Fast Facts: 87% Growth In Government Cloud Market
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The federal government is woefully behind in its digital transformation journey, as outlined by the American Technology Council which met earlier this year at the White House. According to Senior Adviser Jared Kushner, the federal government currently operates 6,100 data centers across the country, the “vast majority of which can be consolidated and migrated to the cloud.”
According to a new forecast from MarketsandMarkets, that shift is underway, and about to see a massive increase in value.
The government cloud market, defined by solution (cloud storage, disaster recovery, identity and access management, risk and compliance management), service, service model (IaaS, PaaS, SaaS), deployment model and region, is expected to grow from $15.4 billion in 2017 to $28.86 billion by 2022, with a CAGR of 13.4%.
“The cloud storage market is expected to have the largest market size in 2017 and is expected to continue its dominance during the forecast period,” the report stated. “The enormous data volumes that the local, national, and international governmental bodies and associated agencies handle create the need for a robust, secure, and cost-efficient storage infrastructure.
“The major factors driving the growth of the cloud storage segment include reduced cost of data storage, increasing demand for hybrid cloud storage, instant access and mobility, and easy deployment of cloud storage solutions,” the report stated.
While North America is expected to have the largest market share during the half-decade forecast period, the APAC region is predicted to see the fastest-growth globally.
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