With advancement in technology, need for innovation, and changing business needs, many organizations have invested in or are planning to invest in the cloud technology for cloud-based applications and/or computing infrastructure. On-demand compute power, lowered cost of ownership, and ease of use are the reasons that are making businesses transition towards cloud environment.
In cloud computing, computing capabilities are provided by a service provider over internet. With the on-demand network access of shared computing resources, information can be accessed anywhere and anytime irrespective of the location of the user. The scalability and robustness of cloud services increase their demand and make the cloud market very attractive for technology providers.
There is a huge demand for innovative cloud solutions and modernization in the already existing cloud products and services. The cloud service market players are competing with others to expand their reach in terms of customers and marketplace. These vendors are following various growth strategies for the long run, such as merging with the same technology provider; acquiring a specific cloud feature or solution specialist; partnering with a promising solution provider, initiating a joint venture to start a new business entity, or launching new product and/or service for targeting a specific customer base.
As new technologies are achieving traction in the market, businesses are moving towards cloud environment from tradition IT infrastructure. This has strongly increased the demand for cloud technologies among businesses. The vendors in the cloud market are contending with each other to capture customers and increase their market share.