Jordan Cloud Market
Jordan Cloud Market to Grow at a CAGR of 18% during 2022 – 2028
Published | 03 August 2022
Factors driving the growth of Jordan Cloud Market are rising adoption of cloud services in the manufacturing, BFSI, and healthcare sectors, growing government initiatives and substantial ICT infrastructure in the country.
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Jordan Cloud Market exhibiting a CAGR of 18.2% during the forecast period (2022-2028). The expansion of new technologies in the country is being fuelled by the expanding focus on producing customer-centric applications to increase customer happiness, the rising volume of data generation in websites and mobile apps, and other factors. The Jordan cloud market is expanding as a result of emerging technologies including big data, AI, and Machine Learning (ML).
Emerging technologies such as Artificial Intelligence (AI) leading to the growth of cloud technology
Market expansion is anticipated to be fuelled by the growing use of artificial intelligence (AI) in the country. By implementing these technologies alongside cloud solutions, organisations can enhance their visualisation skills and make complex data usable. For instance, in order to advance future comprehensive cross-sector social and economic growth and keep up with the ongoing advances in AI, the Government of Jordan has released the Jordanian Artificial Intelligence Policy 2020 through the Ministry of Digital Economy and Entrepreneurship.
With the goal of strengthening Jordan's position in the region as a leading nation pursuing AI advantages and avoiding its potentially negative consequences, the Government's vision, as reflected in this Policy, is to harness AI as a crucial element to increase the effectiveness and performance of public and private institutions.
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Banking Financial Services and Insurance Application Segment Dominated the Jordan Cloud Market
Moneylenders have adopted digital transformation as a result of a growth in online banking activity in the BFSI industry, with cloud playing a crucial part in this strategy. In the BFSI industry, cloud has aided businesses in cutting costs, fostering innovation, enhancing customer relationships, and expanding flexibility. The COVID-19 pandemic in the country has changed the way that people frequently communicate and conduct business. The expansion can be attributed to the use of cloud services for customer data storage and management. Among other services, payment gateways, online fund transfers, digital wallets, and unified customer experiences are projected to play a significant role in the BFSI sector and support the overall shift to cloud.
However, manufacturing segment is anticipated to grow at a fastest rate during the forecast period. Due to advantages like seamless data management and real-time visibility provided by these services, by merging cutting-edge technologies like sensors, AI, ML, big data analytics, and IoT, cloud service models are ready to provide significant value to manufacturers. Additionally, the manufacturing industry makes use of computing services for corporate resource planning, supply chain management, and data archiving.
Hybrid Deployment Services are trending in the country
Based on deployment model, hybrid segment is expected to grow during the forecast period. The businesses are moving ahead with plans to convert their current infrastructure to cloud and are open to implementing hybrid models. The hybrid model enables businesses to take advantage of both on-premises and cloud services. Due to advantages like minimal initial infrastructure costs and the availability of cloud services on demand, small and medium-sized businesses are utilizing the cloud services more and more in the country. Increased security, greater compliance, and simple task management are all features of hybrid models.
Impact Of COVID-19 On the Jordan Cloud Market
The COVID-19 pandemic has become a significant barrier for the country. Micro and small businesses, which make up the majority of private enterprises in the Jordanian economy, are the most severely impacted, according to a recent report by the International Labour Organization (ILO), the United Nations Development Programme (UNDP), and the Fafo Institute for Labour and Social Research (FAFO).
During the lockdown, cloud assisted firms in surviving challenges with business continuity, work from home, social isolation, and other market requirements. The pandemic has, however, encouraged businesses, managers, and workers to continue choosing remote work, making it the newest trend. Long-term, this will fuel the market for Jordan cloud.
The leading players in the Jordan cloud market are Google, IBM, AWS, Hewlett Packard Enterprise, Oracle Corporation, Sitech, PioTech (Pioneers Information Technologies), Massachusetts Technologies, Amazon.com Inc., and Microsoft Corporation. The most efficient means for industry participants to increase their technological skills and get speedy access to growing markets are projected to be partnerships, strategic mergers, and acquisitions.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Jordan Cloud Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Jordan Cloud Market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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