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Emerging Trends in Community Cloud Market
The community cloud model is a forth rising wave across all the verticals, with significant investment targeting public sector markets. It is observed that increasing IT budget, scalability and maintenance cost has lead organizations in various industries to shift towards cloud market to overcome total cost of ownership (TCO) in past few years. Furthermore, inclusion of governance, security and regulatory compliance such as FISMA and HIPAA has leaded the organizations to adopt community cloud model. MarketsandMarkets observes that the community cloud technologies are built around the cloud computing technologies, with the main difference of its applications and usage based on the functionalities, requirements and compliance regulations followed by the organization in a particular vertical. The increasing community cloud deployment across verticals such as government, BFSI, healthcare, transportation and logistics, gaming and others (media and non-profit organizations).
In banking financial services and insurance (BFSI), NYSE Technologies community cloud powered and maintained in collaboration with VMware and EMC are some of the early adopters of the community model. Similarly, FinQloud of NASDAQ developed with the help of AWS to support capital market transaction, is based on community cloud model. MarketsandMarkets expects the trend to further rise aggressively as the organizations in BFSI vertical need low latency and high compliance model. Business intelligence software and analytics is expected to be the future focus for BFSI, healthcare and other industry verticals. These applications allow organizations in deducing required information and helps in taking strategic marketing decisions.
In healthcare, the community cloud model has become increasingly popular to accommodate infrastructure, functional and regulatory compliance over last year. Mt. Sinai Hospital in collaboration with Canadian government is providing fetal ultrasound application to 14 area hospitals based on federated community cloud model. Further, it is observed that an average hospital requires over 15 TB of storage for images and clinical records annually which is expected to rise 31 times by 2020. This increasing amount of customer data will require huge investments and space. Hospitals and clinics are expected to adopt community cloud model to leverage cloud services at a convenient shared cost model.
Government in various countries has also shown interest in community cloud model as it fits to their security regulations and compliance across various departments. The US government had shown interest by taking initiatives such as the Federal Data Center Consolidation Initiative in 2010 and has been giving contracts to various telecom providers, niche cloud application providers, infrastructure focused cloud providers. MarketsandMarkets has observed similar trends in Japan, Australia, UK, Singapore, India, Canada and many other states across the world. Other industries such as transportation and logistics, gaming, academia and education, media and NGOs are adopting it across the globe for targeting cloud services as future prospects. MarketsandMarkets expects the community cloud market to have highest revenue growth from North America and Europe followed by Asia Pacific (APAC) and other regions. MarketsandMarkets forecasts the community cloud market to be $2.49 billion market in 2018, rising at a compounded Annual Growth Rate (CAGR) of 34.5%. More excerpts are available at the report on Community Cloud Market.
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