PUBLISHER: Grand View Research | PRODUCT CODE: 1474999
PUBLISHER: Grand View Research | PRODUCT CODE: 1474999
The global community cloud market size is anticipated to reach USD 39.03 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 29.2% from 2024 to 2030. The increasing demand for cost-effective and secure cloud computing solutions is driving this growth. Community clouds offer a shared infrastructure model where multiple organizations with similar requirements can pool their resources, resulting in cost savings through economies of scale. It appeals to small and medium-sized enterprises (SMEs) and organizations with constrained IT budgets, enabling them to access advanced cloud services without the significant investment required for private cloud infrastructure.
The COVID-19 pandemic positively impacted the community cloud industry. The switch to remote work and virtual collaboration prompted by the pandemic accelerated the demand for cloud-based solutions, including community clouds. Organizations needed scalable and accessible platforms to remotely access applications, data, and collaboration tools. It led to increased adoption of community clouds that offer secure and collaborative environments for distributed workforces.
The rise of industry-specific regulations and compliance requirements is fueling the market growth. Many industries, such as healthcare, finance, government, and others, have stringent regulations governing the handling and protection of sensitive data. These regulations often mandate specific security measures, data encryption standards, access controls, and audit trails to ensure data confidentiality, integrity, and availability.
Moreover, global data protection regulations, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the U.S., have promoted the importance of regulatory compliance for organizations operating in multiple jurisdictions. Community clouds offer a platform where organizations can centralize data management, implement standardized security controls, and demonstrate compliance with diverse regulatory requirements across different regions and markets.