increasing number of data centers in China, the cloud computing market will also flourish. For instance, Tesla recently announced a data center in China to store Chinese data locally. Other similar projects are in full swing as well.
Growing Adoption of AI and Machine Learning Is Projected to Drive the China Cloud Computing Market Growth
The growing adoption of advanced technologies like artificial intelligence (AI), machine learning (ML), internet of things (IoT), etc., is emerging as one of the major driving factors for the growth of the China cloud computing market. These technologies create and utilize huge amounts of data that are stored and processed through cloud computing. Cloud computing offers better and more efficient ways to store the large volumes of data created by these technologies. Thus, the adoption of cloud computing in China is expanding, contributing to the overall market growth.
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China Cloud Computing Market - By End User
Based on end-users, the China cloud computing market is segmented into BFSI, telecom and IT, media and entertainment, energy and utilities, manufacturing, e-commerce, government & public sector, healthcare, and others. In the BFSI segment, emerging online payment platforms, digital wallets, payment gateways, online fund transfers, etc., require 24x7 uptime and secure storage to avoid hacking and data theft. The e-commerce sector also holds a substantial share in the market with a high concentration of major online apps such as AliExpress, Vipshop, Dangdang, etc.
Impact of COVID-19 on China Cloud Computing Market
The China cloud computing market witnessed tremendous growth after the outbreak of the COVID-19 pandemic. China had to witness the longest repercussions of the pandemic since it was the origin of the virus spread. Therefore, businesses across industries were badly affected as their operations were halted. As a result, many organizations began utilizing cloud computing which offers them remote working at a minimal cost since no IT infrastructure needs to be set up. Businesses started to rely heavily on cloud computing as the remote working culture seeped into the new normal. Therefore, the China cloud computing market is projected to witness significant growth opportunities in the post-COVID-19 period.
The leading players in the China cloud computing market are Alibaba Cloud, Tencent Cloud, China Telecom Cloud, AWS China, Huawei Cloud, Kingsoft, Inspur Cloud, Baidu Cloud, Azure China, JD Cloud, and other prominent players.
The market is highly concentrated with the presence of giant companies offering cloud computing services, such as Alibaba, Tencent, etc. However, the market still offers lucrative growth opportunities to the new players as it is still in its budding phase. The companies aggressively invest in the expansion of cloud services and technological capabilities to grab a larger share in the market. Furthermore, the adoption of competitive strategies like mergers, acquisitions, partnerships, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the China cloud computing market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the China cloud computing market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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